Syntara Receives $5m R&D Tax Incentive
Release Date: 05/12/2023 11:30am
Clinical stage drug developer Syntara Limited (formerly Pharmaxis Ltd; ASX: PXS)1 has received a R&D tax incentive of $5,205,123 in relation to the 2023 financial year. The Company’s cash balances will increase by approximately $700k after repayment of the $4.4 million loan and associated charges advanced by Paddington Street Finance in August 2023.
Pharmaxis CEO Gary Phillips said, “The R&D tax incentive is a significant source of non-dilutive funding for the Company’s clinical development pipeline including PXS-5505 in myelofibrosis where the next arm of a phase 2 trial in combination with standard of care is expected to shortly dose its first patients.”
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Syntara Limited was renamed from Pharmaxis Ltd on 4 December 2023. The new company name and code (SNT) will be effective on the ASX on 8 December 2023.
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