Amplia Therapeutics Secures Significant R&D Tax Rebate
ATX (ATX) Share Update August 2024 Sunday 11th
Amplia Therapeutics Receives $3.2 Million R&D Tax Rebate
Amplia Therapeutics Limited (ASX: ATX) has announced that it has received a substantial Research and Development (R&D) Tax Incentive refund of $3,177,718 for the 2023/2024 financial year.
Instant Summary:
- Amplia Therapeutics received an R&D tax rebate of $3,177,718.
- The rebate is for research on FAK inhibitors, narmafotinib (AMP945) and AMP886.
- Funds will be used to repay a loan and further clinical trials.
- The Australian Government's R&D Tax Incentive program provided the rebate.
R&D Tax Rebate Details
Amplia Therapeutics Limited, an Australian pharmaceutical company, has received a significant R&D Tax Incentive refund totaling $3,177,718 for the 2023/2024 financial year. This refund is a result of the company's dedicated research and development efforts, particularly focusing on Focal Adhesion Kinase (FAK) inhibitors, narmafotinib (AMP945) and AMP886.
The R&D activities were primarily associated with the company's ongoing Phase 1b/2a clinical trial of narmafotinib in patients with advanced pancreatic cancer. This trial is a crucial step in developing effective treatments for this aggressive form of cancer.
Utilization of Funds
Following the receipt of the funds, Amplia Therapeutics plans to fully repay a loan of $1,467,000, which was provided by Director Dr. Robert Peach, along with the accrued interest. The remaining funds will be utilized to further progress the Phase 1b/2a clinical trial of narmafotinib and support other R&D activities.
Government Support
The Australian Government's Research and Development Tax Incentive program aims to encourage businesses to undertake research and development activities. The program provides eligible companies with cash refunds for 43.5-48.5% of their eligible R&D expenditure. This support is vital for companies like Amplia Therapeutics, enabling them to continue their innovative research efforts.
This announcement was approved and authorized for release by the CEO of Amplia Therapeutics.
About Amplia Therapeutics
Amplia Therapeutics Limited is an Australian pharmaceutical company advancing a pipeline of Focal Adhesion Kinase (FAK) inhibitors for the treatment of cancer and fibrosis. FAK is an increasingly important target in the field of cancer research, and Amplia has a particular focus on fibrotic cancers such as pancreatic cancer. FAK also plays a significant role in several chronic diseases, including idiopathic pulmonary fibrosis (IPF).
For more information, visit www.ampliatx.com and follow Amplia on Twitter (@ampliatx), Threads (@ampliatx), and LinkedIn.
The receipt of the R&D tax rebate is a positive development for Amplia Therapeutics. It provides the company with additional funds to continue its crucial research and development activities, particularly the clinical trials for narmafotinib. This financial boost could enhance investor confidence and potentially lead to a positive impact on the company's stock price.
Investor Reaction:
Analysts are likely to view this announcement positively, as it demonstrates the company's ability to secure government support and manage its financial resources effectively. The repayment of the loan and the continued focus on clinical trials are also favorable indicators of the company's strategic direction.
Conclusion:
Investors should keep an eye on Amplia Therapeutics' progress in its clinical trials and other R&D activities. The receipt of the R&D tax rebate is a promising sign of the company's potential for growth and innovation. Staying informed about future developments will be crucial for making informed investment decisions.