Patrys Limited Boosts Cash Position with R&D Tax Incentive Refund
PATRYS LIMITED (PAB) Share Update December 2024 Monday 16th
Patrys Limited Secures R&D Tax Incentive Refund
Patrys Limited (ASX: PAB), a Melbourne-based therapeutic antibody development company, has announced a significant financial boost through the Federal Government's R&D Tax Incentive scheme.
Instant Summary:
- Patrys receives $1.285 million R&D tax refund.
- Funds to support ongoing development of deoxymab platform.
- Strengthens cash position for pre-clinical development of PAT-DX3.
R&D Tax Incentive Refund
Patrys Limited, through its subsidiary Nucleus Therapeutics Pty Ltd, has been granted a rebate of $1.285 million for the 2023/2024 financial year under the Federal Government's R&D Tax Incentive scheme. This initiative aims to support companies in their innovation and growth efforts by providing a tax offset for eligible research and development activities.
Patrys' CEO, Dr. James Campbell, expressed gratitude for the government's support, emphasizing the importance of this refund in enhancing the company's financial standing. The funds will be directed towards the ongoing technological advancement of Patrys' deoxymab platform, with a particular focus on pre-clinical development of PAT-DX3.
About Patrys and Deoxymabs
Patrys is at the forefront of developing a novel class of antibodies known as deoxymabs. These innovative antibodies target cancer cells by binding to DNA fragments released during cell death, a process more prevalent in cancerous cells. This unique mechanism allows deoxymabs to effectively target cancer cells across various tissues, including the brain, by crossing the blood-brain barrier.
Recent studies have highlighted deoxymabs' potential in inhibiting neutrophil extracellular traps (NETs), which play a role in numerous inflammatory conditions. Unlike other agents, deoxymabs do not compromise neutrophil function, presenting a promising avenue for treating inflammatory diseases alongside cancer.
The R&D tax refund significantly bolsters Patrys' cash reserves, providing crucial support for its ongoing research and development initiatives. This financial boost is likely to enhance investor confidence, as it underscores the company's commitment to advancing its deoxymab platform and exploring new therapeutic avenues.
Investor Reaction:
Analysts are expected to view this development positively, as the R&D tax refund strengthens Patrys' financial position and supports its strategic focus on innovative cancer therapies. The company's ability to secure such funding reflects its robust research capabilities and potential for future growth.
Conclusion:
Patrys Limited's receipt of the R&D tax refund marks a pivotal moment in its journey towards developing groundbreaking cancer therapies. Investors should keep an eye on the company's progress in the deoxymab platform and consider the potential long-term benefits of this financial boost.