Arovella receives R&D tax rebate of $3.0 million with a further $0.3 million expected
Arovella Therapeutics Ltd (ASX: ALA) ACN 090 987 250 (Arovella or the Company) is pleased to announce that it has received part of its FY2024 R&D Tax Incentive refund of $3.0 million. The company is also expecting to receive a further $0.3 million in the coming months in relation to eligible expenditure covered by an advanced overseas finding that was successfully obtained post lodgment of its income tax return that resulted in the $3.0 million refund. These funds further strengthen Arovella’s cash position as it progresses development if its lead asset, ALA-101, towards first-in-human clinical trials.
CEO and Managing Director, Dr Michael Baker, commented “The R&D Tax Incentive scheme provides valuable support for companies such as Arovella and we look forward to using these funds to advance our programs towards the clinic.”
The Australian Government's Research and Development Tax Incentive is a program to encourage businesses to undertake research and development (R&D) activities and provides eligible companies with cash refunds for 43.5-48.5% of eligible expenditure on research and development activities.