PharmAust Limited announcement

PharmAust Limited (ASX:PAA) has received a rebate of $887,129 under the Federal Government's Research & Development (R&D) Tax Incentive scheme for eligible Australian or local expenditure incurred in the 2023/24 financial year. Additionally, the Company has submitted an Advance Overseas Finding Application to AusIndustry for eligible overseas expenditure, expecting an additional $655,274 rebate for the same financial year.

PharmAust Managing Director's comment

We continue to appreciate the support that the Federal Government provides for our programs. The R&D Tax Incentive Rebate strengthens PharmAust's cash position and will be primarily applied toward preparations for the adaptive Phase 2/3 HEALEY ALS Platform Trial, GMP grade MPL manufacturing, preclinical models for other neurodegenerative diseases, regulatory filings, and general working capital.

PharmAust announcement summary

PharmAust Limited (ASX:PAA) has received a rebate of $887,129 under the Federal Government's Research & Development (R&D) Tax Incentive scheme for eligible Australian or local expenditure incurred in the 2023/24 financial year. The Company has also submitted an Advance Overseas Finding Application to AusIndustry for eligible overseas expenditure, expecting an additional $655,274 rebate for the same financial year. The R&D Tax Incentive Rebate will strengthen PharmAust's cash position and will be primarily applied toward preparations for the adaptive Phase 2/3 HEALEY ALS Platform Trial, GMP grade MPL manufacturing, preclinical models for other neurodegenerative diseases, regulatory filings, and general working capital. PharmAust is a clinical-stage biotechnology company focused on repurposing monepantel (MPL) for amyotrophic lateral sclerosis (ALS), the most common form of motor neurone disease (MND). The company announced positive top-line results for its Phase 1 MEND study in patients with ALS in February this year and anticipates commencing enrolment in Q4 CY 2024 for the HEALEY ALS Platform Trial. With the Neurodegenerative Disease Market estimated to reach USD 77.82 billion by 2029, PharmAust's focus on developing therapeutics for neurodegenerative diseases aligns with the market's growth potential.