Bio-Gene Technology bolsters R&D efforts

Bio-Gene Technology (ASX:BGT), an Australian company focused on developing bio-insecticides, has received a $535,000 research and development tax incentive from the Australian Taxation Office. This incentive supports their 2024 financial year R&D activities and will be reinvested into advancing their products, Flavocide and Qcide.

Bio-Gene Technology's strategic outlook

Bio-Gene Technology has received a $535,000 R&D tax incentive, which will be used to advance their bio-insecticide products, Flavocide and Qcide. This incentive is part of a government initiative providing cash incentives for eligible R&D spending. Bio-Gene aims to develop solutions addressing insecticide resistance and toxicity challenges, with applications in public health, crop protection, and more. The company is committed to creating effective, safe pest management products that have minimal environmental and health impacts. With this support, Bio-Gene continues to focus on its mission of pioneering innovative bio-insecticide solutions.

Executive insights on tax incentive impact

The R&D tax incentive enables us to undertake further studies and enhance our product development. It is crucial for our ongoing R&D programs related to Flavocide and Qcide.