Acrux Limited announces receipt of FY24 R&D Tax Incentive rebate

Acrux Limited (ASX:ACR) has received its FY24 R&D Tax Incentive rebate from the Australian Tax Office, amounting to $2,728,021. The associated short term funding facility provided by Radium Capital has been repaid in full. Additionally, the ATO has approved Acrux's application for a new Overseas Finding for a recently commenced development project, making additional FY24 and future overseas expenditure on this project eligible for the RDTI.

Executive Commentary

We are pleased to have received the FY24 R&D Tax Incentive rebate and to have successfully repaid the short term funding facility. The approval of the Overseas Finding for our new development project is a positive outcome, allowing us to expand the scope of eligible expenditure for the RDTI. This further supports our ongoing commitment to research and development in the pharmaceutical sector.

Summary

Acrux Limited (ASX:ACR) has received the FY24 R&D Tax Incentive rebate and repaid the associated short term funding facility. The approval of the Overseas Finding for a new development project enhances the company's eligibility for the RDTI, reflecting its dedication to advancing pharmaceutical research and development. Acrux continues to focus on formulating and developing topical generic products, leveraging its expertise and resources to bring affordable pharmaceuticals to the market. The successful receipt of the rebate and the overseas finding bode well for Acrux's future R&D initiatives and financial stability.