PainChek (ASX: $PCK) R&D Tax Incentive Refund Announcement

PainChek Ltd (ASX: $PCK) has received a research and development (R&D) tax refund amounting to $1,210,000 for the 2023 financial year. The R&D tax incentive is an Australian Government program to support Australian companies to undertake R&D activities in Australia, under which eligible companies can receive cash rebates of up to 43.5% of eligible expenditure on R&D activities.

Executive Commentary on R&D Tax Incentive Refund

The Company is pleased to advise that it has received a research and development (R&D) tax refund amounting to $1,210,000 for the 2023 financial year. This refund is in line with the Australian Government's program to support R&D activities in Australia. We are committed to utilizing these funds to further enhance our innovative pain assessment and monitoring application, and to continue our mission of enabling best-practice pain management for individuals living with pain in various environments.

Summary of R&D Tax Incentive Refund and Outlook

PainChek Ltd (ASX: $PCK) has received a $1,210,000 research and development (R&D) tax refund for the 2023 financial year through the Australian Government's R&D tax incentive program. The Company plans to utilize these funds to further develop and improve its smart phone-based pain assessment and monitoring application. PainChek's mission of enabling best-practice pain management for individuals living with pain in any environment aligns with the utilization of these funds. The refund signifies the government's support for the Company's R&D activities and its commitment to innovation. PainChek's continuous efforts to expand its reach and enhance its technology demonstrate its dedication to improving pain assessment and management globally.