Race Oncology (ASX: $RAC) R&D Tax Refund Announcement

Race Oncology Limited (ASX: $RAC) has received a $4.0 million Research & Development (R&D) Tax Incentive from the Australian Taxation Office (ATO) for the financial year ended 30 June 2023. The R&D Tax Incentive scheme aims to stimulate Australian industry investment in R&D by providing a tax offset of up to 48.5% on eligible R&D expenditure.

Race CEO, Dr Daniel Tillett's Commentary on R&D Tax Refund

The Australian government's R&D tax incentive program plays a critical role in helping Australian research-intensive companies to innovate. This incentive is especially important in helping biopharmaceutical companies such as Race Oncology solve significant unmet needs for patients. We are grateful to receive this refund and look forward to utilizing the funds to accelerate the clinical development of bisantrene in 2024 and beyond.

Race Oncology (ASX: $RAC) R&D Tax Refund Summary

Race Oncology Limited (ASX: $RAC) has received a $4.0 million R&D Tax Refund from the Australian Taxation Office for the financial year ended 30 June 2023. The company plans to utilize the funds to accelerate the clinical development of bisantrene in 2024 and beyond. Race Oncology is focused on addressing the high unmet needs of patients across multiple oncology indications, with a clinical focus on anthracycline combinations and exploring bisantrene as a low-intensity treatment for acute myeloid leukemia. The company is also investigating the effect of bisantrene on the m6A RNA pathway and actively exploring partnerships, license agreements, or a commercial merger and acquisition to accelerate access to bisantrene for cancer patients worldwide.