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Cynata (ASX:CYP) receives ~AU$1.65 million R&D Tax Incentive Refund - Kalkine Media

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 Cynata (ASX:CYP) receives ~AU$1.65 million R&D Tax Incentive Refund
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Highlights

  • Cynata Therapeutics Limited has been granted a AU$1,654,310 R&D Tax Incentive Refund for FY21/22.
  • The refund strengthens Cynata’s healthy balance sheet, which stood at around AU$18.3 million cash at the end of the September quarter.
  • Cynata plans to utilise the funds to advance its diverse and advanced cell therapy product pipeline.

In the latest announcement, clinical-stage biotechnology company Cynata Therapeutics (ASX: CYP) revealed that it has received an R&D Tax Incentive Refund of AU$1.65 million for the financial year 2021/2022. The grant further strengthens Cynata’s cash position which was AU$18.3 million at the end of the September quarter.

Cynata Therapeutics is an Australian clinical-stage stem cell and regenerative medicine firm engaged in the development of therapies based on its unique and proprietary therapeutic stem cell platform technology, Cymerus™.

Cymerus™ makes use of Nobel prize winning iPSC (induced pluripotent stem cells) technology to produce mesenchymal stem cells (MSCs) from single donor and a single donation, to enable highly consistent MSC product manufacture at commercial scale.

Utilising the proceeds

According to the company announcement, Cynata will direct the funds obtained from The Tax Incentive Refund to build further resources that can contribute towards advancing its diverse and innovative cell therapy product pipeline. The Company currently has ongoing clinical trials in osteoarthritis and diabetic foot ulcers, with plans to soon commence clinical trials in in acute graft-versus-host disease (aGvHD) and renal transplantation.

About R&D Tax Incentive

The R&D Tax Incentive is one of the vital Australian Government programs that plays a significant role in encouraging firms to undertake research and development works that are progressive for the country.

Under the program, a tax offset is offered to the companies for eligible activities, including Cynata’s efforts for developing its proprietary Cymerus™ therapeutic mesenchymal stem cell (MSC) products.

Shares of Cynata were trading at AU$0.330 apiece on Monday (05 December 2022).

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