Highlights
- Prescient Therapeutics has received AU$2.4 million as R&D Tax Incentive rebate for FY23.
- R&D Tax Incentive is given under a government program providing firms cash refunds of up to 43.5% of eligible R&D expenses.
- PTX is engaged in developing targeted and cell therapies for cancer treatment.
In the latest announcement, clinical-stage oncology company Prescient Therapeutics Limited (ASX: PTX) revealed the receipt of AU$2.4 million as R&D Tax Incentive rebate for the financial year 2023. This amount received by PTX is in addition to the AU$18.7 million cash reserves posted in the last quarter ended 30 September 2023.
The R&D (research and development) Tax Incentive falls under a program run by the Australian Government providing firms cash refunds of up to 43.5% of eligible R&D expenses.
Share price performance
PTX shares have gained over 38% in the past one month. At the time of writing this article on 28 November 2023, the stock was spotted trading at AU$0.083, approximately 6.4% higher from the last closing price. The company has a market cap of over AU$54 million.