Prescient Therapeutics (ASX: PTX) receives R&D Tax Rebate of $2.4M

November 28, 2023 04:01 PM AEDT | By Manisha

Prescient Therapeutics (ASX: PTX) receives R&D Tax Rebate of $2.4M — Image source: Pexels.com

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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.

Also read: Encouraging outcomes from Prescient Therapeutics’ (ASX:PTX) clinical-stage assets light up last quarter

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.

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