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Radiopharm Theranostics (ASX: RAD) receives AU$1.9M advance on anticipated FY24 RDTI - Kalkine Media

February 21, 2024 12:16 PM AEDT | By Sonal Goyal
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Highlights

  • Radium Capital has provided an advance of AU$1.9 million to RAD against its anticipated FY24 Research and Development Tax Incentive (RDTI).
  • The funds secured will support the company’s clinical trial pipeline.

Radiopharm Theranostics Limited (ASX: RAD) has received AU$1.9 million in advance funding from Radium Capital under a funding facility secured against the former’s expected FY24 (financial year 2024) Research and Development Tax Incentive (RDTI).

These funds will be used to support the clinical trial pipeline of the ASX-listed clinical-stage radiotherapeutics company and meet other working capital requirements.

The funding agreement with Radium grants RAD with early access to a part of the anticipated FY24 RDTI. The facility is backed by the expected FY24 RDTI to be received from the Australian Taxation Office, including interest charged at a commercial rate.

The timing of the repayment of the advance funding depends on the anticipated receipt of the FY24 RDTI and is due by 31 December 2024. The facility can be repaid any time before this due date.

The RDTI program by the Australian government offers a refundable tax offset of maximum 43.5% to companies involved in eligible activities.

RAD shares traded at AU$0.059 apiece at the time of writing on 21 February 2024.


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