ASX-listed oncology company Prescient Therapeutics Limited (ASX:PTX) has received its R&D Tax Incentive rebate amounting to A$1.03 million for the financial year 2019/2020.
This rebate is in addition to the A$18.6 million cash reserves reported in the Quarterly Update of September 2020.
The R&D Tax Incentive is an Australian Government program. It provides companies cash refunds of up to 43.5% of eligible expenditure on R&D.
Prescient stated that rebate was accounted for in its 2020 Annual Report as a receivable and will be reflected in Appendix 4C of December 2020.
On 11 November 2020, the share price of PTX quoted at A$0.064 up by 3.225% at AEST 2:17 PM.