Shares Of Biotech Player Patrys Zoom Up On Receiving R&D Tax Incentive Refund

  • Jan 08, 2019 AEDT
  • Team Kalkine
Shares Of Biotech Player Patrys Zoom Up On Receiving R&D Tax Incentive Refund

As per ASX release dated 8 January 2019, biotechnology player, Patrys Limited (ASX: PAB) announced obtaining $556,129 R&D Tax Incentive Refund for FY 2018 by the Australian Government. R&D Tax Incentive Refund offers refundable tax rebate of up to 43.5% for genuine and eligible R&D initiatives having a positive impact on the Australian economy.

The shares of Patrys soared by 7.4% at AUD 0.029 (as at 2:29 PM EST, 8 January 2019). The shares ended the session at AUD 0.027 on the previous day.

 As stated by Dr. James Campbell, Chief Executive Officer and Managing Director of Patrys, “The company is very excited to further strengthen its financial position upon receiving these funds from the Government. Following on from the recently-announced $3 million insurance settlement Patrys now has a secure financial base from which to fund its efforts as it progresses PATDX1 towards the clinic. The funds hold great significance given the company’s business plan of completing several pre-clinical studies in the ongoing quarter.

Patrys Limited is Australia based biotechnology company undertaking several clinical evaluations and experimental studies for the development of antibodies for the treatment of cancer. Its product line includes antibody-based therapeutic drugs- PAT-SM6, PAT-LM1 and PAT-SC1, PAT-DX1, PAT-DX1-NP and Deoxymab 5C6.

On 1 August 2018, Patrys announced obtaining a European patent for its anti-cancer preclinical candidate PAT-LM1.

On 28 August 2018, the Company announced that they had been awarded a $100K Victorian Medical Research Acceleration Fund grant from the Victorian state government to support research within the PAT-DX1 study.

On 8 October 2018, Patrys announced that it had been awarded a $50k Australian Academy of Technology and Engineering (ATSE) Global Connections Bridging Grant, supported by the Australian Federal Government. The company planned to utilize the grant towards its partnership with Yale’s PET centre that aims to detect metastatic breast cancer in animal models.

On 20 December 2018, Patrys announced pre-clinical results for its drug candidate PAT-DX1, a humanized version of the 3E10 anti-DNA antibody. The study conducted by Drs. James Hansen and Jiangbing Zhou of the Yale School of Medicine in a mouse model, has proved that PAT-DX1 administered by tail vein injection significantly suppressed breast cancer brain metastases and increased the survival rate.

The Patrys team is focused on progressing its Deoxymab platform with drug candidates PAT-DX1 and PAT-DX1-NP in a consolidated pre-clinical program across U.S. and Australia. The company will also target profitable partnership and co-development opportunities from reputable organizations for completing further pre-clinical studies.

Financial performance: As per company’s annual financial results for the year ending 30 June 2018, Patrys incurred Net Loss (After Tax) of approximately $2.5 million, up by 136% from previous year. The company reported a drop in Net Revenue from $0.53 million in 2017 to $0.52 million in 2018. The working capital position of $6.69 million was recorded for the year as compared to last year’s $2.01 million.

Stock performance: The company’s stock has demonstrated dismal performance over the last six months offering a negative return of 41.30% as on 7 January 2019. However, scrip is trading up by 3.85% over past one month.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK