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.
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