PreveCeutical Medical Inc (CSE:PREV) (OTCWB:PRVCF) (FSE:18H) said it has received around A$1.23 million (US$833,966) in a cash rebate from the Australian Federal Government’s Research and Development (R&D) Incentive Program.
The company said the rebate related to expenditure across its portfolio on eligible Australian R&D activities during the financial year ended December 31, 2019, including the Sol-gel nose-to-brain drug delivery system and the non-addictive analgesics programs, conducted at the University of Queensland.
READ: PreveCeutical Medical retains Veristat as it prepares for clinical trials on its Sol-Gel coronavirus program
PreveCeutical added that the funding will support and reinforce its continued investments in its R&D programs.
The R&D incentive program is designed to encourage firms to engage in programs with the potential to improve global health outcomes while generating local economic benefits.
"Receiving this tax credit, which provides us with funding without dilution of the company's capital, has strengthened our financial position. We are very pleased with the results that we have got from our four programs in Australia. This funding will be applied towards the research and development programs and protection of our intellectual properties derived from these programs", PreveCeutical chair and chief executive Stephen Van Deventer said in a statement.
PreveCeutical focuses on developing options for preventative and curative therapies utilizing organic and nature identical products. The company’s current R&D programs include dual gene curative and preventive therapies for diabetes and obesity; the Cannabidiols Sol-gel Program aiming to provide relief across a range of indications from pain, inflammation, seizures, and neurological disorders; Nature Identical peptides for the treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions.
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