Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW) has received a refundable tax credit of around C$600,000 from its clinical research work in Australia.
The Canadian pharmaceutical firm is working on a Phase 2 trial in Australia for its lead drug NP-120 drug (Ifenprodil) as a potential treatment for patients with a type of lung disease called idiopathic pulmonary fibrosis (IPF), which results in scarring of the lungs, and chronic cough.
“Algernon’s unique business model of drug repurposing includes conducting as much clinical research as possible in Australia in order to take advantage of the Australian Government’s 41% refundable tax credit program,” said Christopher J Moreau, Algernon's CEO in a statement Monday.
READ: Algernon screens patients in Australia for Phase 2 Ifenprodil clinical study aimed at treating a type of lung disease and chronic cough
“This refund, while expected, is an important part of our capital-efficient R&D plan to drive value for our shareholders by keeping our research costs to an absolute minimum as we conduct early clinical investigations into the efficacy of our re-purposed compound targets.”
Vancouver-based Algernon said it plans to submit additional eligible expenses for reimbursement under the tax refund program.
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