Total
0
Shares
Arovella Therapeutics (ASX:ALA) - CEO and Managing Director, Dr Michael Baker
CEO and Managing Director, Dr Michael Baker
Source: Arovella Therapeutics
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Arovella Therapeutics (ALA) receives a $524,000 tax refund from the Australian Taxation Office
  • The refund was returned under the research and development (R&D) tax incentive for the 2021 financial year
  • The program recognises Arovella’s R&D work relating to its treatment development for cancer and conditions that affect the central nervous system.
  • The company says the return will further support its development work for the current year
  • Arovella Therapeutics last traded grey at 3.8 cents at 3:20 pm AEDT

Arovella Therapeutics (ALA) has received a refund from the Australian Taxation Office (ATO) of just over $524,000 for the financial year.

The refund was returned from the ATO under the research and development (R&D) tax incentive for the 2021 financial year.

The Australian government’s R&D tax incentive encourages companies to engage in research programs by providing a refundable tax offset of up to 43.5 per cent for eligible activities.

In Arovella’s case, the incentive recognised the R&D work undertaken by the company during the last financial year in developing its cell platform and oral spray delivery technology.

Arovella is a biotechnology company focused on developing therapies to treat cancer and conditions that affect the central nervous system.

The company said the return would further support its development work for the current year.

Arovella has been working to develop its invariant Natural Killer T (iNKT) cell therapy platform to treat blood cancers, and a low-risk oral spray to reformulate existing pharmaceuticals.

By administering drugs through the cheeks, tongue, gums and palate, the company said it can lower the dosage of drugs while seeing reduced side effects and faster response times to treatment.

Arovella Therapeutics last traded grey at 3.8 cents at 3:20 pm AEDT.

ALA by the numbers
More From The Market Herald
Siren Gold (ASX:SNG) - Chairman, Brian Rodan

" Siren Gold (ASX:SNG) to begin scoping study at NZ gold projects

Siren Gold (ASX:SNG) will undertake a scoping study for underground development at its Big River and…

" Mad Paws (ASX:MPA) reports 199pc growth December-quarter revenue

Pet services marketplace Mad Paws (ASX:MPA) has reported operating revenue for the December quarter of $2…

" Vanadium Resources (ASX:VR8) increases stake in Steelpoortdrift Project

Vanadium Resources (A:VR8) increased its interest to 73.95 per cent in the Tier 1 Steelpoortdrift Vanadium…

" Stanmore (ASX:SMR) awards EPSA Pacific $564m open-cut mining contract

Stanmore Resources (ASX:SMR) has awarded EPSA Pacific a $564 million mining contract at its Isaac Downs…