Neuren Pharmaceuticals (ASX:NEU) - Non Executive Chair, Patrick Davies
Non Executive Chair, Patrick Davies
Source: Neuren Pharmaceuticals
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  • Neuren Pharmaceuticals (NEU) gains approval for a research and development tax incentive for an Advance and Overseas Finding from AusIndustry
  • The approval is for Neuren’s NNZ-2591 as a novel therapy for neurodevelopmental disorders
  • Through the incentive, Neuren may receive cash rebates of up to $6.5 million for eligible R&D expenditure covered from 2020 until 2022
  • Neuren says it’s now in the final stage of preparation to begin a Phase 2 clinical trial using the treatment for children in Australia with Angelman syndrome, a neurodevelopmental disorder with no approved medicines
  • Neuren Pharmaceuticals is trading in the grey at $2.19 at 2:03 pm AEST

Neuren Pharmaceuticals (NEU) has seen its research and development tax incentive granted for an Advance and Overseas Finding.

AusIndustry approved the incentive for the development of Neuren’s NNZ-2591 as a novel therapy for neurodevelopmental disorders. Through the incentive, Neuren may receive cash rebates of up to $6.5 million for eligible R&D expenditure covered from 2020 until 2022.

Neuren says it’s now in the final stage of preparation to begin a Phase 2 clinical trial using the treatment for children in Australia with Angelman syndrome, a neurodevelopmental disorder with no current approved medicines.

Neuren CEO Jon Pilcher said the company appreciated this support from the Australian government for its mission to develop the treatment for multiple neurological conditions.

“It is timely as we approach the start of our Phase 2 trial in Angelman syndrome, which we hope will demonstrate the potential for NNZ-2591 to provide a treatment option for the families impacted by this debilitating condition,”Mr Pilcher said.

Meanwhile, the company is also preparing to start a Phase 2 trial in Phelan McDermid syndrome, Angelman syndrome and Pitt Hopkins syndrome in H2 2021, with a trial in Prader-Willi syndrome also in being planned.  

Due of the urgent unmet need for treatment, the five programs have been granted orphan drug designation in both the US and Europe. This provides incentives to encourage development of therapies for rare and serious diseases.

Neuren Pharmaceuticals was trading in the grey at $2.19 at 2:03 pm AEST.

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