Orthocell (ASX:OCC) - Managing Director, Paul Anderson
Managing Director, Paul Anderson
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Orthocell (OCC) receives a research and development tax incentive of $2.1 million for the 2020/2021 financial year
  • The company says the refund will allow it to further develop its products for the repair of a variety of bone and soft tissue injuries
  • With the refund in hand, OCC says it’s well positioned to deliver on its goal of supply regenerative medicine products to the world’s largest health care markets
  • Company shares were up 1.41 per cent, trading at 36 cents at 12:55 pm AEST

Orthocell (OCC) has received a research and development tax incentive of $2.1 million for the 2020/2021 financial year.

The R&D Tax Incentive is a government program to support Australian companies to undertake research and development activities. Under the program, eligible companies can receive cash rebates of up to 43.5 per cent of eligible expenditure on R&D activities.

Orthocell Managing Director Paul Anderson said the refund will allow the company to further develop its products for the repair of a variety of bone and soft tissue injuries.

In particular, the funds will be invested into the scale-up of the company’s Striate+ and Remplir product manufacturing capacity.

“The receipt of the R&D tax incentive refund further strengthens our capital position and supports the scale up of Striate+ and Remplir manufacturing capacity and distribution partnering programs, Remplir nerve repair US regulatory approvals, and development and commercialisation of OrthoATI, delivering significant shareholder value,” Mr Anderson said.

With the refund in hand, Orthocell said it’s well positioned to deliver on its goal of supply regenerative medicine products to the world’s largest health care markets, including the US, Europe, and Australia.

Orthocell was up 1.41 per cent, trading at 36 cents at 12:55 pm AEST.

OCC by the numbers
More From The Market Herald
Alkane Resources (ASX:ALK) - Managing Director, Nic Earner

" Alkane Resources’ (ASX:ALK) Tomingley exceeds FY22 production guidance

Alkane Resources' (ASX:ALK) Tomingley gold operation has exceeded its production guidance for the 2022 financial year.

" Strike Energy (ASX:STX) and Talon Energy (ASX:TPD) to commence flow testing at Walyering-6, WA

Joint venture (JV) partners Strike Energy (ASX:STX) and Talon Energy (ASX:TPD) are gearing up to begin…
Immutep (ASX:IMM) - Executive Director and CEO, Mark Voigt

" Immutep (ASX:IMM) granted Japanese patent for IMP761

Immutep (ASX:IMM) is granted a Japanese patent for its pre-clinical product candidate, valid until the year…

" Brookside Energy (ASX:BRK) completes isolation plug milling at Flames Well

Brookside Energy (ASX:BRK) successfully completes milling out the isolation plugs used in the multi-stage stimulation at…