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- 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.
