Cynata Therapeutics: Welcomes tax incentive refund

Biotechnology company Cynata Therapeutics (CYP) has received a research and development (R&D) tax incentive refund of over $1.3 million
The R&D tax incentive is a program of the Australian Government, which incentivises companies to conduct research and development which could benefit Australia
The tax incentive refund will allow the company to invest further resources in advancing its substantial clinical product pipeline
Cynata’s pipeline includes trials in osteoarthritis and COVID-19, with proposed trials for renal transplantation, diabetic foot ulcers, and idiopathic pulmonary fibrosis
The refund will also boost the company’s cash position, which was $24.9 million at the end of the December quarter
Cynata Therapeutics is up 2.26 per cent and trading at 68 cents per share

February 23, 2021