Thursday, February 25, 2021

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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

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