- Race Oncology (RAC) has pocketed a neat $387,000 in a tax rebate for its work in developing Bisantrene-based cancer treatments
- The rebate comes as part of the Federal Government’s research and development (R&D) tax incentive scheme
- The scheme helps businesses with less than $20 million in annual turnover to fund research activities
- In Race’s case, the company eligible for the refund because of its work in developing its Bisantrene drug to treat different types of cancer
- Company Managing Director and CEO Phil Lynch said the rebate an essential source of funding for the company’s ongoing work
- Shares in Race tacked on 5 percent today to close at $1.87 each
