Acrux Receipt of R&D Tax Incentive Rebate – Overseas Finding Application for Acrux Pharma Pty Ltd
Melbourne, Australia; 31 May 2021: As announced on 30 April 2021 Acrux Limited (ASX:ACR, “Acrux” or the “Company”) is pleased to confirm that the Company’s 100% owned investee company Acrux Pharma Pty Ltd has received approval from AusIndustry for an Advance and Overseas Finding application.
The finding covers financial years 2018/19, 2019/20 and 2020/21 and means that eligible overseas research and development expenditure, in addition to Australian expenditure, will be subject to a 43.5% cash rebate under the Australian Federal Government’s R&D Tax Incentive Program.
To date Acrux Pharma has received an amount of $175,101 for the 2018/19 and 2019/20 financial years in addition to the R&D Tax Incentive Rebate received in October 2020.
A further rebate for the 2020/21 financial year is expected to be received in financial year 2021/22. The funds will be used for the further development and commercialisation of the Company’s current and future pipeline of topical generics.
Acrux Limited would like to thank the Department of Industry, Science, Energy and Resources and the Australian Government for the implementation of this program.
Authorised by the Board of Acrux Limited.
For more information, please contact: Michael Kotsanis
CEO & Managing Director
P: + 61 3 8379 0100
Acrux (ASX: ACR) is a pharmaceutical company dedicated to developing and commercialising topical pharmaceuticals. Incorporated in 1998 and using in house facilities and capabilities, Acrux has successfully developed and commercialised through licensees a number of topically applied pharmaceutical products in the US and Europe. Acrux is developing of a range of generic products for the US market by leveraging its on-site laboratories, GMP manufacturing suite, clinical and commercial experience to bring affordable products to market. Acrux encourages collaboration and is well positioned to discuss partnering and product development.
For further information on Acrux, visit www.acrux.com.au