Imagion Biosystems receives A$2 million in R&D tax incentives

Matthew Wygant Investor Updates, News

Imagion Biosystems Limited has received A$2 million in R&D tax incentives from the Australian Tax Office (ATO).

In May 2019, the Company reported that it had received an Advance/Overseas Finding for Innovation and Science Australia under the Research and Development Tax Incentive Program administered by the ATO and AusIndustry (a division of the Department of Industry, Innovation, and Science). After completing the registration of its R&D Activities with AusIndustry, the Company filed its 2018 tax return and claim for the cash rebate. The Company received R&D incentive funds of A$2M (in respect of the financial year ended 31 December 2018) on 24 July 2019, which was a larger amount than originally anticipated. The cash rebate provides significant non-dilutive funding to support Imagion as it makes preparations for its first-in-human trial.

Bob Proulx, Executive Chairman of Imagion Biosystems, said: We are very pleased to report to our shareholders that the tax incentive funds have been received and that the rebate came in higher that the A$1.7 million we originally expected. This cash infusion will significantly enhance our ability to advance the development of our ground-breaking diagnostic imaging technology which was recently designated by the U.S. Food and Drug Administration as a ‘Breakthrough Device'”.

See the announcement here.