Imagion Biosystems Receives A$2.2 Million in R&D Tax Incentives

Imagion Biosystems has announced receipt of its 2019 R&D tax incentive claim of A$2,197,028 from the Australian Tax Office (ATO).

In May 2019 the Company reported that it was eligible for an Advance/Overseas Finding from Innovation and Science Australia under the Research and Development Tax Incentive Program administered by the Australian Taxation Office and AusIndustry (a division of the Department of Industry, Innovation and Science), and in July 2019 received its first refund of $2 million. Imagion Biosystems has now received a total of $4.2 million in non-dilutive capital through the tax rebates in the last nine months.

In an effort to continue to conserve cash while the global COVID-19 pandemic plays out, the Directors have elected to waive their Director fees for the current quarter. Executive Chairman and CEO, Bob Proulx, does not receive director fees but will take an equivalent reduction from salary.

Read the announcement.