Biopharmaceutical developer Bionomics (ASX: BNO) has received a $5.2 million R&D Tax Incentive Refund for 2018/2019 recognising its intense product development efforts.
The company, which is developing a number of novel drug candidates based its unique ionX platform technology, appears to have received one of the largest refunds for the year.
While most young drug companies receive in the order of $300,000 to $500,000, this refund suggests a 10 fold larger R&D effort.
The federal government provides a tax offset of up to 43.5 per cent for eligible R&D activities.
ionX includes systems for high throughput electrophysiology allowing rapid evaluation of potential drug candidates. Drugs are further evaluated using the company’s EpiMouse transgenic mouse model of epilepsy.
Bionomics is working on drugs affecting the central nervous system targeting pain, depression, cognition and epilepsy and for oncology.
Its’ lead drug candidate is BNC210 which interacts with the body’s nicotine receptors.
The Adelaide company also has a strategic partnership with the global Merck group.
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