Oct 23, 2023

Starpharma receives $7.2 million R&D Tax Incentive refund (ASX Announcement)

Melbourne, Australia; 23 October 2023: Starpharma (ASX: SPL, OTCQX: SPHRY) today announces it has received a $7.2 million research and development (R&D) tax incentive refund under the Australian Federal Government’s R&D Tax Incentive scheme. The tax refund relates to eligible domestic and international R&D activities across Starpharma’s portfolio for the 2022/2023 financial year.

Dr Jackie Fairley, CEO at Starpharma, commented:

“The R&D Tax Incentive offered by the Australian Government plays a vital role in supporting local companies like Starpharma to innovate and expand.

“Starpharma has developed three clinical-stage DEP® assets, based on its novel technology platform, with high commercial and therapeutic potential. In this period, Starpharma has completed Phase 2 programs and, subsequently, released positive results from multiple clinical trials. In addition, the Company has progressed its DEP® radiotheranostic and DEP® antibody-drug conjugates pipeline, both of which are exciting, innovative areas of cancer therapy.

“Starpharma has also developed and commercialised a number of products that are available in multiple markets. These include VIRALEZE™, a broad-spectrum antiviral nasal spray for respiratory viruses registered in over 35 countries, and VivaGel® BV, a non-antibiotic gel for the treatment and prevention of bacterial vaginosis, which is approved in more than 50 countries.”

The Australian Federal Government’s R&D Tax Incentive scheme provides a tax offset to entities that engage in eligible R&D activities, promoting innovation and investment in important clinical development programs and research collaborations with Australian institutions. Investing in medical and scientific R&D not only supports high-value, knowledge-based jobs but also makes a significant contribution to the Australian economy while helping companies tackle critical health challenges.

View or download the ASX Announcement, here. 

 This contains certain forward-looking statements.