Bionomics' extra overseas expenses eligible for R&D Tax Incentive

Bionomics (ASX:BNO) has received additional decisions from Innovation Australia in relation to the company’s applications for an advance finding under the R&D Tax Incentive.

Overseas expenditures totalling $17.42 million have been found eligible for the R&D Tax Incentive for the three years commencing 1 July 2012. The findings cover Bionomics’ cancer stem cell targeting antibody BNC101 and other programs within the company’s pipeline.

The new findings are in addition to those previously announced in January for Bionomics’ cancer drug BNC105 and Alzheimer’s drug candidate BNC375 programs totalling $8.9 million over three years from 1 July 2011.

Bionomics recently reported an estimated R&D Tax Incentive refund of $7 million for the year ended 30 June 2013.

“With BNC101 on target to enter clinical trials in 2014, the R&D Tax Incentive provides important funding which enables Bionomics to remain globally competitive and at the forefront of the emerging area of cancer treatment,” said Bionomics CEO and Managing Director Dr Deborah Rathjen. She added, “Priority therapeutic targets for BNC101 are in the treatment of colon, pancreatic and breast cancers.”

Bionomics shares were trading 4.7% lower at $0.71 as of 2 pm on Tuesday.