R&D refund will help support MSC trial
Stem cell company Cynata Therapeutics (ASX:CYP) has received an R&D Tax Incentive refund of $932,580.65 for the 2014–15 financial year. The tax incentive is an Australian Government program under which companies receive cash refunds of 45% of eligible expenditure on research and development.
Cynata CEO Dr Ross Macdonald said the refund “extends our operating runway at a time when we plan to soon commence the clinical trial of our first proprietary Cymerus mesenchymal stem cell (MSC) product, CYP-001”. CYP-001 was last month confirmed by the UK Medicines and Healthcare products Regulatory Agency (MHRA) to be suitable for the company’s Phase 1 clinical trial in patients with graft versus host disease.
Cynata Therapeutics (ASX:CYP) shares were trading 7.35% higher at $0.365 as of around 2.30 pm on Wednesday.
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