Cynata Therapeutics Limited (ASX: CYP), a clinical-stage biotechnology company specialising in cell therapeutics, announced today that it has received a $1,711,618 R&D Tax Incentive Refund for the 2024/2025 financial year. The company is focused on the development of therapies based on Cymerus™, a proprietary therapeutic stem cell platform technology. Cymerus™ overcomes the challenges and limitations of conventional MSC production by using induced pluripotent stem cells (iPSCs) to achieve economic manufacture of cell therapy products.
The R&D Tax Incentive is an Australian Government program designed to encourage companies to invest in research and development activities within Australia. The tax offset is provided for eligible activities, which in Cynata’s case, includes the development of its unique and proprietary Cymerus™ therapeutic mesenchymal stromal cell (MSC) products.
According to the announcement, the $1.7 million refund will enable Cynata to invest further resources into progressing its broad and advanced cell therapy product pipeline. Cynata has demonstrated positive safety and efficacy data for its Cymerus™ product candidates CYP-001 and CYP-006TK in Phase 1 clinical trials. Further clinical trials are ongoing, including Phase 2 and Phase 3 trials in graft versus host disease and osteoarthritis, respectively.
Cynata Therapeutics encourages all current investors to go paperless by registering their details with the designated registry service provider, Automic Group. This announcement was authorised for release by Dr Kilian Kelly, CEO & Managing Director of Cynata Therapeutics.
