Arovella Therapeutics Ltd (ASX: ALA), a biotechnology company focused on developing its invariant Natural Killer T (iNKT) cell platform and its oral spray delivery technology to treat cancer and conditions that affect the central nervous system, is pleased to advise that it has received a refund of $524,042 from the Australian Taxation Office under the R&D Tax Incentive for the 2021 financial year.
The incentive recognises the research and development activities undertaken by Arovella during the last financial year. The receipt of $0.52m in additional funding will further support Arovella’s development work for the current year.
The Australian government’s R&D tax incentive encourages companies to engage in R&D programs by providing a refundable tax offset of up to 43.5% for eligible activities.
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