PERTH, AUSTRALIA: 13 September 2012 – Leading Australian peptide drug discovery company Phylogica Ltd (ASX:PYC, XETRA: PH7) expects to receive a cash payment of approximately $1.9 million this calendar year to support the development of its Phylomer technology. Innovation Australia, which is an independent statutory body established to assist with the administration of the Australian Government's innovation and venture capital programmes, has approved the registration of Phylogica’s research and development (R&D) application for the 2012 financial year R&D Tax Incentive.
The new R&D tax legislation took effect from 1 July 2011 for financial years ending on or after 30 June 2012. Its objective is to boost small innovative, research-orientated companies such as Phylogica. Under the legislation Phylogica can claim a tax credit and receive a refund from the government for up to 45 per cent of its eligible R&D spend.
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