Alchemia Limited (ASX:ACL)
says it has received a $6.5 million cash refund for the 2014 financial year under the Australian Government’s Research and Development Tax Incentive program.
Alchemia saw its share price plummet from $0.62 to just $0.11 in October 2014 after disappointing results in the Phase 3 trial of its treatment for colorectal cancer. The drug company lost CEO Thomas Liquard soon after. The stock is currently trading at just under 9c per share.
Alchemia Executive Director Dr Tracie Ramsdale says the refund ensures the company has a solid cash position while it continues with its strategic review. Results from the review are expected later this month.
Alchemia made a loss of $6.9 million in the 2014 financial year.