Noxopharm (ASX:NOX) has seen its majority-owned US subsidiary company, Nyrada receive a cash rebate of over $486,000 under the Australian Government’s R&D Tax Incentive Scheme.
This which reimburses companies for 43 per cent of approved R&D expenditure.
Nyrada was established by Noxopharm to house a number of non-oncology drug assets and Noxopharm currently owns 67.7 per cent of Nyrada.
They look after patients with high blood cholesterol, stroke patients and a range of injuries such as sciatica.
The cash rebate will be added to the $4 million raised through Convertible Notes with the aim of progressing these 3 programs through to first-in-human studies in 2020.
Shares in Noxopharm (ASX:NOX) are trading flat at 55 cents.