Noxopharm’s Nyrada receives cash rebate

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.