Cynata Therapeutics (ASX:CYP) receives R&D tax incentive

Company News

by Rachael Jones

Biotechnology company Cynata Therapeutics (ASX:CYP) has received an almost $2 million R&D Tax Incentive Refund for the 2018/2019 financial year.

The clinical-stage biotech specialising in cell therapeutics cash position stood at $9.2 million at the end of the September quarter.

The Tax Incentive Refund enables further resources to be invested towards Cynata’s robust and substantial Phase 2 clinical trial programs for the critical limb ischemia and osteoarthritis products, alongside the anticipated Phase 2 trial for CYP-001 in graft-versus-host disease to be conducted by Fujifilm.

Shares in Cynata Therapeutics (ASX:CYP) are trading 2.2 per cent higher at $1.17.

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.