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.