Gordagen Pharmaceuticals, a private Australian company developing biopharmaceuticals and nutraceuticals based on the medicinal properties of tocotrienols, is pleased to announce it has received a Research and Development Tax Incentive Refund of AUD$1.3 million for the 2015/2016 financial year.
The refund is derived from AUD$2.8 million of eligible R&D expenses incurred across a range of Gordagen’s research and development programs including the development of new formulations for its MELT3TM delivery platform. Gordagen’s initial nutraceutical products based on the MELT3TM delivery platform targeting heart health (nE1-Heart TM) and muscle recovery and exercise endurance (nE1-ElitETM) are currently being prepared for a US launch prior to year-end.
Approximately AUD$1.2 million of the R&D refund will be used to settle a loan facility provided to Gordagen in 2015 by Metamor Capital Partners. The remainder of the refund will be applied as working capital in preparation for the Company’s nutraceutical product launch in the US.
The R&D Tax Incentive is a program jointly administered by the Australian Taxation Office and AusIndustry, under which companies receive a 45% refundable tax offset of expenditures on eligible research and development activities.