$500K grant for Pharmaust cancer research
Perth based ASX listed cancer drug hopeful Pharmaust, has received a $546 000 windfall from the Federal Government under its Research and Development Rebate Scheme.
Under the scheme, which pays out tens of millions of dollars each year, eligible Australian companies that are undertaking approved research and development activities can claim up to 43.5% of their expenditure back from the Federal Government.
The purpose of the scheme is to ultimately encourage companies to create tax paying businesses based on innovation that employ Australians in Australia.
The $546 000 rebate relates to the research and development activities of Pharmaust’s wholly owned subsidiaries, Epichem Pty Ltd and Pitney Pharmaceuticals Pty Limited.
Epichem is an Australian company formed in 2003 to provide services in synthetic and medicinal chemistry to the drug discovery and pharmaceutical industries. With a new state-of-the-art laboratory in Perth, Epichem serves an international clientele ranging from small operations to large multinational pharmaceutical companies.
Pitney Pharmaceuticals is in the business of developing therapeutic cancer products. It has exclusive rights to three oncology technology platforms, which are being developed with an aim to improve the outcomes of patients with inoperable and often terminal cancers.