A research and development (R&D) tax rebate of nearly $5 million from the Australian Government will boost Radiopharm Theranostics’ mission to further develop its suite of diagnostic and therapeutic products aimed at beating the cancer scourge.
The rebate recognises the company’s R&D activity during the 2023 financial year and comes as it prepares to run clinical pancreatic cancer trials in New York. It is part of the Federal tax incentive program that provides companies engaging in eligible activities with a refundable tax offset of up to 43.5 per cent.
Radiopharm is a clinical-stage, radiotherapeutics company developing and commercialising a portfolio of both therapeutic and diagnostic applications in a range of precision cancer treatments. Its current development program includes its “RAD101” treatment for metastasised secondary brain cancers, which can originate from other cancers elsewhere in the body, such as in breasts, skin, kidneys and the colon.
The United States Food and Drug Administration (FDA) recently cleared the treatment to allow clinical imaging trials aimed at detecting lesions in patients with pancreatic ductal adenocarcinoma (PDAC). The first patient was expected to have received the first dosage by the end of last month in the company’s bid to tackle an “area of unmet need”.
The study is being conducted at the Montefiore Medical Centre in New York’s Albert Einstein College of Medicine. The New York State Board of Pharmacy has also granted Radiopharm approval for the Statewide distribution of if its “RAD 301” technology to assist with the imaging and treatment of patients with PDAC.
The company’s “RAD204” therapy is designed to address non-small cell lung carcinoma (NSCLC) – a disease in which malignant cancer cells form in the tissues of the lung. There are several types of NSCLC and medical research has found smoking to be the major risk factor.
The company’s three treatments are currently in the priority development phase, with its RAD101 diagnostic research moving into phase-two trials. The other two are still in pre-clinical development and testing.
Another five planned therapies are set to follow for breast and gastric cancers, in addition to prostate, osteosarcoma, glioblastoma and pancreatic. Trials for those cancers are proposed to be undertaken in either the US or Australia.
All of these developments can take years of work in terms of scientific assets, including highly-qualified medical staff, research, equipment, laboratory infrastructure, travel, accommodation of test cohorts in dedicated and often-overseas facilities and many more considerations. Otherwise, none of these potentially life-saving opportunities could ever see the light of day.
Given the magnitude of Radiopharm’s rebate and its list of new diagnostic tools and therapies in the pipeline, there seems little doubt that the company will soon be drafting its new R&D incentive applications.
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