logo-loader
viewOpyl Ltd

Opyl receives R&D cash refund of $200,500 to support ongoing development

The company is focused on developing digital tools that improve the healthcare experience for patients.

Opyl Ltd - Opyl receives ATO cash refund of $200,500 to support ongoing development
Opyl is a new generation company working at the intersection of artificial intelligence, social media and healthcare

Opyl Ltd (ASX:OPL) has received a $200,500 R&D refund from the Australian Taxation Office which will assist the company's continuing research and development of three unique digital health platforms powered by artificial intelligence (AI).

The company's solutions offer life science and healthcare organisations ways to optimise types of health data and social media channels.

As a small company undertaking an ambitious pivot in a particularly uncertain business environment, the 43.5% R&D tax incentive is fundamental to Opyl’s continued investment in AI and health data research.

Opyl expects the ongoing development will likely lead to future research and development refunds.

Program "effectively drives growth”

Chief executive officer Michelle Gallaher said: “The R&D tax incentive is a critical program that effectively drives growth and recovery for small businesses and high-value technology-centric jobs at a time when Australia needs to lean into innovation as we emerge from the COVID-19 environment.

“Without the incentive, it would have been considerably harder to continue to invest in Opyl’s research program.”

Digital health focus amid COVID-19

COVID-19 has delivered a rapid escalation in the health market’s readiness to access and optimise data, social media and digital platforms.

As difficult as the COVID-19 conditions are for many businesses, it may be an accelerator for the uptake of Opyl services as the company moves for the first time in the company’s history, towards a cash neutral and positive position in the current quarter.

The global pandemic has validated Opyl’s focus on digital health, social media channels and data optimisation.

In the absence of a universal vaccine and validated drug therapies, data sharing across digital platforms like social media is saving lives and preventing infections.

Quick facts: Opyl Ltd

Price: 0.094 AUD

ASX:OPL
Market: ASX
Market Cap: $3.47 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Opyl Ltd named herein, including the promotion by the Company of Opyl Ltd in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Opyl is new name of digital health track company ShareRoot

Opyl Limited (ASX:OPL) chief executive officer Michelle Gallaher updates Proactive on the renaming of the global digital health track company formerly known as ShareRoot Ltd (ASX:SRO). This heralds the company’s entry into the rapidly expanding global digital health and artificial...

on 9/12/19

2 min read