Race Oncology Ltd (ASX:RAC)’s research and development efforts have been recognised by the Australian Government with a tax refund of A$707,557 for the 2021 financial year, generated by the Tax Office’s Research and Development Tax Incentive Refund scheme.
Receipt of the R&D tax incentive will be added to the company’s cash balance and reported in the Appendix 4C quarterly cash flow report for the March quarter.
Race Oncology managing director and CEO Phil Lynch commented: “The increased refund for FY21 is representative of the enhanced investment we made into R&D as we expanded our Zantrene clinical and supporting programs.
“We remain grateful recipients of the Australian R&D tax incentive, which is an important source of funding for Race and one that encourages us to keep our research and development work in Australia.”
About Race Oncology
Race Oncology is an ASX-listed precision oncology company with a Phase 2/3 cancer drug called Zantrene®.
Zantrene is a potent inhibitor of the Fatso/Fat mass and obesity associated (FTO) protein. Overexpression of FTO has been shown to be the genetic driver of a diverse range of cancers.
Race is exploring the use of Zantrene as a new therapy for melanoma and clear cell renal cell carcinoma, which are both frequent FTO over-expressing cancers.
In breakthrough preclinical research, Race has also discovered that Zantrene protects from anthracycline-induced heart damage, while in tandem acting with anthracyclines and proteasome inhibitors to improve their ability to target breast cancer. Race is evaluating this discovery.
The company also has compelling clinical data for Zantrene as a chemotherapeutic agent and is in clinical trial in Acute Myeloid Leukaemia (AML).