Gordagen Receives AUD$1.3 Million R&D Tax Incentive
MELBOURNE, Australia, Aug. 24, 2016 (GLOBE NEWSWIRE) --
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$2.8M of eligible R&D expenses incurred across a range of Gordagen’s research and development programs including the development of new formulations for its MELT3™ delivery platform. Gordagen’s initial nutraceutical products based on the MELT3™ delivery platform targeting heart health (nE1-Heart™) and muscle recovery and exercise endurance (nE1-ElitE™) 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.
About Gordagen Pharmaceuticals Pty Ltd
Gordagen Pharmaceuticals is a privately-held Australian company developing and commercialising evidence-based prescription medicines and nutraceuticals based on natural tocotrienols, found in vitamin E. The Company has developed a novel approach to delivering highly potent tocotrienols to target tissues using its proprietary and patented MELT3™ delivery technology. The Company is focusing on tocotrienols with wide therapeutic potential, for the treatment of heart health, muscle soreness and exercise endurance and a range of indications with unmet medical needs (e.g. Hyperlipidemia, hypertension and diabetes) www.gordagen.com.
Investor and Media Inquiries: Paris Brooke – Australia and Asia Ph: +61 (0) 407 715 574 David Burke, The Ruth Group – Americas, Europe Ph: +1 646 536-7009
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