Prana receives $6.5 million R&D Tax Incentive Refund
Prana Biotechnology Ltd (ASX PBT: NASDAQ PRAN) has today announced that is has received a A$6.5 million cash refund under the Australian Government’s R&D Tax Incentive Scheme.
The refund relates to the cost of eligible research and development activities conducted during the 2015 financial year. These funds will be used to further Prana’s development of PBT2 for the treatment of Huntington disease and PBT434 for the treatment of various atypical Parkinsonian movement disorders.
The R&D Tax incentive refund will add to Prana’s strong cash position which was reported as A$24.813M at the end of March 2016.