Prana receives A$3.3 million R&D Tax Incentive
Prana Biotechnology Ltd (ASX: PBT NASDAQ: PRAN) has today announced that is has received a A$3.3 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 2018 financial year. These funds will be used to further Prana’s research and development activities.
The R&D Tax incentive refund will add to Prana’s cash position which was reported as A$8.4M at the end of December 2018. As announced on 28 December 2018, Prana entered into a securities purchase agreement for a lead investment by Life Biosciences LLC to raise up to A$44.5 million, subject to shareholder approval at a General Meeting to be held on 5 April 2019.