Orthocell has announced that it has received a $3.18 million R&D Tax Incentive Refund for the 2023/2024 financial year.
The R&D Tax Incentive is an Australian Government program to support Australian companies to undertake R&D activities in Australia, under which eligible companies can receive cash rebates of up to 48.5% of expenditure on R&D activities.
Orthocell CEO and MD, Paul Anderson, said:
“We are in a very exciting phase at Orthocell. We hold a strong cash position of circa $33 million, are royalty free, have rapidly growing revenues, and are on track to achieve U.S. market clearance to start selling Remplir in the US$1.6 billion U.S. market in late March or early April 2025. With our experienced team, sales growth in existing markets showing clear traction and the significant potential for exponential revenue growth that the US market can deliver, we look forward to this next phase with great enthusiasm, and believe we are on track to become a key player in the US$4.5 billion global medical device market.”