Orthocell has announced that it has received a Research and Development (R&D) Tax Incentive refund of A$3,051,483 for the financial year 2022\/2023.<\/p>\n
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 eligible expenditure on R&D activities.<\/p>\n
Following the recent $3.5 million strategic placement and receipt of the R&D Tax rebate, Orthocell is well funded for its current global market expansion strategy and beyond, with a primary focus on the pivotal US product registration for Remplir\u2122 expected in Q1 CY25.<\/p>\n
Orthocell Chair, John Van Der Wielen, said:<\/p>\n
\u201cI\u2019m energised by the path forward for this Company and look forward to assisting the team to execute its global market expansion strategy \u2013 which includes accelerating the Remplir\u2122 nerve repair US market access program and OrthoATI\u2122 partnering activities in the USA. We remain resolutely focused on execution now, to scale the reach and impact of these world-class medical products \u2013 a milestone for Australia\u2019s innovation sector at large.\u201d<\/p>\n