Receives A$1.5 million in R&D Tax Incentives
Sydney, Oct 15, 2019 AEST (ABN Newswire) - Regeneus Ltd (
ASX:RGS) (Regeneus or the Company), a clinical-stage regenerative medicine company, has received $1.5 million in R&D Tax Incentives from the Australian Tax Office for FY19.
The R&D tax incentive has facilitated the repayment in full of the $1.3 million Paddington Street loan and associated interest, along with enabling the release of Paddington Street's security over the Company's assets.
The repayment of the Paddington Street loan and the conversion of $1.4 million of the Directors' loan as part of the recent capital raising, has resulted in the significant reduction in borrowings, from $3.8 million at 30 June 2019 to presently only $1.1 million of Directors' loans.
Capital management remains a key focus as the Company works to bring Progenza to market in 2023.
About Regeneus Ltd
Regeneus Ltd (ASX:RGS) is a Sydney-based clinical-stage regenerative medicine company using stem cell technologies to develop a portfolio of novel cell-based therapies. The regenerative therapies seek to address unmet medical needs in human health markets, focusing on neuropathic pain, including osteoarthritis and various skin conditions, with its platform technologies Progenza(TM) and Sygenus. Visit www.regeneus.com.au for more information.
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