Approval for R&D Rebate for Anti-Cancer Drug PENAO
Sydney, Sep 9, 2021 AEST (ABN Newswire) - Beroni Group (
BNIGF:OTCMKTS) (NSX:BTG), an Australia-based biopharmaceutical enterprise, today announced that PENAO Pty Ltd, its majority-owned, Sydney-based anti-cancer drug development company, has been approved by the Australian government for the annual 43.5% R&D rebate of eligible expenditure.
The approval also includes R&D overseas activities so long as the total overseas expenditure claim over the life of the R&D activities is less than the expected total expenditure on the Australian R&D activities to which they are scientifically linked.
The PENAO drug manufacture is expected to complete in the first half of 2022. Raw materials have been procured, familiarization studies have been completed and optimization work is progressing well at Aurigene Pharmaceutical Services Ltd, India.
"Aurigene is delighted to partner with PENAO Pty Ltd. In the past 18 years of our work, a key therapy area has been anticancer drug discovery and clinical development. Our technical and infrastructure capabilities provide an integrated drug substance and drug product program for PENAO." said Ravi Venkataramanan, CEO of Aurigene Pharmaceutical Services Ltd, a wholly-owned subsidiary of Dr. Reddy's Laboratories Limited (BOM:500124) (NYSE:RDY).
"We are pleased to receive the Australian government's support for our R&D activities, and we hope that the annual rebate signals to investors the rigorous due diligence conducted by the Australian government and our commitment to develop the PENAO drug to potentially meet the unmet medical need of millions of cancer patients worldwide" said Jacky Zhang, CEO of Beroni Group.
About Beroni Group Limited
Beroni Group (NSX:BTG) (OTCMKTS:BNIGF) is an international biopharmaceutical enterprise dedicated to the innovation and commercialization of drugs and therapies to combat various global diseases such as cancer and infectious diseases. Its diversified portfolio is comprised of a US FDA approved virus diagnostic kit, an e-commerce platform for the sale of pharmaceutical products and a development pipeline targeting oncology and cell therapies. Beroni has operations in Australia, United States, China and Japan. To learn more about Beroni, please visit www.beronigroup.com.
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