Algernon Pharmaceuticals (CSE: AGN) has announced the receipt of a $450K cash refund from its Australian research program. This latest installment brings the company’s total tax refunds to over $3M.
“Algernon tries to conduct as much of its clinical research in Australia as possible because of the 43.5% refundable R&D tax credit program,” said Christopher J. Moreau, CEO of Algernon. “This brings our total cash refund received to date to over CDN $3.0M, which has been an important part of Algernon’s capital efficient business model.”
In addition to this, AGN recently applied for Orphan Drug Designation with the USDA for its IPF treatment, Ifenprodil. This represents an important step for the company, as it allows them to recover even more tax credits for qualified clinical trials. AGN may also receive 7 years of market exclusivity should Ifenprodil be approved for ODD.
AGN.c is currently trading at $4.20, valued at $9.9 million.
https://ceo.ca/@globenewswire/algernon-pharmaceuticals-announces-receipt-of-cdn-450k