INOVIQ (ASX:IIQ) received a refund of $1.018 million under the Australian Government’s Research and Development (R&D) Tax Incentive Program for the financial year ending 30 June 2024. The refund reflects $2.7 million spent for eligible research and development activities, excluding certain expenses abroad.
The Melbourne-based company specializes in developing diagnostic and therapeutic tools for cancer. Among its advances is the EXO-NET exosome isolation technology. This simplifies the process of capturing exosomes, tiny particles secreted by cells that act as messengers, transporting genetic material and proteins. These exosomes are critical for detecting biomarkers, which serve as indicators of diseases such as cancer, allowing for early diagnosis and precision treatment.
INOVIQ’s portfolio includes the hTERT test, which detects biomarkers linked to bladder cancer, aiding in early diagnosis and monitoring. The company is currently advancing clinical-stage diagnostics for ovarian and breast cancer, while exploring exosome-based therapies that could revolutionize the treatment of solid tumors by delivering therapies directly to tumor cells.
The Research and Development Tax Incentive Programme, designed to encourage Australian businesses to invest in innovation, provides a refundable tax offset of 43.5% for eligible research and development activities.
INOVIQ said the reimbursement will support its ongoing efforts to improve cancer diagnostics and therapy.