AdAlta Limited (ASX: 1AD) is delighted to announce the reception of its FY2023 Research and Development Tax Incentive (RDTI) refund totaling AU$2,350,940. The RDTI program, backed by the Australian Government, is a vital means of backing various sectors, particularly biotechnology, by granting cash refunds for qualifying research and development expenditures. AdAlta Limited received this refund, covering 43.5% of eligible expenses.
Furthermore, the company is currently in the final stages of negotiating an extension of its AU$4.0 million Treasury Corporation of Victoria (TCV) loan facility under the Victorian Government's R&D Cash Flow Loan Initiative. Dr. Tim Oldham, CEO and Managing Director, expressed gratitude for the support received, emphasizing how it has significantly reduced the need for equity capital raising over the past two years. This extension ensures that the accrued RDTI refund continues to fund the Facility effectively.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
