Island Pharmaceuticals Ltd received an R&D tax refund for FY2024

Island Pharmaceuticals Ltd (ASX: ILA) announced receiving a total refund of AU$ 865,230 via the Research and Development Tax Incentive from the Australian Taxation Office for the financial year ending 30 June 2024. This significant funding milestone enables the company to fully repay its loan facility from Radium Capital, solidifying its economic foundation.

Dr David Foster, CEO and Managing Director shared that the R&D Tax Incentive is an essential source of non-dilutive funding that empowers the Island to accelerate its clinical programs. At a pivotal moment in its journey, as it nears the Phase 2a data readout for ISLA-101 and advances its promising second asset, galidesivir, this funding enhances its innovation ability.

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