Spinifex Pharmaceuticals, an Australian pain drug development company, has received an approximately $1.5 million R&D tax incentives cash refund for research activities relating to the discovery of new drugs for the treatment and management of pain.
The R&D Incentive Program is an annual program, jointly administered by AusIndustry and the Australian Taxation Office, which enables Spinifex to apply for it in subsequent years. Spinifex will reinvest the funds in further clinical development of its lead candidate, EMA401, an AT2 receptor antagonist for the treatment of chronic pain, including neuropathic pain.
Spinifex reported positive results of its phase II study of EMA401 in post-herpetic neuralgia (PHN) in the third quarter of 2012, and more recently initiated a phase II proof-of-concept study in chemotherapy-induced peripheral neuropathy (CIPN).
"This payment under the R&D tax incentive program is a good example of how government initiatives can support innovative companies in the biotechnology industry and other sectors,” said Tom McCarthy, CEO of Spinifex Pharmaceuticals. “These additional funds are welcome and we look forward to their contributing to our continued clinical development of EMA401 for the treatment of chronic and neuropathic pain indications. In addition to this payment, we continue to expand our non-clinical activities with the support of our existing investors."