In major news released today, Cynata Therapeutics announced that it is receiving a R&D Tax Incentive refund of nearly $1 million for the 2014/2015 financial year.
This cash influx will assist the company with the upcoming clinical trial involving its Cymerus™ mesenchymal stem cell (MSC) product, CYP-001. Cynata’s Cymerus™ MSCs are derived from a single donation from a single donor, using induced pluripotent stem cells (iPSCs) as the source tissue. Not only does this approach allows MSCs to be produced in nearly limitless quantities, it also eliminates product variability and allows for lower manufacturing costs.
Cynata is an exciting company to watch, as highlighted by Rodman and Renshaw. To learn more, read the full press release from Cynata Therapeutics, included below.
Cynata Receives $930k R&D Tax Incentive Refund
Melbourne, Australia; 16 February 2016: Australian stem cell and regenerative medicine company, Cynata Therapeutics Ltd (ASX: CYP), is pleased to announce that the Company has received an R&D Tax Incentive refund of $932,580.65 for the 2014/2015 financial year.
“The R&D Tax Incentive is an important program and this refund provides a very useful addition to the Company’s balance sheet and extends our operating runway at a time when we plan to soon commence the clinical trial of our first proprietary Cymerus™ mesenchymal stem cell (MSC) product, CYP-001”, said Dr Ross Macdonald, Cynata’s Chief Executive Officer.
The R&D Tax Incentive is an Australian Government program under which companies receive cash refunds of 45% of eligible expenditure on research and development.
About Cynata Therapeutics (ASX: CYP)
Cynata Therapeutics Limited (ASX: CYP) is an Australian stem cell and regenerative medicine company that is developing a therapeutic stem cell platform technology, Cymerus™, originating from the University of Wisconsin-Madison, a world leader in stem cell research. The proprietary Cymerus™ technology addresses a critical shortcoming in existing methods of production of mesenchymal stem cells (MSCs) for therapeutic use, which is the ability to achieve economic manufacture at a commercial scale. Cymerus™ does so through the production of a particular type of MSC precursor, called a mesenchymoangioblast (MCA). The Cymerus™ MCA platform provides a source of MSCs that is independent of donor limitations and provides a potential “off-the-shelf” stem cell platform for therapeutic product use, with a pharmaceutical business model and economies of scale. This has the potential to create a new standard in the emergent arena of stem cell therapeutics and provides both a unique differentiator and an important competitive position.
Dr Ross Macdonald, CEO: Tel: 0412 119343; email [email protected]
Dr Stewart Washer, Executive Chairman: Tel: 0418 288212; email [email protected]
Kirin Smith, Chief Operations Officer, Investor Contact, + 1 646-863-6519, [email protected]
Sean Leous, Chief Communications Officer, Media Contact, +1 646-863-8998, [email protected]
Rudi Michelson, Monsoon, Australia Media Contact, 0411 402 737, [email protected]
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