OncoSil Medical Limited (ASX:OSL) Secures $1.05 Million R&D Tax Incentive
OncoSil Medical Limited (ASX:OSL) has received a research and development (R&D) tax refund of A$1,050,896 under the Australian Government’s R&D tax incentive program. This funding is pivotal for the continued development of its revolutionary OncoSil™ device, which targets pancreatic cancer.
Funding Details
The tax refund acknowledges the company’s R&D efforts during the 2024 financial year. The Australian Government provides companies engaged in eligible R&D activities with a refundable tax offset of up to 43.5%. This financial support will enhance OncoSil’s ability to advance its targeted radiotherapy solutions for locally advanced pancreatic cancer.
Product Overview
The OncoSil™ brachytherapy device plays a crucial role in treating locally advanced unresectable pancreatic cancer. By delivering a targeted intratumoural placement of Phosphorous-32, OncoSil™ provides innovative treatment options in combination with gemcitabine-based chemotherapy. The device has received breakthrough designations in the European Union, United Kingdom, and the United States, supporting its anticipated growth in global markets.
OncoSil is presently commercialising this technology, which has already been approved for sale in over 30 countries, including key markets such as the European Union and Israel. Initial treatments using the device have begun in locations including Spain and Italy.
Executive Statement
Nigel Lange, CEO & Managing Director of OncoSil, highlighted the significance of R&D funding for the company’s growth. He stated, “This refund is a testament to our commitment to innovation and enhancing treatment options for pancreatic cancer patients.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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