Bio-Gene Technology (ASX:BGT), an agtech development company, has received a $446,000 research and development (R&D) tax incentive from the Australian Taxation Office.
This is in addition to the $5.3 million cash reserves reported in September 2022 and is part of the Australian Federal Government program which gives companies a cash incentive of 43.5% of eligible research and development expenditure.
Bio-Gene Technology Limited is developing novel insecticides to address insecticide resistance and toxicity, based on a naturally occurring class of chemicals known as beta-triketones.