NeuroScientific Biopharmaceuticals (ASX:NSB) has received a refund of approximately $3,774,137 from the Australian Federal Government for eligible R&D (Research and Development) activities undertaken in the 2021/2022 financial year.
The refund will be used to support the commercialisation of NeuroScientific's lead drug candidate, EmtinB, a peptide-based pharmaceutical that can penetrate the blood brain barrier and has potential to target neurodegenerative diseases.
The Australian Government's R&D Tax Incentive program provides up to 43.5% of eligible expenditure on research and development.
Following the announcement, shares of NeuroScientific Biopharmaceuticals (ASX:NSB) were unchanged at $0.098.