Race Oncology (ASX:RAC) has received a $1.48M R&D tax refund from the Australian Taxation Office.
The company aims to use the refund to further develop its clinical and preclinical programs for its drug, Zantrene in 2023 and beyond.
Zantrene is a chemotherapeutic agent and is in multiple clinical trials in Acute Myeloid Leukaemia.
Following the announcement, shares of Race Oncology were up 3.83%.