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Race Oncology: Receives $387K government tax rebate | Fintech InShorts: Latest fintech news, analysis by experts

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Race Oncology: Receives $387K government tax rebate

By Steve Sam

December 18, 2020

Race Oncology (RAC) has pocketed a neat $387,000 in a tax rebate for its work in developing Bisantrene-based cancer treatments
The rebate comes as part of the Federal Government’s research and development (R&D) tax incentive scheme
The scheme helps businesses with less than $20 million in annual turnover to fund research activities
In Race’s case, the company eligible for the refund because of its work in developing its Bisantrene drug to treat different types of cancer
Company Managing Director and CEO Phil Lynch said the rebate an essential source of funding for the company’s ongoing work
Shares in Race tacked on 5 percent today to close at $1.87 each

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