On March 11, 2020 OncoSec Medical Incorporated (NASDAQ:ONCS) (the "Company" or "OncoSec"), a company developing late-stage intratumoral cancer immunotherapies, reported that it has received a Research and Development (R&D) Tax Incentive cash rebate of $850,000 from the Australian Tax Office (Press release, OncoSec Medical, MAR 11, 2020, View Source [SID1234555405]).
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The Australian government established this tax incentive program to stimulate local industry investment in R&D by offering businesses tax offsets for eligible R&D expenditures made in Australia. OncoSec previously established a subsidiary in Australia and is conducting a portion of both of its TAVO KEYNOTE clinical trials as well as other R&D activities in the region. This work enables OncoSec to qualify for the program and obtain reimbursement for certain expenditures.
"We are always looking for ways to obtain non-dilutive sources of capital for OncoSec," said Daniel J. O’Connor, President and CEO of OncoSec Medical Incorporated. "In addition to leveraging the Australian R&D incentive through our Australian subsidiary, we also relocated our corporate headquarters to New Jersey from San Diego to capitalize on New Jersey’s tax incentive program for local businesses, which qualified OncoSec to receive approximately $875,000 for 2019 R&D work. Combined with the Australian payment, that’s over $1.7 million in non-dilutive capital for OncoSec for R&D work done in 2019. We will use this cash to fund our ongoing TAVO clinical development programs this year, including our pivotal KEYNOTE-695 study in checkpoint resistant metastatic melanoma. We will continue to participate in both the Australian and New Jersey R&D tax incentive programs, as well as pursue any and all opportunities that maximize value for OncoSec shareholders."