INOVIQ (ASX:IIQ) has received a $1.018m refund under the Australian Government’s Research & Development (R&D) Tax Incentive program for the fiscal year ending 30 June 2024. The refund reflects $2.7m spent on eligible R&D activities, excluding certain overseas expenditures.
The Melbourne-based company specialises in developing diagnostics and therapeutics for cancer. Among its advancements is the EXO-NET exosome isolation technology. This simplifies the process of capturing exosomes—tiny particles secreted by cells that act as messengers, carrying genetic material and proteins. These exosomes are critical for detecting biomarkers, which serve as indicators of diseases like cancer, enabling early diagnosis and precision treatment.
INOVIQ’s portfolio includes the hTERT test, which detects biomarkers linked to bladder cancer, aiding early detection and monitoring. The company is currently advancing clinical-stage diagnostics for ovarian and breast cancer while exploring exosome-based therapeutics that could revolutionise solid tumour treatment by delivering therapies directly to cancer cells.
The R&D Tax Incentive program, designed to encourage Australian companies to invest in innovation, provides a 43.5% refundable tax offset for eligible R&D activities.
INOVIQ stated that the refund would support its ongoing efforts to improve cancer diagnostics and therapeutics.