Medibio (ASX:MEB) reports it has received around $938,000 through its Research and Development Tax Incentive Refund for the 2021/202222 financial year.
The company says the Research and Development Tax Incentive is the government’s key mechanism to stimulate Australian industry’s investment in R&D, as well as encouraging companies to engage in R&D benefiting Australia by providing a tax offset of up to 43.5% (refundable) for eligible R&D activities.
Medibio CEO Tom Young said “This rebate will be applied to further developing the company’s technologies. We greatly appreciate the support of the Australian Government with this incentive, as Medibio advances towards the clinic.
Medibio is a mental health technology company pioneering the use of objective measures to aid in the early detection and screening of mental health conditions, and through its Corporate Health product, Medibio offers mental wellbeing solutions for businesses. It is also developing products to serve the healthcare provider market.
The company was founded in Australia, with offices in Melbourne, and Minneapolis in the United States.