Avecho Biotechnology Limited (ASX:AVE) Receives $1.66M R&D Tax Incentive
Financial Update
Avecho Biotechnology Limited (ASX: AVE) confirmed the receipt of $1.66 million under the Australian Government’s R&D Tax Incentive Scheme for the year ended 31 December 2024. The funds will be allocated to repay $1.04 million to Endpoint Capital for advances on the Company’s R&D tax credit, support the ongoing Phase III insomnia clinical trial, company operations, and advance the commercialisation strategy for global patient access.
Clinical Trial Progress
The Company is conducting a pivotal Phase III, multi-centre, randomised, double-blind, placebo-controlled clinical trial to evaluate the efficacy and safety of its CBD TPM soft-gel capsules in reducing insomnia severity. This trial is the largest of its kind in Australia and is designed to meet the requirements of the TGA, FDA, and EMA. Successful completion will support the submission for pharmaceutical registration of the CBD TPM soft-gel capsule for insomnia management.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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