ASX Health Stocks: Neuroscientific pockets $25m R&D incentive, MGC Pharma jumps 15% on India approval for COVID-19 drug
Health & Biotech
Health & Biotech
Link copied to
Neurological disorder specialist, Neuroscientific Biopharma (ASX:NSB), announced that research work on its lead drug EmtinB has received a tax incentive rebate under the R&D Tax Incentive program.
The company said that it has been granted an Advance and Overseas Finding by AusIndustry, enabling it to receive a tax incentive rebates of up to $25 million related to its ocular R&D program.
The rebate will be for R&D expenditure incurred during 2021, 2022 and 2023. It will also cover a substantial part of all future R&D work in its glaucoma and neurodegeneration programs.
“We appreciate the continued support from AusIndustry and the Australian government in the development of our novel drug candidate EmtinB as a therapeutic treatment for neurodegenerative conditions,” says NeuroScientific’s CEO, Matt Liddelow.
“It’s a recognition of the potential impact EmtinB may provide in ameliorating ocular conditions such as glaucoma, which is the second leading cause of blindness globally.”
The latest incentive is in addition to the previously announced Advance and Overseas Finding in September 2019, when the company received tax incentives for R&D activities related to its neurology R&D program.
The $25 million rebate will also significantly extend the NSB’s cash runway as it transitions from a preclinical to clinical stage company.
The NSB share price rose by almost 5% on the news.
European-based biopharma company MGC Pharma (ASX:MXC) announced that it has been granted government approval to import its phytomedicine CimetrA into India.
This is the final step towards completing its application for Emergency Use Authorisation to treat patients with COVID‐19.
An Emergency Use Authorisation would enable MGC Pharma to market and sell CimetrA as an approved medicine for the treatment of COVID‐19 in India, and potentially in other territories under the international Mutual Recognition protocols for medicines.
Medopharm, one of the leading manufacturers of pharmaceutical products in India, has been appointed to import and market the drug in the country.
CimetrA is one of several drugs that MGC Pharma is currently developing, and has been proven to have anti‐inflammatory and immuno‐modulating effects.
Preclinical and clinical results to date have demonstrated that CimetrA is able to prevent severe inflammation from diseases such as COVID-19 by regulating a patient’s increased cytokine production.
Cytokine is found in different variants and mutations of COVID‐19; and is the forerunner of cytokine storm, believed to be the main reason for death in severe COVID‐19 patients.
The MGC Pharma share price rose by 15% on the news.
Breast cancer specialist, BCAL Diagnostics (ASX:BDX), has commenced collecting samples for the first stage of its Australian clinical program.
The samples will be used for performance evaluation of its blood-based test for detection of breast cancer.
Initially, the test is being trialled for use as an adjunct to mammography, to help improve the accuracy of this commonly used diagnostic approach.
It will specifically aim to confirm the set of markers used in its breast cancer diagnostic test to distinguish between healthy women and those affected with breast cancer.
BCAL’s clinical partner Sydney Breast Clinic is now already collecting blood samples from patients having mammograms at its Sydney CBD location, with blood from 1,000 participants expected.
“Commencement of these studies marks a key milestone for BCAL as we further validate our test and continue toward commercialisation of a viable, accurate blood-based diagnostic for breast cancer diagnosis,” commented BCAL’s executive chair, Jayne Shaw.
The BCAL share price rose 2.5% on the news.