Mesoblast gets $4.3m R&D Tax Incentive rebate
Mesoblast (ASX:MSB) has received a $4.3 million R&D Tax Incentive rebate for Australian R&D activities conducted in FY12.
The company has announced plans to put the rebate towards development of its mesenchymal precursor cell (MPC) adult stem cell technology platform.
Mesoblast added that it expects to be eligible for further R&D Tax Incentive reimbursements in FY13.
In March, Mesoblast raised $170 million through a private placement to help fund its MPC development programs, including phase III spinal fusion treatment NeoFuse.
Mesoblast is also trialling using MPCs to treat conditions including rheumatoid arthritis, congestive heart failure (in partnership with Teva Pharmaceutical Industries) and acute myocardial infarction.
Mesoblast shares were trading 1.98% lower at $5.685 as of around 12.30 pm on Thursday.
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