Innovic (ASX:IIQ) received a refund of $1.018 billion under the Australian Government’s Research and Development (R&D) Tax Incentive Program for the financial year ending 30 June 2024. This refund reflects $2.7 million spent on eligible research and development activities, excluding certain overseas spending.

The Melbourne-based company specializes in the development of cancer diagnostics and therapeutics. Among those advances is EXO-NET exosome isolation technology. This simplifies the process of capturing exosomes, small particles secreted by cells that carry genetic material and proteins and act as messengers. These exosomes are important for detecting biomarkers that serve as indicators of diseases such as cancer, allowing for early diagnosis and accurate treatment.

INOVIQ’s portfolio includes the hTERT test, which detects biomarkers associated with bladder cancer and supports early detection and monitoring. The company is currently advancing clinical-stage diagnosis of ovarian and breast cancer, while exploring exosome-based therapies that have the potential to revolutionize solid tumor treatment by delivering therapy directly to cancer cells. are.

The R&D Tax Incentive Program is designed to encourage Australian businesses to invest in innovation and provides a 43.5% refundable tax credit for eligible R&D activities.

INOVIQ said the refund will support its continued efforts to improve cancer diagnosis and treatment.