Nexsen receives A$1.2 million R&D Tax Incentive refund
Nexsen Limited (ASX:NXN) has received A$1.2 million under the Australian Government’s Research and Development (R&D) Tax Incentive program, adding non-dilutive funding to its balance sheet. The company said the refund further strengthens its cash position and supports ongoing diagnostic development and commercialisation activities.
The refund relates to the company’s eligible research and development expenditure. It provides additional funding for Nexsen’s growing portfolio of rapid point-of-care diagnostics, with lead programmes in Group B Streptococcus (GBS) in maternal health and kidney function.
The RenalSure kidney test is targeting a US FDA submission in mid-2027, alongside a feasibility study with Austrian firm GENSPEED on a second cartridge-based kidney injury assay.
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Further Hong Kong grant funding and over A$17 million secured
Nexsen also expects to receive a further HK$750,000 (~A$140,000) under its previously announced HK$6 million IGNITE Grant from the Hong Kong Science and Technology Parks Corporation (HKSTP). The funding is intended to support its clinical validation and manufacturing initiatives in Hong Kong.
The original IGNITE Grant award positioned Hong Kong as the central manufacturing and distribution hub for Nexsen’s Asia-Pacific rollout, with hospital-based validation studies planned through established local networks.
The company said it has now secured over A$17 million in non-dilutive grant and project support.
Mark Muzzin, Managing Director
“The receipt of this A$1.2 million refund further strengthens our balance sheet and provides additional non-dilutive funding as we advance the development and commercialisation of our rapid diagnostics portfolio…”
The two funding items announced:
- A$1.2 million R&D Tax Incentive refund (received)
- HK$750,000 (~A$140,000) IGNITE Grant instalment (expected)
Mr Muzzin said the over A$17 million in non-dilutive grant and project support reflects “the strength of our technology, programmes and international partnerships.”
The company is also “actively pursuing several significant funding opportunities to support the next phase of our growth, particularly manufacturing scale-up,” and Mr Muzzin said Nexsen looks forward to updating shareholders as these progress.
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