Algorae Pharmaceuticals Secures A$318,771 R&D Tax Rebate to Boost AI-Driven Drug Discovery

Living Cell Technologies ( (AU:1AI) ) has provided an update.

Algorae Pharmaceuticals Limited has received a Research & Development Tax Incentive rebate of A$318,771 from the Australian Taxation Office for its R&D activities in the 2024 financial year. This non-dilutive cash injection will be used to advance the company’s AI-driven drug discovery programs and pharmaceutical development pipeline, as well as support early revenue opportunities. The rebate underscores Algorae’s commitment to using cutting-edge AI to drive pharmaceutical innovation and accelerate the development of novel drug candidates.

More about Living Cell Technologies

Algorae Pharmaceuticals (ASX: 1AI) is an AI-enabled pharmaceutical development company focused on discovering and developing novel treatments for unmet medical needs. The company utilizes its proprietary AI platform, AlgoraeOS, which employs machine learning and deep neural networks to identify synergistic drug combinations aimed at transforming patient outcomes. Algorae collaborates with leading research institutions and pharmaceutical partners to expedite the clinical translation of AI-predicted therapies.

Technical Sentiment Signal: Strong Sell

Current Market Cap: A$8.44M

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