DUBLIN, Ireland, Sept. 29, 2015 (GLOBE NEWSWIRE) -- Nexvet Biopharma (Nasdaq:NVET), a veterinary biologics developer, today announced receipt of US$3.2 million in cash under the Australian Federal Government's Research and Development (R&D) Tax Incentive program. This program provides a 45 percent refundable tax offset for qualifying R&D in Australia, where Nexvet conducts its drug discovery activities, including PETization™. The incentive was included as a receivable in Nexvet's June 30, 2015 Form 10-K.
Nexvet also recently announced the securing of a dedicated biologics manufacturing facility in Ireland, receiving non-dilutive grant support from the Irish Government. Once operational, the 20,000 square foot facility is expected to benefit from Ireland's 25 percent tax credit on qualifying R&D expenditures.
"Australia and Ireland are highly supportive environments for innovative biotech companies, which makes these countries advantageous for building our drug discovery and manufacturing operations. We will continue to leverage cost advantages and other incentives in the locations in which we operate," commented Dr. Mark Heffernan, Chief Executive Officer of Nexvet.
Nexvet is a clinical-stage biopharmaceutical company focused on transforming the therapeutic market for companion animals, such as dogs and cats, by developing and commercializing novel, species-specific biologics. Nexvet's proprietary PETization™ platform is designed to rapidly create monoclonal antibodies ("mAbs") that are recognized as "self" or "native" by an animal's immune system, a property Nexvet refers to as "100% species-specificity." Nexvet's product candidates also build upon the safety and efficacy data from clinically tested human therapies, thereby reducing clinical risk and development cost.
Nexvet is leveraging diverse global expertise and incentives to build a vertically integrated biopharmaceutical company, through conducting drug discovery in Australia, clinical development in the United States and biomanufacturing in Ireland.
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