Australian biotechnology firm Nanollose has received a $374,063 tax incentive rebate from the Federal Government in a bid to boost its research and development in fibre production.
This includes its Tree-Free Nullarbor lyocell Fibre, which can be spun into yarn and made into a garment using zero-waste 3D knitting technology.
Nanollose secured the rebate as part of the government’s R&D Tax Incentive program, which provides companies with a tax offset for eligible R&D activities.
According to Nanollose, funds from the rebate will strengthen its balance sheet and provide additional financial flexibility to advance to pursue a number of near-term, value-accretive opportunities.
This includes the current run of a third pilot spin for its Nullarbor fibres, in collaboration with Birla Cellulose – a business unit of Grasim Industries under multinational Indian conglomerate Aditya Birla Group.
The company remains focused on cost management and indicates it will continue to leverage the resources of its global partner network to move its portfolio of biotechnology solutions towards commercialisation.
“This Rebate provides the Company with additional capital and a cash runway to further the development of our Nullarbor fibres, while also pursuing business development initiatives to unlock near-term revenue opportunities,” Nanollose executive chairman Dr Wayne Best said.
“The funding comes at an important time in the Company’s growth trajectory, with strong R&D momentum for both the Nullarbor fibres and its Jelli Grow formulation.
“In progressing its multi-channel technology suite towards commercialisation, Nanollose has always been very conscious of its cost base and continues to monitor expenditure.
“The Company is fortunate to have a strong partner base, which brings considerable resources and expertise that can be leveraged to ensure capital is deployed strategically at this critical time in our growth trajectory.”