Clarity Pharmaceuticals (ASX:CU6) received an AU$11.1 million research and development tax incentive refund, inclusive of interest, as part of the Australian Federal Government's R&D Tax Incentive program, according to a Thursday Australian bourse filing.
The refund will support the company's further development of its Targeted Copper Theranostic (TCT) platform of products for various cancer indications.
The company has decided to prioritize the development of its two products related to diagnostic and therapeutic applications for prostate and breast cancer.
To focus on the aforementioned products, the company has closed trials for two of its prostate cancer and neuroblastoma-related products.
The company's shares rose 12% in recent Thursday trade.
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