Boost to Cyclacel’s Finances: £2.3 Million R&D Tax Credit from HMRC
$2.9 Million Tax Breaks: Cyclacel Pharmaceuticals Received R&D Benefits. (PHOTO: The Street)
Strategic Importance of R&D Tax Breaks: Pending Approval for 2023 Tax Credit Rate
Cyclacel Pharmaceuticals, Inc. (NASDAQ: CYCC, NASDAQ: CYCCP) recently announced that it has been awarded a research and development (R&D) tax credit by HMRC, the UK government’s tax agency, totaling a substantial £2.3 million, or roughly $2.9 million. This significant infusion of funds is connected to the R&D expenses that the business incurred in the fiscal year that ended on December 31, 2023. In addition, Cyclacel expects to receive an extra $0.8 million, pending approval of an updated tax breaks rate for the 2023 expenses.
Paul McBarron, Cyclacel’s Executive Vice President of Finance and Chief Operating Officer, thanked the company for the financial support and emphasised the importance of the R&D tax breaks as a crucial source of non-dilutive capital. Cyclacel’s continued efforts are greatly aided by this cash infusion, especially when it comes to evaluating potential precision medicine approaches for its oral fadraciclib and oral plogosertib clinical prospects. These candidates seek to target cancer indications that are difficult and have significant unmet medical requirements.
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Enabling for Future Innovations: Cyclacel’s Mission is Powered by the R&D Tax Breaks
This encouraging outcome highlights how much the government values Cyclacel’s dedication to developing cutting-edge medications based on a thorough comprehension of cancer cell biology. The R&D tax credit is evidence of Cyclacel and government authorities’ cooperative efforts, as the company continues to navigate the challenging field of oncology research and development. It highlights the importance of public-private cooperation in advancing the area of cancer therapies and reaffirms the company’s commitment to pushing those frontiers.
With the money from the R&D tax credit, Cyclacel will be even more equipped to tackle its goal of developing novel approaches to cancer problems. The business is in a good position to significantly contribute to meeting patients’ urgent medical demands because of its emphasis on precision medicine. Cyclacel is unwavering in its vision to develop novel and potent cancer medicines, even as confirmation of the extra tax breaks is awaited.
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