Bionomics R&D Tax Incentive for FY2012

Bionomics Limited (ASX: BNO) (ADR: BMICY) has lodged its FY2012 tax return and registered with AusIndustry (on behalf of Innovation Australia) for the Australian R&D tax incentive. Bionomics anticipates that it will receive a R&D tax incentive cash refund of $4.2 million for R&D expenses incurred in FY2012.

Further in 2012, Bionomics made submissions for advance findings for overseas expenditure to be eligible for the 45% R&D tax incentive. Bionomics has now received favourable findings from AusIndustry in relation to this overseas expenditure. The advance findings, for $8.9 million in overseas expenditure over the 3 year period from 1 July 2011, are in relation to investment in BNC105 cancer drug clinical trials being conducted in Australia, USA, Singapore and New Zealand and to R&D activities associated with its Alzheimers disease drug candidate BNC375.

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