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Pharma Tech Outlook | Tuesday, September 21, 2021
PENAO Pty Ltd has received approval from the Australian government for the yearly R&D rebate of 43.5 percent of qualified spending.
FREMONT, CA: PENAO Pty Ltd, the majority-owned anticancer medication development company in Sydney of Beroni Group, an Australian biopharmaceutical business, has been approved by the Australian government for the yearly R&D rebate of 43.5 percent of qualified spending.
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The permission also covers R&D operations conducted outside of Australia, as long as the overall overseas expenditure claimed over the life of the R&D activities is less than the estimated total spending on Australian R&D activities to which they are scientifically connected.
The manufacture of the PENAO medication is planned to be completed in the first part of 2022. At Aurigene Pharmaceutical Services Ltd in India, raw materials have been procured, familiarization studies have been performed, and optimization work is continuing successfully.
"Aurigene is delighted to partner with PENAO Pty Ltd. In the past 18 years of our work, a key therapy area has been anticancer drug discovery and clinical development. Our technical and infrastructure capabilities provide an integrated drug substance and drug product program for PENAO," said Ravi Venkataramanan, CEO of Aurigene Pharmaceutical Services Ltd, a wholly-owned subsidiary of Dr. Reddys Laboratories Limited.
Beroni Group is a biopharmaceutical company established in Australia that focuses on developing and marketing medications and therapies to treat a variety of global ailments like cancer and infectious diseases. FDA or CE-approved virus testing kits, an e-commerce platform for selling pharmaceutical items, and a development pipeline focused on oncology and cell therapies make up the company's diverse portfolio.
"We are pleased to receive the Australian governments support for our R&D activities, and we hope that the annual rebate signals to investors the rigorous due diligence conducted by the Australian government and our commitment to develop the PENAO drug to potentially meet the unmet medical need of millions of cancer patients worldwide," said Jacky Zhang, CEO of Beroni Group.
PENAO Pty Ltd is dedicated to discovering, developing, and commercializing PENAO, a possible anticancer small molecule medication. It has a multi-national, high-quality management team, such as drug co-creator Professor Phil Hogg and minority stakeholder University of New South Wales Sydney.
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