Avecho Biotechnology has received a $1.98 million payment under the Australian Government’s Research and Development Tax Incentive Scheme as the firm prepares for a major milestone in its insomnia trial next month.
Interim results from Avecho’s phase III trial are due in June, with chief executive Paul Gavin previously stating it would provide a “first look at how the trial and product is working”.
Avecho is seeking Therapeutic Goods Administration (TGA) approval for what could become Australia’s first over-the-counter CBD medicine. Swiss pharmaceutical powerhouse Sandoz holds Australian commercial rights to the product under a 10-year deal, signed last year.
Avecho said its cash position had increased to about $6.6m following the tax incentive payment and recent funding activity.
