Brisbane, Australia, 4 February 2021 — ResApp Health Limited (ASX:RAP), a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease, is pleased to advise that it has received a $707,744 R&D tax refund and a $93,994 Export Market Development Grant, adding a total of $801,738 to the company’s cash balance.
The payment of the R&D tax refund was made under the Australian Government’s Research and Development Tax Incentive Scheme and relates to R&D initiatives undertaken during FY2020.
The R&D Tax Incentive program is jointly administered by the Australian Taxation Office and AusIndustry and allows companies to receive up to 43.5% refundable tax offset of eligible expenses associated with R&D initiatives.
The Export Market Development Grant (EMDG) scheme is a key Australian Government financial assistance program for aspiring and current exporters. It is administered by Austrade and supports a range of industries.
The refund and grant highlight the significant advancements ResApp has achieved through its R&D program over the last 12 months and further strengthens the company’s cash position, which was ~$4.2 million as of 31 December 2020.
About ResApp Health Limited
ResApp Health Limited (ASX: RAP) is a leading digital health company developing smartphone applications for the diagnosis and management of the respiratory disease. ResApp’s machine learning algorithms use sound to diagnose and measure the severity of respiratory conditions without the need for additional accessories or hardware. ResApp’s regulatory-approved and clinically validated products include ResAppDx, a smartphone-based acute respiratory disease diagnostic test for use in telehealth, emergency department and primary care settings; and SleepCheck, a smartphone application which allows consumers to self-assess their risk of sleep apnoea. Both products are CE Marked in Europe and TGA approved in Australia. For more information, please visit www.resapphealth.com.au.