Brisbane, Australia, 13 March 2019 — ResApp Health Limited (ASX:RAP), a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease, is pleased to announce that it has received approval from AusIndustry for its application for an Advanced/Overseas Finding in respect to clinical study expenditure associated with its US-based paediatric and adult clinical studies for the diagnosis of respiratory disease using cough sounds.
The finding covers financial years 2017/18, 2018/19 and 2019/20 and means that eligible overseas research and development expenditure, in addition to Australian expenditure, will be subject to a 43% cash rebate under the Australian Federal Government’s R&D Tax Incentive Program. The company now estimates that it will receive an R&D rebate of approximately $1,700,000 for the financial year ended 30 June 2018.
Tony Keating, CEO and Managing Director of ResApp commented, “This Advanced/Overseas Finding will provide us with a cash rebate from the SMARTCOUGH-C-2 study expenditure and give us a high degree of certainty in planning and budgeting for adult clinical studies in the US. Our strong balance sheet is boosted by this finding and we are very grateful for the Federal Government’s commitment to support research and development by Australian companies.”
About ResApp Health Limited
ResApp Health Limited (ASX: RAP) is a leading digital health company developing smartphone applications for the diagnosis and management of respiratory disease. ResApp’s machine learning algorithms use sound to diagnose and measure the severity of respiratory conditions without the need for additional hardware. Clinical studies at leading hospitals in Australia and the United States have demonstrated accurate diagnosis of lower respiratory tract disease, upper respiratory tract infections, asthma/reactive airway disease, pneumonia, bronchiolitis, croup, chronic obstructive pulmonary disease and obstructive sleep apnoea. Potential customers of ResApp’s products include healthcare providers in telehealth, emergency department, urgent care and primary care settings as well as humanitarian organisations in the developing world.
For more information on ResApp, visit www.resapphealth.com.au