UNIVERSAL Biosensors says it has received $8 million under the R&D tax incentive.
In 2013, Universal Biosensors became eligible for the R&D tax rebate for the first time, and expects that the 2014 R&D expenses will also qualify for the incentive.
The Research and Development tax incentive provides a tax offset for eligible R&D activities and is targeted toward R&D that benefits Australia.
According to Universal Biosensors CEO Paul Wright, the money will help fund the company's development of its point-of-care diagnostics products.
Universal Biosensors is a specialist medical diagnostics company, founded in 2001, that is focused on the development, manufacture and commercialisation of a range of in vitro diagnostic tests for point-of-care use. The core of these tests is a technology platform which uses a novel electrochemical cell that can be adapted for multiple analytes and provide for enhanced measurements in whole blood.