UBI receives $2.2 million R&D Tax Incentive Rebate

• UBI received $2.2 million R&D Tax Incentive rebate for 2024 financial year
• Rebate received under Australian Government program to assist eligible businesses
• UBI specializes in design and development of electrochemical cells and point-of-use devices

Universal Biosensors, Inc. (ASX:UBI) has announced that it has received $2,204,620 in cash as an R&D Tax Incentive rebate for the 2024 financial year. This amount is in line with expectations. The R&D Tax Incentive is an Australian Government program developed to assist eligible businesses recover some of the costs of undertaking research and development. Under this program, companies receive cash refunds for 43.5% of eligible expenditure on research and development. Universal Biosensors, founded in 2001, specialises in the design and development of electrochemical cells (strips) used in conjunction with point of use devices that are used in various industries such as healthcare (point of care), wine, food, and agriculture. UBI's ambition is to build a multi product stable of biosensors in large markets which generate ongoing revenue streams.