Stuart Therapeutics Pty, Ltd is a newly formed, wholly owned subsidiary of Stuart Therapeutics, Inc.
STUART, Fla., July 12, 2023 /PRNewswire/ — Stuart Therapeutics, Inc. (Stuart), a clinical-stage ophthalmic biopharmaceutical company focused on developing therapies for the treatment of anterior segment, refractive and posterior segment eye disorders, today announced the formation of Stuart Therapeutics Pty, Ltd (ST Ltd), an Australian company and wholly owned subsidiary. ST Ltd has entered into a Letter of Intent (LOI) and a Term Sheet with Radium Capital (Radium), which summarize the principal terms of a series of planned financial arrangements between ST Ltd and Radium for the financing of research and development tax credits available in Australia.
ST Ltd and Radium have agreed to enter into a series of loan agreements designed to finance a portion of Stuart’s Phase 3 clinical trial on its candidate dry eye therapeutic, ST-100, which will be conducted in Australia. These loan agreements allow for the realization of Australian government Research and Development Tax Incentive rebates in advance of the company’s annual tax filings. This approach provides ST Ltd and Stuart a valuable non-dilutive means of supporting the development of ST-100 for dry eye disease. Stuart expects approximately $5.0 million of expenditures during the next 12 months that would be potentially eligible for R&D tax rebates. The ST-100 Phase 3 clinical trial will be conducted consistent with US FDA standards, and the company believes that if successful, it will qualify as a registration study for submission to the FDA in an NDA for marketing approval of ST-100.
About Radium Capital
Radium, founded in 2017, is in the business of funding secured loans to Australian companies engaged in R&D activities that qualify for the R&D tax credit offered by the Australian government. Radium sponsors a program called Radium Advance to enable businesses to unlock their tax refunds sooner. Advances are made to client companies engaged in R&D pursuant to a predefined set of definitive documents, during the course of the R&D process (each advance is a separate secured loan, but the terms of the loans remain the same for each advance), allowing client companies to access capital throughout the R&D timeline, rather than waiting until the annual tax return is filed.
About Stuart Therapeutics, Inc.
Stuart Therapeutics, founded in 2017 and based in Stuart, Florida, is the leader in the development of ECM-targeting therapeutics for disease treatment. Its platform technology, PolyCol™, is a portfolio of synthesized collagen mimetic peptides designed to specifically bind to and repair disease- or injury-damaged helical collagen structures. This activity results in both a repair of collagen structures and a restoration of homeostatic cell signaling, with positive effects on cell growth and proliferation and reduction in inflammation. These effects occur rapidly in treated tissues, and Stuart Therapeutics has extensive research results in a variety of anterior and posterior segment ophthalmic disease indications. For more information, visit www.stuarttherapeutics.com.
Eric Schlumpf, President & CEO
SOURCE Stuart Therapeutics