Moleculin Expands Operations to Australia; Taps R&D Incentive Program Capped at $20,000,000 AUD Turnover
July 11 2018 - 7:30AM
Moleculin Biotech, Inc., (Nasdaq:MBRX) ("Moleculin" or the
"Company"), a clinical stage pharmaceutical company focused on the
development of oncology drug candidates, all of which are based on
license agreements with The University of Texas System on behalf of
the M.D. Anderson Cancer Center, today announced it has formed
Moleculin Australia Pty. Ltd., a wholly-owned subsidiary to oversee
preclinical development in Australia.
“The Australian government provides a very
aggressive incentive for research and development carried out in
their country,” commented Walter Klemp, Chairman and CEO of
Moleculin. “For companies like Moleculin with less than $20,000,000
AUD group turnover, it can amount to a rebate of up to 43.5% of
qualified R&D expenditures. Having an Australian
subsidiary provides a great opportunity to speed up preclinical
development and reduce the overall cost of our continued drug
development efforts.”
About Moleculin Biotech,
Inc.
Moleculin Biotech, Inc. is a clinical stage
pharmaceutical company focused on the development of oncology drug
candidates, all of which are based on discoveries made at M.D.
Anderson Cancer Center. Our clinical stage drugs are Annamycin, an
anthracycline designed to avoid multidrug resistance mechanisms
with little to no cardiotoxicity being studied for the treatment of
relapsed or refractory acute myeloid leukemia, more commonly
referred to as AML, and WP1066, an immuno-stimulating STAT3
inhibitor targeting brain tumors, pancreatic cancer and AML. We are
also engaged in preclinical development of additional drug
candidates, including additional STAT3 inhibitors and compounds
targeting the metabolism of tumors.
For more information about the Company, please
visit http://www.moleculin.com.
Forward-Looking Statements
Some of the statements in this release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995,
which involve risks and uncertainties. Forward-looking statements
in this press release include, without limitation, the ability to
receive the benefit of tax credits in Australia. These
statements relate to future events, future expectations, plans and
prospects. Although Moleculin Biotech believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. Moleculin Biotech has attempted to
identify forward-looking statements by terminology including
''believes,'' ''estimates,'' ''anticipates,'' ''expects,''
''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,''
''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or
other words that convey uncertainty of future events or outcomes to
identify these forward-looking statements. These statements are
only predictions and involve known and unknown risks,
uncertainties, and other factors, including those discussed under
Item 1A. "Risk Factors" in our most recently filed Form 10-K filed
with the Securities and Exchange Commission (“SEC”) and updated
from time to time in our Form 10-Q filings and in our other public
filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. We undertake
no obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
ContactsJoe Dorame, Robert Blum
or Joe DiazLytham Partners,
LLC602-889-9700mbrx@lythampartners.com
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