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Telix Pharmaceuticals Achieves Successful Australian TGA Approval for Prostate Cancer Imaging

Melbourne-based Telix Pharmaceuticals Ltd has today reported the receipt of approval from the Australian TGA for its prostate cancer imaging product, Illuccix. Iluccix, after radiolabeling with gallium-68, is the first commercially approved PSMA-PET imaging agent available in Australia.

Telix Pharmaceuticals has noted that the TGA approval was an important milestone as it looks to make other regulatory submissions across the Asia Pacific.

Telix Pharmaceuticals has invested an enormous amount in R&D expenditure to reach this achievement, and are one of the largest recipients of refundable R&D tax offsets under the Australian R&D Tax Incentive:

• In September 2021, the company reported receipt of an R&D tax offset refund of $12.1M for activity undertaken during the year ended 31 December 2020 (inferring R&D expenditure of $27.8M for the period);
• In July 2020, the company reported receipt of a R&D tax offset refund of $11.4M for activity undertaken during the year ended 31 December 2019 (inferring R&D expenditure of $26.2M for the period).

Receipt of refundable R&D tax offsets of this magnitude reduces the need for a company to raise additional capital to complete trials, while making the pathway to commercialisation exponentially easier.