£2.3M R&D Tax Credit from UK Government
Cyclacel Pharmaceuticals Reaps Financial Reward
According to Seeking Alpha, Cyclacel Pharmaceuticals listed on NASDAQ as CYCC got good news for its money matters. They received a hefty £2.3 million (about $2.9 million) as a Research and Development (R&D) tax credit from the UK government’s tax agency HMRC. This big R&D tax credit from the UK is based on the costs Cyclacel faced in doing research and development during the year ending on December 31, 2023. The company mainly into biopharmaceuticals is diving into precision medicine, especially for its clinical candidates, oral fadraciclib, and oral plogosertib.
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Cyclacel Pharmaceuticals Scores £2.3M R&D Tax Credit
This R&D tax credit from the UK is based on their R&D costs for the fiscal year ending on December 31, 2023. Expecting an additional $0.8 million Cyclacel credits a change in the tax credit rate linked to their 2023 expenses. Paul McBarron the finance and operations head, expressed gratitude for the R&D tax credit from the UK government support. This R&D tax credit signifies more than just money; it underscores the vital role of government support in advancing pharmaceutical research and development for innovative medical solutions.