AmacaThera is a Toronto-based biotechnology company that develops and commercializes products for a wide range of medical applications. The company’s current focus is on delivering post-operative pain relief. AmacaThera’s new technology is designed to decrease a patient’s need for opioids after surgery and has been approved recently by Health Canada for phase 1 clinical trials.
To see if the Scientific Research and Experimental Development (SR&ED) Program could help them financially with their research and development (R&D) expenses, AmacaThera participated in a pre-claim consultation. This free, on-demand service helped them determine the eligibility of their work before submitting a claim.
According to Mike Cooke, CEO and Co-Founder, the SR&ED Program was instrumental in helping the company develop their technology to this stage:
The SR&ED Program was vital to our company’s growth and allowed us to use our capital efficiently. This was especially critical during COVID-19 as progress was stalled and financing opportunities were delayed. The program not only allowed AmacaThera to survive a turbulent time, but it has enabled the company to be in a strong position to secure additional venture capital financing.
The SR&ED Program offers tax incentives to encourage Canadian businesses of all sizes and in all sectors to conduct R&D in Canada. Think you might qualify? Learn more about our eligibility requirements and see our list of services and tools to help you get started.
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