Kiora Pharmaceuticals Receives $1.2 Million in Research Tax Credits to Advance the Treatment of Ophthalmic Disease

Kiora Pharmaceuticals announced its wholly owned subsidiaries have received, in aggregate, $1.2 million related to research tax incentives from the Austrian and Australian governments for research expenditures performed in 2021 and 2022. The funds were received as part of government incentive programs to conduct critical research and development within those countries. The funds will be used to support Kiora's ongoing research initiatives aimed at advancing its pipeline of potential treatments for rare, orphan, and underserved eye diseases.

Kiora said of particular significance among the qualifying research is the company's clinical trial of KIO-301, a potential treatment for retinitis pigmentosa (RP), which is currently underway in Australia. Kiora believes that KIO-301, a molecular photoswitch, holds promise in restoring vision for patients with inherited and age-related retinal degeneration. Early results from the ongoing open label trial show KIO-301 is safe and able to restore lost vision due to RP. The research and development incentive in Australia will enable Kiora to further advance this program, and to bring hope to individuals affected by this devastating disease.

"Our strategy of efficient R&D operations in countries like Austria and Australia allow us to accelerate clinical timelines and de-risk programs," Brian M. Strem, PhD, President and CEO of Kiora, said in a company news release. "These funds, along with future anticipated credits, enable us to continue our groundbreaking research and development efforts, bringing us closer to providing effective treatments for patients suffering from ophthalmic diseases. We look forward to continuing to work with dedicated research teams in these countries to bring our products to the marketplace."