Botanix (ASX:BOT) share price falls despite big tax refund

Botanix Pharmaceuticals Ltd (ASX: BOT) shares are edging lower today despite the company reporting it has received a research and development (R&D) tax refund. At the time of writing, the Botanix share price has fallen 3.45% lower to 14 cents.

What did Botanix Pharmaceuticals report?

In this morning’s ASX release, Botanix reported it has received an R&D Tax Incentive refund of $6.87 million. The company had $19.2 million in cash as at 31 December.

Botanix stated that the tax refund alongside positive data from its BTX 1801 antimicrobial Phase 2a study places it in a strong position for clinical programs and corporate development in the 2021 calendar year.

The federal government provides the R&D Tax Incentive to support companies…