Medical device company Simavita Limited (ASX:SVA, CVE:SV) has received a $1.37 million tax refund under the Australian Government’s Research and Development Tax Incentive Scheme.
This is up from the provisional estimate of $1.2 million included in its financial statements for the year ended 30th June 2014.
The company has developed a world first solution for the management of urinary incontinence, with a focus on the elderly.
The SIM platform is a wireless sensor technology that provides evidence based incontinence management care plans to the residential aged care market.
In January, Simavita signed up a Danish distributor for SIM under an exclusive, five-year agreement.
The company’s cash balance was $4.9 million as at 31st December 2014.
