Cyprotex gets French tax boost
AIM-listed North West pharmaceutical company Cyprotex has been given a boost by the French Government.
The French Ministry of Research has granted the company research tax credit approval for 2009-11.
Macclesfield-based Cyprotex, which has a market value of £7m, develops software that large pharmaceutical firms use to predict what the effect of their medication will be on a patient.
The credit means French pharmaceutical, biotech and agricultural companies can claim tax relief on the costs of reasearch and development outsourced to Cyprotex.
Dr Anthony Baxter, Cyprotex’s chief executive, said: “We are delighted to receive this recognition and approval from the French Ministry of Research which will provide greater opportunities to support our current client base and allow for improved collaborations with future French clients.”
Last month Cyprotex rejected a takeover bid for the business. Shares in the company jumped 35% on March 2 after it revealed it had received a “highly preliminary and unsolicited” approach from an unnamed suitor.
