Vancouver, British Columbia-based PreveCeutical Medical Inc. is going to set up its first Australian unit under the name PreveCeutical (Australia) Pty Ltd. to expand its business in Brisbane.
The health sciences company said the decision to incorporate the subsidiary was influenced by the Australian government's support of innovation through a range of programs and incentives.
The incentives include the research and development tax incentive, whereby the Australian government encourages companies to engage in research and development benefiting Australia by providing a tax offset for eligible R&D activities.
PreveCeutical said its chairman and CEO, Stephen Van Deventer, will be the chairman and director of the Australian unit.
The company's director of international operations, Maher Khaled, will be the CEO, secretary and director of the new unit.
Khaled will work with the PreveCeutical's chief research officer, Harry Parekh, to advance the development of the company's therapeutic technologies.
Shabira Rajan, the company's CFO and controller will be the Australian subsidiary's CFO. The company's president, Kimberly Van Deventer, will be a director at the new Australian unit.
