Good run continues for Imugene with $1.85M R&D tax incentive
Clinical-stage immuno-oncology company, Imugene (ASX:IMU), has today announced that it has received a research and development (R&D) tax refund of $1.85 million as part of the Australian government’s R&D tax incentive scheme.
The receipt of the $1.85 million in additional funding will go towards IMU’s commercial and clinical milestones, with the company experiencing its most significant period of R&D expenditure in the September 2018 quarter — when R&D outflows totalled $1.65 million.
The incentive recognises the important immuno-oncology research activities undertaken by the ASX small cap during the financial year ended 30 June 2018.
The Australian government’s R&D tax incentive encourages companies to engage in R&D programs by providing a refundable tax offset of up to 43.5% for eligible activities.
IMU has a highly experienced leadership team, including Chairperson Paul Hopper — who led small cap Viralytics to a $502.4 million buyout by pharmaceutical giant, Merck & Co (NYSE:MRK) earlier this year.
In June this year, IMU signed an exclusive world-wide licence for the entire body of cancer vaccine work and intellectual property developed by Professor Pravin Kaumaya of the Ohio State University Wexner Medical Centre and Dr Tanios Bekaii Saab of the Mayo Clinic.
The deal transforms IMU’s position from a one product, one-trial focused small cap to a substantial intellectual property estate. In total, it now holds six patent families, comprising 16 patents or pending applications for a large range of B-cell peptide and cancer vaccines.
IMU’s flagship HER-Vaxx drug candidate is currently in Phase I/b, with results expected in the near-term.