Imugene Rebounds On Receiving Tax Rebate And Advancement To Phase 2 In Gastric Cancer Trial

Imugene Limited

Imugene Limited (ASX: IMU), the immuno-oncology company, with its unique technological platform basically tries to harness the immune system of the cancer patients and helps in the generation of the antibodies that can fight against tumors and completely eradicate them from the body. The effects from the IMU technological platform are more or less in line with the effects from the synthetically manufactured monoclonal antibody therapies. IMU product profile contains multiple immunotherapy B-cell vaccine which are used for the treatment of a variety of cancers. The B-cell vaccines are used together with the standard of care drugs and varied emerging immunotherapies for the treatment. IMU is well supported by various international cancer experts having extensive experience in the development of new cancer therapies.

On November 09, 2018, IMU has received a tax rebate of $1.85 million as research and development tax. This tax rebate is basically a part of the Australian government R&D tax incentive. Under this incentive, the important activities in relation to the immuno-oncology research undertaken by Imugene were taken into consideration for the financial year ended on June 30, 2018.

In addition to the funding amount, the receipt of tax rebate of $1.85 m will support IMU’s commercial and clinical activities and set milestone period for the company. September 2018 quarter remained the most significant period in relation to the expenditure made on research and development activities for an amount of approximately $1.65 m.

Tax rebate under Australian government (R&D tax incentive) has been a very encouraging factor for the companies that can engage in conducting more and more new programs in the direction of research and development and get approximately refundable tax offset of 43.5% for all eligible activities.

On November 13, IMU has made the announcement for its progress towards Phase 2 study in Gastric Cancer Immuno-oncology trial. Preparations for the Phase 2 study of HER-Vaxx cancer vaccine in gastric cancer patients will begin in early 2019 after the completion of the Phase 1b study. Activities pertaining to Phase2 preparation have already started.

HER-Vaxx is basically designed to generate an antibody inside the body which can respond against a cancer growth signal receptor protein called HER2 and is commonly found on the surface of the cell-in breast and gastric cancers. Phase1b dose escalating trial completion and the advancement to phase2 study are key milestones to achieve for Imugene. The completion of phase 1 and advancement to phase 2 will definitely be one of the success for many medical professionals who are seeking treatments for patients with advanced gastric cancer and who have very limited set of medical options.

IMU expects to report top-line results before the end of the year and start the random trial for the Phase2 in early 2019. IMU is trading at the levels of $0.022, up 4.7% on November 14, 2018 (3:30 PM AEST).


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