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Highlights
- Chimeric secured AU$1.56 million from Endpoints Capital to advance clinical trials.
- Funding is backed by Chimeric’s anticipated FY24 Research and Development Tax Incentive (RDTI).
- Chimeric has partnered with Cell Therapies to explore CAR T asset manufacturing in Australia.
Chimeric Therapeutics (ASX:CHM), an Australian cell therapy company, has secured AU$ 1.56 million from Endpoints Capital through a funding facility, backed by its anticipated FY24 Research and Development Tax Incentive (RDTI). This funding will advance the company’s clinical trial pipeline and support general working capital.
The agreement provides early access to a portion of the company’s expected FY24 RDTI, secured against future tax incentive funds from the Australian Taxation Office. The facility involves a commercial interest rate and requires repayment by 31 December 2024, but offers flexibility for early repayment without penalty.
The RDTI program, offered by the Australian Government, grants a refundable tax offset of up to 43.5% for eligible research activities. This funding will accelerate Chimeric’s research and development efforts and drive its clinical trials forward.
Last week, the company announced a collaboration with Cell Therapies Pty Ltd (CTPL) to explore the feasibility of manufacturing Chimeric’s CAR T assets in Australia. Cell Therapies, an Australian commercial contract development and manufacturing organisation, has state-of-the-art facilities, located within the Peter MacCallum Cancer Centre in Melbourne’s Parkville Precinct. It is the only Australian biomedical manufacturing site capable of producing CAR T-cells and other "living" cancer therapies at a commercial scale.
Chimeric currently has four Phase 1/1b trials underway in the United States and is considering expanding these trials to new sites in Australia.
The share price of CHM was AU$0.018 at the market close on 13 August 2024.
