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Highlights
- Imugene has received its R&D tax refund of nearly AU$12.6 million for FY22.
- The Australian Government has provided the tax refund to IMU as part of its R&D tax incentive.
- IMU will use the refund amount to take forward the clinical development work of its immuno-oncology pipeline.
In the latest announcement, ASX-listed clinical-stage immune-oncology company Imugene Limited (ASX:IMU) revealed that it has received its research and development (R&D) tax refund of about AU$12.6 million for the 2022 financial year (FY22).
The company has received the refund as part of the R&D tax incentive from the Australian Government. It is provided to company with appropriate and eligible activities with a refundable tax offset of up to 43.5%.
With the refund granted, IMU will be able to take forward the clinical development work of its immuno-oncology pipeline.
About Imugene
Imugene is focused on the development of a suite of novel immunotherapies that can activate the immune system of cancer patients against tumour cells and help in its treatment and elimination. The company has designed and developed unique platform technologies to boost the body’s immune system to act against tumours, potentially causing a similar or more impact as compared to synthetically developed monoclonal antibody and other immunotherapies.
Imugene’s product pipeline includes numerous immunotherapy B-cell vaccine candidates and an oncolytic virotherapy (CF33) for cancer treatment that is designed to be provided with standard of care drugs and new immunotherapies for solid tumours.
IMU is guided by a team of cancer experts holding immense experience in building cancer therapies which have received approval for sale and marketing across global markets.
Shares gain 2%
IMU shares were trading at AU$0.132 in the early hours of 26 April 2023, up nearly 2% from the last close.