- Immutep (IMM) is granted a $3.4 million research and development tax incentive from the French Government
- The biotechnology company became eligible for the research tax credit through its subsidiary, Immutep S.A.S, after its research was conducted in a laboratory in southwestern Paris
- Immutep says the funds will be used to support ongoing global clinical progress of its cancer and infectious disease treatment, eftilagimod alpha, as well as the preclinical development of IMP761
- Immutep shares are trading 1.77 per cent down at 55.5 cents at 11:48 am AEST
Immutep (IMM) has been granted a $3.4 million research and development tax incentive from the French Government.
The biotechnology company saw €2,126,617 (around A$3,400,000) hit its pockets under the French Government’s Crédit d’Impôt Recherche scheme (CIR).
The scheme, translating to “research tax credit” in English, is a French Government tax incentive which offers French companies conducting R&D activities in Europe to be reimbursed with 30 per cent of their eligible expenditure.
Immutep qualified to receive the grant through its subsidiary, Immutep S.A.S, after its research was conducted in its laboratory at Châtenay-Malabry in southwestern Paris during the 2020 calendar year.
Immutep said the R&D incentive funds would be used to support ongoing global clinical development of its treatment, eftilagimod alpha, a soluble LAG-3 fusion protein, as well as the preclinical development of IMP761.
Immutep said it also qualified for cash rebates from the Australian Federal Government’s R&D tax incentive program. Additionally, in April 2021 it received a $1,155,055 cash rebate for expenditure incurred on eligible R&D activities that took place during the 2020 fiscal year.
Immutep shares were trading 1.77 per cent down at 55.5 cents at 11:48 am AEST