Immutep snaffles A$3.6M from French government for R&D

Biotech company Immutep Ltd (ASX:IMM) has received a R&D Tax Incentive of around A$3.6 million from the French Government to boost development of two current product candidates.

The incentive – worth €2,194,918 – was provided under the government’s Crédit d’Impôt Recherche scheme (CIR) – for which Immutep is eligible due to activities carried out at its laboratory in France.

Under the scheme, companies can be reimbursed 30% of their eligible expenditure on research and development activities. In this case, Immutep will be plugging it into global clinical development of candidates eftilagimod alpha and IMP761.

These are candidates central to the company’s mission to develop Lymphocyte Activation Gene (LAG)-3 immunotherapies for cancer and autoimmune diseases.

Eftilagimod alpha is Immutep’s proprietary soluble LAG-3 clinical stage candidate which is a first-in-class antigen presenting cell (APC) activator for the treatment of cancer, while IMP761 is a first-in-class immunosuppressive agonist antibody to LAG-3.

Immutep shares rose on the news, but as of 12:45 AEST, they are trading flat at 34.5 cents.

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