Immutep Receives A$1,155,055 R&D Tax Incentive

Rhea-AI Summary

Immutep Limited (ASX: IMM; NASDAQ: IMMP) announced a cash rebate of A$1,155,055 from the Australian Federal Government’s R&D tax incentive program. This rebate pertains to expenses from eligible R&D activities during the 2020 fiscal year, primarily focusing on the TACTI-mel and TACTI-002 clinical studies involving eftilagimod alpha (efti). With approval from AusIndustry, Immutep’s Australian and overseas activities related to TACTI-002 are eligible for this tax incentive for three years, using the funds to further its clinical trials.

Positive

• Received a cash rebate of A$1,155,055 from the Australian government.
• Funding will support ongoing clinical trials for eftilagimod alpha.

Negative

• None.

SYDNEY, AUSTRALIA, April 16, 2021 (GLOBE NEWSWIRE) --  Immutep Limited (ASX: IMM; NASDAQ: IMMP) (“Immutep” or the “Company”), is pleased to announce that it has received a A$1,155,055 cash rebate from the Australian Federal Government’s R&D tax incentive program. The cash rebate provided in respect of expenditure incurred on eligible R&D activities conducted in the 2020 fiscal year, mainly related to the Company’s TACTI-mel  and TACTI-002 clinical study using its lead compound eftilagimod alpha (“efti” or “IMP321”), conducted in Australia.

This follows approval from AusIndustry of Immutep’s application for an Advance/Overseas Finding. Due to the Advance Finding, both Immutep’s Australian and overseas research and development activities related to the TACTI-002 Australian sites are eligible for the R&D Tax Incentive for a period of three years to 30 June 2021.

Immutep will apply the funding towards furthering its current active clinical trial programs for its lead product, eftilagimod alpha.

About Immutep
Immutep is a globally active biotechnology company that is a leader in the development of LAG-3 related immunotherapeutic products for the treatment of cancer, infectious disease, and autoimmune disease. Immutep is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

Immutep’s current lead product candidate is eftilagimod alpha (“efti” or “IMP321”), a soluble LAG-3 fusion protein (LAG-3Ig), which is a first-in-class antigen presenting cell (APC) activator being explored in cancer and infectious disease. Immutep is also developing an agonist of LAG-3 (IMP761) for autoimmune disease. Additional LAG-3 products, including antibodies for immune response modulation, are being developed by Immutep’s large pharmaceutical partners.

Further information can be found on the Company’s website www.immutep.com or by contacting:

Australian Investors/Media:
Catherine Strong, Citadel-MAGNUS
+61 (0)406 759 268; cstrong@citadelmagnus.com

U.S. Media:
Tim McCarthy, LifeSci Advisors
+1 (212) 915.2564; tim@lifesciadvisors.com

 

FAQ

What is the recent cash rebate received by Immutep (IMMP)?

Immutep received a cash rebate of A$1,155,055 from the Australian Federal Government’s R&D tax incentive program.

What will Immutep (IMMP) do with the cash rebate?

The cash rebate will be applied towards furthering its active clinical trial programs for eftilagimod alpha.

How long is Immutep's R&D tax incentive valid?

The R&D tax incentive is valid for three years, until June 30, 2021.

What clinical studies are associated with Immutep's cash rebate?

The cash rebate is related to the TACTI-mel and TACTI-002 clinical studies.

What is Immutep's lead product candidate?

Immutep's lead product candidate is eftilagimod alpha (efti or IMP321).