Immutep receives A$1,437,826 R&D Tax Incentive

Rhea-AI Summary

Immutep Limited (ASX: IMM; NASDAQ: IMMP) announced a cash rebate of A$1,437,826 from the Australian Federal Government’s R&D tax incentive program. This rebate pertains to eligible R&D activities conducted in the fiscal year 2019, particularly related to the TACTI-mel and TACTI-002 clinical trials of its lead compound, eftilagimod alpha. Immutep's approved Advance Finding allows for extended eligibility for tax incentives for its R&D efforts until June 30, 2021. The funding will be directed towards ongoing clinical trials.

Positive

• Secured A$1,437,826 cash rebate from Australian R&D tax incentive program.
• Funding will enhance current active clinical trial programs.

Negative

• None.

SYDNEY, Australia, June 22, 2020 (GLOBE NEWSWIRE) -- Immutep Limited (ASX: IMM; NASDAQ: IMMP) (“Immutep” or the “Company”), is pleased to announce that it has received a A$1,437,826 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 2019 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.

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 Immutep Limited received?

Immutep Limited received a cash rebate of A$1,437,826 from the Australian Federal Government's R&D tax incentive program.

How will Immutep use the cash rebate received?

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

What is the significance of the Advance Finding for Immutep's R&D activities?

The Advance Finding allows Immutep's Australian and overseas R&D activities related to TACTI-002 to qualify for tax incentives until June 30, 2021.