Immutep Receives US$2.4 Million R&D Tax Incentive from French Government

Rhea-AI Summary

Immutep announces a cash payment of €2,173,454 (~US$2,407,817) from the French Government under the Crédit d’Impôt Recherche tax incentive scheme. This program reimburses 30% of eligible R&D expenditures for French companies involved in research. Immutep qualifies through its subsidiary for R&D activities conducted in France. The funds will be allocated to support the global clinical development of eftilagimod alpha and the preclinical development of IMP761.

Positive

• Received €2,173,454 (~US$2,407,817) R&D tax incentive payment from the French Government.
• Funds will support ongoing and planned global clinical development of eftilagimod alpha.
• Tax incentive demonstrates government support for Immutep's R&D activities.

Negative

• None.

SYDNEY, Australia, May 29, 2020 (GLOBE NEWSWIRE) -- Immutep Limited (ASX: IMM; NASDAQ: IMMP) ("Immutep“ or “the Company”), a biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases, is pleased to announce that it has received a €2,173,454 (~ US$2,407,817) research and development (R&D) tax incentive payment in cash from the French Government under its Crédit d’Impôt Recherche scheme (CIR).

The “Crédit d’Impôt Recherche” (CIR), meaning “Research Tax Credit”, is a French government tax incentive by which French companies conducting research and development activities in Europe can be reimbursed 30% of their eligible expenditure.

Immutep qualifies to receive CIR tax incentive through its subsidiary Immutep S.A.S. due to the research and development conducted in its laboratory at Châtenay-Malabry in southwestern Paris.

The funds will be used to support the ongoing and planned global clinical development of eftilagimod alpha and the preclinical development of IMP761.

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

US Investors/Media:
Garth Russell, LifeSci Advisors
+1 (646) 876-3613; garth@lifesciadvisors.com

FAQ

What is the recent financial support Immutep received?

Immutep received a €2,173,454 (~US$2,407,817) cash payment as an R&D tax incentive from the French Government.

How will Immutep use the €2,173,454 funding?

The funds will be used to support the global clinical development of eftilagimod alpha and the preclinical development of IMP761.

What is the Crédit d’Impôt Recherche scheme?

The Crédit d’Impôt Recherche scheme is a French government tax incentive that reimburses 30% of eligible R&D expenditures for companies conducting research in France.

Who qualifies for the Crédit d’Impôt Recherche tax incentive?

Immutep qualifies for the tax incentive through its subsidiary, Immutep S.A.S., due to R&D conducted in its Paris laboratory.

What are the key projects supported by the recent funding for Immutep?

The key projects supported include the clinical development of eftilagimod alpha and the preclinical development of IMP761.