Immutep Secures Significant R&D Tax Incentive from French Government
IMM (IMM) Share Update September 2024 Monday 23rd
Immutep Receives A$3.6 Million R&D Tax Incentive from French Government
Immutep Limited, a biotechnology company focused on immunotherapy treatments, has received a substantial R&D tax incentive from the French Government, amounting to approximately A$3.6 million.
Instant Summary:
- Immutep receives €2,194,918 (~A$3,627,980) R&D tax incentive from the French Government.
- Funds to support global clinical development of eftilagimod alpha and IMP761.
- Incentive received under France's Crédit d’Impôt Recherche (CIR) scheme.
- Immutep also qualifies for Australian Federal Government’s R&D tax incentive.
Details of the Tax Incentive
Immutep Limited (ASX: IMM; NASDAQ: IMMP) announced that it has received a €2,194,918 (~A$3,627,980) research and development (R&D) tax incentive payment from the French Government under its Crédit d’Impôt Recherche (CIR) scheme.
The CIR scheme allows French companies conducting R&D activities in Europe to be reimbursed 30% of their eligible expenditure. Immutep qualifies for this incentive through its subsidiary, Immutep S.A.S., due to its research conducted in France.
Utilization of Funds
The funds received will be utilized to support the ongoing and planned global clinical development of two key products: eftilagimod alpha and IMP761. These funds are crucial for advancing Immutep's innovative treatments for cancer and autoimmune diseases.
In addition to the French incentive, Immutep also benefits from the Australian Federal Government’s R&D tax incentive program for eligible R&D activities conducted in Australia. This dual support underscores the company's robust R&D framework and international presence.
About Immutep
Immutep is a clinical-stage biotechnology company pioneering the development of novel LAG-3 immunotherapy treatments. The company aims to leverage its expertise in Lymphocyte Activation Gene-3 (LAG-3) to create therapies that can either stimulate or suppress the immune response, offering new treatment options for patients and maximizing value for shareholders.
The receipt of the A$3.6 million R&D tax incentive is a positive development for Immutep. This financial boost will support the clinical development of its key products, potentially accelerating their path to market. Investors might view this as a strong indicator of the company's growth prospects and its ability to secure international support for its R&D activities.
Investor Reaction:
Analysts are likely to react positively to this announcement, as it demonstrates Immutep's ability to secure significant funding from international sources. This could enhance investor confidence in the company's financial health and its potential for future growth.
Conclusion:
Investors should consider the potential long-term benefits of this R&D tax incentive for Immutep's clinical development programs. The company's strategic use of these funds could lead to significant advancements in its immunotherapy treatments, offering promising opportunities for growth and innovation.