Clinical stage immuno-oncology company Imugene Ltd (ASX:IMU, OTC:IUGNF) has received confirmation from the Australian Taxation Office that it will receive a research and development (R&D) tax refund of around A$11 million (plus interest) for 2023 financial year.
IMU expects to receive the refund around January 2025.
The refund is part of the Australian Government’s R&D tax incentive, which provides companies engaging in appropriate and eligible activities with a refundable tax offset of up to 43.5%.
IMU says that the refund received will enable the further clinical development of its immuno-oncology pipeline.
This news follows news last month of the first patient dosed in the intratumoural (IT) combination arm of its Phase 1 onCARlytics (CF33-CD19) clinical trial, which is designed to convert hard-to-treat 'targetless' tumours to CD19-expressing solid tumours that can be targeted.
Read more: Imugene Phase 1 onCARlytics trial doses first patient in intratumoural combination arm