Imugene (ASX:IMU), a clinical-stage immuno-oncology company, has announced the receipt of a substantial research and development tax refund amounting to $11.7 million.
This includes interest of $514,093 and is derived from the Australian Government's R&D tax incentive scheme.
The R&D tax incentive provides companies engaged in eligible activities a refundable tax offset of up to 43.5%.
The refund will fund further clinical development within Imugene's immuno-oncology pipeline, facilitating the advancement of its unique cancer treatment solutions.
"This refund significantly bolsters our resources, enabling us to continue developing our novel immunotherapies aimed at activating the immune system against cancer," stated Leslie Chong, Managing Director and CEO of Imugene.
Imugene is focused on creating innovative therapies, including B-cell vaccine candidates and oncolytic virotherapy, to combine with existing and emerging treatments for various cancers.
The company is supported by international experts in cancer therapy development. The financial boost aligns with Imugene's mission to transform cancer treatment, remaining at the forefront of the growing global market for immuno-oncology therapies.
At the time of reporting, Imugene's share price was $0.043.