Melbourne, Australia 12 February 2024 – ImmVirX Pty Limited, a life sciences company focused on developing next-generation, receptor targeted oncolytic viral immunotherapies to transform outcomes for patients with some of the most prevalent and challenging cancer types, has received a $3,771,296 Research and Development (R&D) tax refund as part of the Australian Federal Government’s R&D Tax Incentive programme. This amount is based on the R&D undertaken by ImmVirX in the financial year ended 30 June 2023.
The R&D Tax Incentive Programme encourages companies to invest in R&D activities by providing a refundable tax offset of up to 48.5% on eligible activities. ImmVirX is eligible for all R&D activities in its oncolytic virus program.
The refund received by ImmVirX will contribute to the development of its investigational products IVX037 and IVX055 as well as other discovery programmes. IVX037 is progressing in the clinic with a Phase 1 study which is active across multiple clinical sites in Australia and will progress into an evaluation of IVX037 in combination with an immune checkpoint inhibitor therapy mid-CY24.
ImmVirX Managing Director and Acting Chairman, Dr Malcolm McColl, commented: “The Federal Government’s R&D Tax Incentive programme continues to provide excellent targeted support for innovation focused businesses such as ours. Combined with existing cash, this funding will support the continued expansion of our research team in Newcastle and allow us to broaden and accelerate our clinical programme with the goal to eventually develop new therapies for patients with colorectal, gastric, ovarian and liver cancer.”
ImmVirX is developing novel oncolytic viruses to create powerful new cancer immunotherapy combinations. The first virus is in clinical studies with further agents in pre-clinical development. Its novel oncolytic immunotherapy harnesses the power of viruses to preferentially infect and kill cancer cells and induce local and systemic anti-tumour immune responses.
The proprietary bio-selection platform enables the development of RNA viruses targeting specific receptor proteins highly expressed on a range of cancer cell types, allowing them to selectively enter, replicate in, and destroy tumour cells while creating beneficial changes in the tumour micro-environment, potentially leading to the generation of specific innate and adaptive immune responses against cancer cells.
In this way, the viral candidates are intended to increase the effectiveness of current immunotherapies, primarily immune checkpoint inhibitors and CAR-T cell therapies, in fighting cancers of high unmet need including colorectal, gastric, ovarian and liver cancer.
Dr Malcolm McColl
Chief Executive Officer, Acting Chairman and Co-Founder
E: [email protected]