Melbourne, Australia 15 January 2025 – ImmVirX Pty Limited, a life sciences company focused on developing next-generation, receptor targeted oncolytic RNA immunotherapies to transform outcomes for patients with some of the most prevalent and challenging cancer types, has received a $5,079,136 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 2024.
The R&D tax incentive program 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 immunotherapy program.
The refund received by ImmVirX will contribute to the development of its investigational products IVX037 and IVX055 in various combination settings including with immune checkpoint inhibitors and CAR-T therapies. IVX037 is being assessed in combination with the immune checkpoint inhibitor, sintilimab (TYVYT®), across multiple clinical sites in Australia.
ImmVirX Managing Director and Acting Chairman, Dr Malcolm McColl, commented: “We are proud of the progress we have made to date with relatively limited cash burn. The Federal Government’s R&D Tax Incentive programme provides added financial leverage for innovation focused businesses such as ours. Combined with existing cash, this funding will allow us to continue to drive our clinical programme in different combination settings with the goal to develop new therapies for patients with colorectal, gastric, ovarian and liver cancer.”
About ImmVirX:
ImmVirX is developing novel oncolytic immunotherapies to create powerful new cancer therapy combinations. Our lead asset, IVX037, is in clinical studies whilst our second agent, IVX055, is in pre-clinical development. Our 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, our oncolytic immunotherapies are intended to increase the effectiveness of current therapies, primarily immune checkpoint inhibitors and CAR-T cell therapies, in fighting cancers of high unmet need including colorectal, gastric, ovarian and liver cancer.
Website: https://www.immvirx.com/
Twitter: https://twitter.com/ImmVirX
LinkedIn: https://www.linkedin.com/company/immvirx
Media Contact
Dr. Malcolm McColl
Chief Executive Officer, Acting Chairman and Co-Founder
E: [email protected]
