Melbourne, Australia 4 March 2022 – 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, today announced that it has received a $858,183 Research and Development (R&D) tax refund as part of the Australian Federal Government’s R&D tax incentive. This recognises the R&D undertaken by ImmVirX in the financial year ended 30 June 2021.
The R&D tax incentive program encourages companies to engage and invest in R&D activities by providing a refundable tax offset of up to 43.5% on eligible activities. ImmVirX is eligible for all R&D activities in its oncolytic virus program.
The refund received by ImmVirX will further finance the development of its investigational product, IVX037, scheduled to commence first in patient studies in the second half of calendar 2022.
ImmVirX Acting Chairman and Managing Director, Dr Malcolm McColl, commented: “The R&D tax incentive is a valuable source of non-dilutive funding to assist with the development of our oncolytic virus platform. We are excited about our rapid progression towards clinical studies with our goal of developing new therapies for patients with colorectal, gastric and ovarian cancer.”
ImmVirX management looks forward to providing a further update to shareholders at 11am on Tuesday 29 March 2022. Invitations for this virtual session will be sent shortly.