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.
ImmVirX is developing novel oncolytic viruses to create powerful new cancer immunotherapy combinations. Its novel oncolytic immunotherapy harnesses the power of viruses to preferentially infect and kill cancer cells and induce systemic anti-tumour immune responses.
The proprietary bio-selected RNA viruses target 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, pancreatic and ovarian cancer.