ImmVirX receives $2.81M R&D tax refund for FY22
Melbourne, Australia 28 November 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, has received a $2,813,837 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 2022.
The R&D tax incentive program encourages companies to 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 inits oncolytic virus program.
The refund received by ImmVirX will continue to finance the development of its investigational product, IVX037. The company expects to achieve first in patient in early 2023 as part of a Phase 1A study that will run across multiple clinical sites.
ImmVirX Acting Chairman and Managing Director, Dr Malcolm McColl, commented: “The Federal Government provides excellent support for innovative businesses such as ours through its R&D tax incentive. It has been another year of significant activity for our oncolytic virus programme, and commencement of our first in patient study in 2023 will be a pivotal moment in our progression of developing new therapies for patients with colorectal, gastric and ovarian cancer.”
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, ovarian, liver and breast cancer.
Dr. Malcolm McColl
Acting Chairman, Chief Executive Officer and Co-Founder