Imugene Limited Secures $11.7 Million R&D Tax Refund to Advance Cancer Therapies

Key Highlights

• Imugene (ASX: IMU) receives A$11.7 million R&D tax refund, including A$514,093 in interest.
• Funds allocated to advancing clinical-stage immuno-oncology therapies.
• Reflects the Australian Government’s support for innovative research.

Imugene Limited (ASX: IMU), a leading clinical-stage immuno-oncology company, has announced the receipt of an A$11.7 million research and development (R&D) tax refund for the 2023 financial year. This refund, which includes A$514,093 in interest, was secured through the Australian Government’s R&D Tax Incentive Program, which offers up to a 43.5% refundable tax offset for eligible research activities.

This significant inflow of funds will accelerate the clinical development of Imugene’s (ASX: IMU)  innovative pipeline of immuno-oncology therapies designed to activate the immune system against cancer.

A Boost for Innovation in Immuno-Oncology

The R&D tax refund underscores the importance of the Australian Government’s R&D Tax Incentive in fostering innovation. For companies like Imugene (ASX: IMU), which operate in a high-risk, high-reward sector, such financial support provides critical resources to maintain momentum in clinical development.

Leslie Chong, Managing Director and CEO of Imugene (ASX: IMU), expressed her appreciation:“The R&D Tax Incentive remains a cornerstone for advancing our ambitious goals in immuno-oncology. This refund enables us to focus on what we do best—developing therapies that have the potential to transform cancer treatment and improve patient outcomes.”

Imugene’s Robust Pipeline

Imugene’s (ASX: IMU) pipeline is built on innovative technologies that aim to harness the body’s immune system to combat cancer. This includes:

• Azer-cel (Azercabtagene Zapreleucel): An off-the-shelf CAR T therapy targeting CD19 for blood cancers.
• B-Cell Vaccine Candidates: Designed to stimulate the production of antibodies to target tumors.
• CF33 Oncolytic Virotherapy: A virus-based therapy aimed at eradicating solid tumors in combination with standard-of-care treatments.

The funds from the tax refund will be strategically allocated to support ongoing clinical trials, expand preclinical research, and advance pipeline programs toward commercial readiness. These efforts reflect Imugene’s (ASX: IMU) vision to redefine the landscape of cancer treatment.

Global Expertise Driving Progress

Imugene’s (ASX: IMU) development efforts are supported by a team of international cancer experts with decades of experience in creating innovative therapies. This expertise ensures that its pipeline therapies are developed with a focus on achieving both safety and efficacy, meeting global regulatory standards.

With trials ranging from Phase I to Phase II for various cancer types, including breast, pancreatic, and lung cancers, Imugene (ASX: IMU) is at the forefront of leveraging immunotherapy to address unmet medical needs.

A Transformative Vision

Imugene’s (ASX: IMU) vision is clear: to develop therapies that transform cancer treatment by achieving outcomes comparable to, or better than, existing monoclonal antibody therapies. Its innovative approaches, including leveraging oncolytic virotherapy and CAR T technology, are aligned with the latest advancements in immunotherapy.

The company’s progress is supported by:

• A growing body of peer-reviewed research.
• Robust clinical evidence from trials.
• Collaborative efforts with specialists and medical professionals globally.

The Role of the R&D Tax Incentive

The Australian Government’s R&D Tax Incentive Program is instrumental in supporting biotech companies like Imugene (ASX: IMU). By offsetting the financial risks associated with extensive research, the program helps ensure that pioneering companies can continue to innovate and contribute to the global fight against cancer.

For Imugene (ASX: IMU), the tax refund represents not only a financial boost but also recognition of its commitment to high-quality research.

Positioned for Growth

With this financial reinforcement, Imugene (ASX: IMU) is well-positioned to achieve critical milestones in the near term. The company’s priorities include:

• Advancing late-stage clinical trials for pipeline candidates.
• Strengthening partnerships with global oncology leaders.
• Scaling up its operations to meet potential commercialization demands.

Imugene’s (ASX: IMU) strategic focus ensures that it remains competitive in the fast-growing immuno-oncology sector, which is expected to reach $200 billion globally by 2030. By leveraging innovative platforms and maintaining financial discipline, Imugene (ASX: IMU) is set to play a pivotal role in shaping the future of cancer treatment.

What’s Next?

Imugene’s (ASX: IMU) receipt of the A$11.7 million R&D tax refund is a testament to its innovative efforts in developing next-generation cancer therapies. The company’s commitment to leveraging cutting-edge immuno-oncology technologies positions it as a leader in the sector.

As Imugene (ASX: IMU) continues to advance its ambitious goals, stakeholders can look forward to transformative developments that promise to redefine cancer care. With strong financial backing, world-class expertise, and a robust pipeline, Imugene (ASX: IMU) is on a path to deliver meaningful outcomes for patients and shareholders alike.