Imugene Limited (ASX:IMU) Confirms $11 Million R&D Tax Refund
Tax Refund Announcement
Imugene Limited (ASX: IMU) confirmed it will receive an approximate $11 million R&D tax refund from the Australian Taxation Office for FY2023. The refund, expected in January 2025, includes interest and supports the company’s ongoing clinical development initiatives.
Support for Clinical Development
The financial boost stems from the Australian Government’s R&D tax incentive. This program provides companies engaged in qualifying research activities a refundable tax offset of up to 43.5%. The refund will enhance Imugene’s immuno-oncology pipeline, aiming to advance its novel cancer therapies.
CEO’s Remarks
Leslie Chong, Managing Director and Chief Executive Officer of Imugene, stated that the refund aligns with the company’s goal of improving cancer treatment. The funding will enable further progress in developing promising immunotherapies.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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