Benzinga | May 12, 2021 07:35AM EDT

AzurRx BioPharma Says Receives ~$550K For 2020 CIR French Research Tax Credit

AzurRx BioPharma, Inc. (NASDAQ:AZRX), ("AzurRx" or the "Company"), a clinical stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that AzurRx SAS, its wholly-owned subsidiary in France, has received approximately 459,000 Euros ($550,000 U.S.) in non-dilutive funding in research tax credits from the French government for its 2020 CIR (French Research Tax Credit).

James Sapirstein, Chief Executive Officer of AzurRx commented, "We are very thankful for the French government's continued support and pleased to receive the 2020 CIR. These funds have enabled us to successfully run the European arms of our two Phase 2 MS1819 clinical trials - despite the challenges posed by the COVID epidemic. We plan to re-invest the CIR funds in our ongoing, European-based clinical trials which are anticipated to complete in 2021."

The French R&D tax credit initiative ("Cr?dit d'Imp?t Recherche", or CIR) gives eligible research-based French companies, which are subject to corporate tax in France, the ability to claim tax relief of up to 30% on costs incurred in R&D activities in France and the European Union.

Previously received CIR funds have been by AzurRx to support its MS1819 clinical program for the treatment of exocrine pancreatic insufficiency (EPI) in cystic fibrosis (CF) patients in Europe, including both the ongoing Phase 2 Combination trial, evaluating MS1819 in combination with PERT (porcine-derived pancreatic enzyme replacement therapy) in CF patients with severe EPI, and the Phase 2b OPTION 2 MS1819 monotherapy clinical trial.

About CIR

The Research Tax Credit (CIR) is a tax incentive provided by the French Government to encourage the growth of businesses' competitiveness by favoring research and development (R&D) and innovative activities. It is particularly adapted to the needs of small and medium-sized enterprises.