Benzinga | Sep 29, 2021 05:51AM EDT

Immutep Reported Late Tuesday that it Received A$3.4M R&D French Tax Incentive

Immutep Limited (NASDAQ:IMMP) is pleased to announce it has received a 2,126,617 (~ A$3,430,952) research and development (R&D) tax incentive payment in cash from the French Government under its Crdit d'Impt Recherche scheme (CIR).

The "Crdit d'Impt Recherche" (CIR), meaning "Research Tax Credit", is a French government tax incentive by which French companies conducting research and development activities in Europe can be reimbursed 30% of their eligible expenditure.

Immutep qualifies to receive CIR tax incentive through its subsidiary Immutep S.A.S. due to the research and development conducted in its laboratory at Chtenay-Malabry in southwestern Paris. The cash payment is provided in respect of expenditure incurred on eligible R&D activities conducted in European Union in the 2020 calendar year. Immutep also qualifies for cash rebates from the Australian Federal Government's R&D tax incentive program in respect of expenditure incurred on eligible R&D activities conducted in Australia. In April 2021, the Company received a A$1,155,055 cash rebate in respect of expenditure incurred on eligible R&D activities conducted in the 2020 fiscal year.

The funds will be used to support the ongoing and planned global clinical development of eftilagimod alpha and the preclinical development of IMP761.