SYDNEY - Immutep (NASDAQ:IMMP) Limited (ASX: IMM; NASDAQ: IMMP), an Australian biotechnology company, has announced the receipt of a €2,194,918 research and development (R&D) tax incentive payment from the French Government. This cash payment, equivalent to approximately A$3,627,980, is part of the Crédit d'Impôt Recherche (CIR) scheme, which supports French companies engaged in R&D activities within Europe.
The company, which specializes in the development of novel LAG-3 related immunotherapy treatments for cancer and autoimmune diseases, qualifies for this incentive through its subsidiary Immutep S.A.S., based on its R&D work in France during the 2023 calendar year. The CIR scheme offers a reimbursement of 30% of eligible R&D expenses to promote innovation.
In addition to the French tax incentive, Immutep is also eligible for cash rebates from the Australian Federal Government’s R&D tax incentive program for its research conducted in Australia. The funds from these incentives are earmarked to support the ongoing and planned global clinical development of the company’s leading products, eftilagimod alpha and IMP761.
Immutep is at the forefront of LAG-3 immunotherapy, with a diverse portfolio aimed at harnessing the immune system's ability to fight disease. The company's efforts are focused on bringing new treatment options to patients and creating value for its shareholders.
This financial boost from the French Government underlines the international recognition of Immutep's R&D endeavors. The company's progress in the development of immunotherapies is a testament to its commitment to addressing significant unmet medical needs in the fields of cancer and autoimmune diseases.
The information in this article is based on a press release statement from Immutep Limited.
InvestingPro Insights
Immutep Limited (ASX: IMM; NASDAQ: IMMP), while securing a notable research and development tax incentive from the French Government, shows a mixed financial picture according to InvestingPro data. With a market capitalization of $9.9 million, Immutep is navigating the biotechnology landscape with significant financial metrics to consider. The company's current Price/Earnings (P/E) ratio stands at -2.92, reflecting its current earnings challenges, and the adjusted P/E ratio for the last twelve months as of Q2 2024 is -2.99, indicating a consistent valuation trend.
InvestingPro Tips underscore the company's financial position and stock performance. Immutep holds more cash than debt on its balance sheet, which could offer some financial flexibility in its operations and R&D investments. Additionally, the stock has experienced a significant return over the last month, with a 26.49% increase, showcasing a strong short-term performance. However, potential investors should be aware of the company's volatility, as stock price movements have been quite erratic.
Despite these potential upsides, the company has not been profitable over the last twelve months, which is a critical factor for investors to consider. Moreover, Immutep does not pay a dividend, which may influence investment decisions for those seeking regular income streams from their holdings. For those interested in a deeper dive into Immutep's financials and stock performance, InvestingPro offers additional tips, with more insights available at https://www.investing.com/pro/IMMP.
The recent financial boost from the French Government, as well as the company's strategic focus on innovative immunotherapy treatments, position Immutep in an interesting spot for those watching the biotech sector closely. Keeping an eye on the company's ongoing clinical developments and financial health will be crucial for stakeholders and prospective investors alike.
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