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MELBOURNE, Australia, Nov. 29, 2016 -- Immuron Limited (ASX:IMC) is pleased to announce that under the Australian Government’s Research and Development Income Tax Concession incentive program, the Company has received a cash refund of $1.6 million for eligible research and development expenditure incurred during the 2016 Financial Year.
This refund reflects the Company’s $3.6M investment in research and development expenditure during the 2016 Financial Year toward the development of the Company’s pipeline programs including IMM-124E in NASH and ASH, IMM-529 in C. difficile, as well as the continuous development of the Company’s existing Travelan/Protectyn programs.
Immuron CEO Mr Thomas Liquard commented:
“We are grateful that the Australian Government is such a strong supporter of the development of early-stage biotechnology companies through the R&D Tax Concession initiative scheme. This cash refund scheme has allowed Immuron the opportunity to accelerate the clinical development timelines for a number of its high-value pipeline programs.”
The Company anticipates that its ongoing research and development programs, including components of its fatty-liver disease programs, will continue to be eligible for the Research and Development Income Tax Concession refund incentive program for the 2017 financial year.
About Immuron:
Immuron Ltd (ASX:IMC); (OTCQB: IMROY) is a microbiome company focused on developing and commercialising oral immunotherapeutics for the treatment of many gut mediated diseases. Immuron has a unique and safe technology platform that enables a shorter development therapeutic cycle. The Company currently markets and sells Travelan® for the prevention of travellers’ diarrhoea, whilst its lead product candidate IMM-124E is in Phase 2b clinical trials for NASH and ASH. These products together with the Company’s other preclinical immunotherapy pipeline products targeting immune-related diseases currently under development, will meet a large unmet need in the market.
For more information, visit: http://www.immuron.com/
Company Contact: Thomas Liquard Chief Executive Officer Ph: +61 (0)3 9824 5254 [email protected] Immuron Media Relations: John Beveridge Monsoon Communications Ph: +61 (0)3 9620 3333 [email protected]
