Imugene (ASX:IMU) received a tax refund of AU$11.7 million for the fiscal year ended June 30, 2023, from the Australian federal government's research and development tax incentive scheme, according to a Friday filing with the Australian bourse.
The scheme encourages Australian firms to conduct research and development activities by providing a refund for eligible expenditures.
Funds from the rebate will be used by the immunotherapy firm to advance the development of products in the pipeline, the filing said.
The company's shares fell past 2% in recent Friday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments