Prima BioMed (ASX:PRR) has received a cash rebate of circa $1.3 million from the French Government under its Crédit d’Impôt Recherche scheme (CIR).
The company is currently developing immunotherapeutic products for cancer and autoimmune diseases.
Immunotherapy, also called biologic therapy, is a type of cancer treatment that boosts the body's natural defences to fight the cancer.
Prima’s IMP321 is an immunotherapeutic product, based on the LAG-3 immune control mechanism which plays a vital role in the regulation of the T cell immune response.
Through CIR, the French government reimburses companies for undertaking research and development activity in France by up to 30%.
Prima BioMed has qualified to receive CIR credits via its subsidiary Immutep by conducting research and development in its laboratory at Châtenay-Malabry in Paris last year.
Importantly, the company has decided to utilise this fund for the development of its IMP321 clinical trial programs in Europe and Australia.
Prima BioMed is well funded to progress its clinical trials with a cash balance of circa $12.3 million as at 30 June 2017.
Incidentally, the company recently got a second undisclosed significant clinical milestone payment from Novartis, based on the collaboration and licensing agreement between the companies.
The collaboration relates to Prima’s IMP701 LAG-3 antibody which is currently being evaluated in clinical trials together with Novartis’ PD1 inhibitor for the treatment of cancer.