Prima BioMed receives A$492,144 Tax Refund from Australian Government
April 12th 2017
SYDNEY, Australia, April 12, 2017 (GLOBE NEWSWIRE) -- Prima BioMed Ltd (ASX:PRR) (NASDAQ:PBMD) (“Prima” or the “Company”), is pleased to announce that it has received a A$492,144 cash rebate from the Australian Federal Government’s R&D tax incentive program. The cash rebate provided in respect of expenditure incurred on eligible R&D activities conducted in the 2016 fiscal year, mainly related to the Company’s TACTI-mel trial, a Phase I clinical study in melanoma using its lead compound IMP321, conducted in Australia.
This follows approval from AusIndustry of Prima’s application for an Advance/Overseas Finding. Due to the Advance Finding, Prima’s projected research and development activities for TACTI-mel in both Australia and overseas are eligible for the R&D Tax Incentive for a period of three years to 30 June 2018.
Prima BioMed will apply the funding towards furthering its current active clinical trial program for lead product, IMP321.
About Prima BioMed
Prima BioMed is listed on the Australian Securities Exchange and on the NASDAQ in the US. For further information please visit www.primabiomed.com.au.