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.
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