- Received ~$2.52 million in aggregate CIR payments in 2020
- CIR to be used to fund on-going MS1819 Phase 2 clinical studies in Europe
NEW YORK, May 05, 2020 (GLOBE NEWSWIRE) -- AzurRx BioPharma, Inc. (NASDAQ:AZRX) (“AzurRx” or the “Company”), a company specializing in the development of non-systemic, recombinant therapies for gastrointestinal diseases, today announced AzurRx SAS, its wholly-owned subsidiary in France, has received approximately 661,000 Euros ($721,000 US) for its 2019 CIR (French Research Tax Credit). This marks the third CIR payment AzurRx SAS has received in 2020. Since March including the 2019 CIR, the Company has received approximately $2.52 million in non-dilutive funding in research tax credits from the French government.
James Sapirstein, Chief Executive Officer of AzurRx commented, “We are very pleased to receive the 2019 CIR and very appreciative of the French government’s support, as we originally anticipated that we would receive the 2019 CIR towards the end of the year. We plan to re-invest the CIR in our ongoing European Phase 2 MS1819 combination therapy trial and the Phase 2b OPTION 2 monotherapy clinical trial which will be initiating in several weeks.”
Mr. Sapirstein added, “With the addition of these CIR funds and in light of the recent guidance from the U.S. Department of Treasury and the Small Business Administration, we will be returning in full the loan which we received through the CARES Act Paycheck Protection Program in April 2020.”
The French R&D tax credit initiative (“Crédit d’Impôt Recherche”, or CIR) gives eligible research-based French companies, which are subject to corporate tax in France, the ability to claim tax relief of up to 30% on costs incurred in R&D activities in France and the European Union.
The CIR has previously been used to fund AzurRx’s ongoing MS1819 clinical trials in Europe, including its Phase 2 Combination therapy study in Cystic Fibrosis.
The Research Tax Credit (CIR) is a tax incentive provided by the French Government to encourage the growth of businesses' competitiveness by favoring research and development (R&D) and innovative activities. It is particularly adapted to the needs of small and medium-sized enterprises.
About AzurRx BioPharma, Inc.
AzurRx BioPharma, Inc. (NASDAQ:AZRX) is a biopharmaceutical company engaged in the research and development of non-systemic biologics for the treatment of patients with gastrointestinal disorders. The Company is focused on the development of its lead drug product candidate, MS1819, a recombinant lipase enzyme for the treatment of exocrine pancreatic insufficiency (EPI) associated with cystic fibrosis (CF) and chronic pancreatitis (CP). The Company is headquartered in New York, NY, with scientific operations based in Langlade, France and clinical operations in Hayward, California. Additional information on the Company can be found at www.azurrx.com.
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Additional information concerning the Company and its business, including a discussion of factors that could materially affect the Company’s financial results, including those related to the clinical development of MS1819, the results of its clinical trials, and the impact of the coronavirus (COVID-19) pandemic on the Company’s operations and current and planned clinical trials, including, but not limited to delays in clinical trial recruitment and participation are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 under the heading “Risk Factors,” as well as the Company’s subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
For more information:
AzurRx BioPharma, Inc.
760 Parkside Avenue, Suite 304
Brooklyn, NY 11226
Investor Relations contact:
LifeSci Advisors, LLC.
Hans Vitzthum, Managing Director
1 International Place, Suite 1480
Boston, MA 02110