Hybrigenics Benefits from Tax Measure in Support of Innovation

Hybrigenics, a bio-pharmaceutical company with a focus on research and development of new cancer treatments and specialist in protein interactions, has received notification from the French Finance Administration of reimbursement of EUR 507,000 for cumulated 2005-2007 Research Tax Credit (RTC) and EUR 865,000 for 2008 RTC. The effective enactment of this decision will result in EUR 1.37 million cash payment to the company in the coming weeks.

"We filed our application in February; the administration answered positively before end of March," said Remi Delansorne, Hybrigenics’ CEO, "This demonstrates a clear and efficient impetus in favour of innovative companies like Hybrigenics to continue to invest in R&D."

Its development of inecalcitol in hormonerefractory prostate cancer progressed nicely in 2008 with the ongoing clinical tolerance Phase II trial. This resulted in the approval by the French Drug Regulatory Agency to speed up dose escalation ahead of schedule: 1,000 micrograms/day is the dose level currently being tested. In addition, the American Food and Drug Administration recently validated the development plan of inecalcitol for US patients. The RTC funds will help to move quickly to the next steps of clinical development.