AzurRx BioPharma Receives Approximately $550K for its 2020 CIR (French Research Tax Credit)
May 12 2021 - 7:30AM
AzurRx BioPharma, Inc. (NASDAQ: AZRX), (“AzurRx” or the “Company”),
a clinical stage biopharmaceutical company specializing in the
development of targeted, non-systemic therapies for
gastrointestinal (GI) diseases, today announced that AzurRx SAS,
its wholly-owned subsidiary in France, has received approximately
459,000 Euros ($550,000 U.S.) in non-dilutive funding in research
tax credits from the French government for its 2020 CIR (French
Research Tax Credit).
James Sapirstein, Chief Executive Officer of AzurRx commented,
“We are very thankful for the French government’s continued support
and pleased to receive the 2020 CIR. These funds have enabled us to
successfully run the European arms of our two Phase 2 MS1819
clinical trials - despite the challenges posed by the COVID
epidemic. We plan to re-invest the CIR funds in our ongoing,
European-based clinical trials which are anticipated to complete in
2021.”
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.
Previously received CIR funds have been by AzurRx to support its
MS1819 clinical program for the treatment of exocrine pancreatic
insufficiency (EPI) in cystic fibrosis (CF) patients in Europe,
including both the ongoing Phase 2 Combination trial, evaluating
MS1819 in combination with PERT (porcine-derived pancreatic enzyme
replacement therapy) in CF patients with severe EPI, and the Phase
2b OPTION 2 MS1819 monotherapy clinical trial.
About CIRThe 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 clinical stage biopharmaceutical company
specializing in the development of targeted, non-systemic therapies
for gastrointestinal (GI) diseases. The Company has a pipeline of
three gut-restricted GI assets. The lead therapeutic drug candidate
is MS1819, a recombinant lipase for the treatment of exocrine
pancreatic insufficiency (EPI) in patients with cystic fibrosis and
chronic pancreatitis. AzurRx is also advancing two clinical
programs using proprietary formulations of niclosamide, a
pro-inflammatory pathway inhibitor; FW-1022, for COVID-19 GI
infections and FW-420, for Grade 1 Immune Checkpoint
Inhibitor-Associated Colitis and diarrhea in oncology patients. The
Company is headquartered in Delray Beach, Florida, with clinical
operations in Hayward, California. For more information visit
www.azurrx.com.
Forward-Looking StatementThis press release may
contain certain statements relating to future results which are
forward-looking statements. 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, depending on factors
including whether results obtained in preclinical and nonclinical
studies and clinical trials will be indicative of results obtained
in future clinical trials; whether preliminary or interim results
from a clinical trial will be indicative of the final results of
the trial; the size of the potential markets for the Company’s drug
candidates and its ability to service those markets; and the
Company’s current and future capital requirements and its ability
to raise additional funds to satisfy its capital needs. Additional
information concerning the Company and its business, including a
discussion of factors that could materially affect the Company’s
financial results are contained in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2020 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.1615
South Congress Avenue Suite 103Delray Beach, Florida 33445Phone:
(646) 699-7855info@azurrx.com
Media contact:Tiberend Strategic Advisors,
Inc.Johanna Bennett/Ingrid Mezo(212) 375-2665/(646)
604-5150jbennett@tiberend.com/imezo@tiberend.com
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