- Biotech company Immutep (IMM) has successfully completed a $12 million placement
- Approximately 96 million ordinary shares were issued to professional, sophisticated and institutional investors at a price of 12.5 cents each
- The shares are expected to settle on May 4 and be issued on May 5
- The company will use the money to drive the development of its clinical programs, research and development, and general working capital
- Immutep is down a slight 2.86 per cent and shares are currently trading for 17 cents each
Biotech company Immutep (IMM) has successfully completed a $12 million placement.
Approximately 96 million ordinary shares were issued to professional, sophisticated and institutional investors at a price of 12.5 cents each.
That price represents a 15.5 per cent discount to the volume weighted average price (VWAP) from the 15 days up to, and including, April 24.
The shares are expected to settle on May 4 and be issued on May 5.
Immutep will use the money to fund its LAG-3 clinical program in autoimmune disease and immune-oncology.
This includes financing its eftilagimod alpha (efti) anti-cancer drug, the development of IMP761, research and development, and general corporate and manufacturing purposes.
"The support received for this financing from high quality new and existing investors demonstrates strong confidence in Immutep's clinical program," CEO Marc Voigt commented.
"This financing provides certainty of funding for Immutep and I would like to thank existing shareholders for their continued support and welcome new investors to the register," he said.
Efti, also known as IMP321, is Immutep's anti-cancer drug which is designed to treat metastatic breast cancer.
In late March, the company reported on data from a breast cancer trial.
In the trial, Immutep treated 227 metastatic breast cancer patients with efti and paclitaxel (anti-cancer chemotherapy drug and chemotherapy medication) to boost the T-cell immune response against tumours.
In the body, T-cells play a major role in defending the body against viruses, bacteria and parasites, and those with a low T-cell count generally have a harder time fighting infections.
Results showed that at the six-month mark, progression-free survival was favourable to efti over a placebo.
Of the patients who received efti and paclitaxel, 63 per cent were progression-free, which is higher than the 54 per cent who received placebo.
IMP761 is an immunosuppressive agonist antibody to LAG-3, meaning it attaches itself to the LAG-3 receptor on activated T-cells.
The LAG-3 receptor subdues the T-cell activation and ensures a state of immune balance.
By binding to the receptor, the agonist antibody inhibits the T-cell's increased reaction against the body's own tissue.
By doing this, it is believed that IMP761 reduces the excessive immune reaction associated with autoimmune diseases by addressing the cause rather than the inflammation.
Immutep is down a slight 2.86 per cent and shares are trading for 17 cents each at 11:29 am AEST.