- Cancer treatment company Immutep (IMM) has entered a two-day trading halt today as it gears up to tap institutional investors for some fresh funds
- The company told shareholders it plans to raise funds through an institutional share placement, but has not yet revealed how much it plans to raise
- The company is trialling its flagship product, known as Efti, to treat a range of different cancers
- On top of this, the product is being tested against COVID-19 at University Hospital Pilsen in the Czech Republic
- At the end of September, Immutep had around $22.7 million in the bank, which is enough to sustain operations for more than 18 months
- As such, whether the cap raise is a simple balance sheet booster or if something bigger is in the works is not yet known
- Shares in Immutep closed grey this afternoon before entering their halt, last worth 30 cents each
Immutep (IMM) has entered a two-day trading halt today as it gears up to tap institutional investors for some fresh funds.
The cancer treatment specialist announced the capital raise this afternoon but is yet to reveal exactly how much it plans to raise or for what it will be using the fresh cash injection.
Immutep said it plans to raise the funds through an institutional share placement.
Immutep is testing its flagship Efti product, formally know as eftilagimod alpha or IMP321, on a range of different cancers.
Essentially, the product uses a protein found in the human body known as Lymphocyte Activation Gene-3, or LAG-3, to treat cancer. LAG-3 is involved in the regulation of the immune system by controlling signalling between specific immune cells — namely T cells and antigen-presenting cells (APC).
These cells are responsible for the adaptive immune response in humans, which generally occurs in response to exposure to a pathogen or vaccine. The LAG-3 protein was discovered in 1990 by Immutep's Chief Scientist and Medical Officer, Professor Frederic Triebel.
Immutep told investors in October that on top of being tested in clinical trials against different types of cancer, Efti is also set to be tested against COVID-19 in up to 110 patients at University Hospital Pilsen in the Czech Republic.
Taking a look at Immutep's latest financial report, the company had around $22.7 million in the bank at the end of the September quarter after going cashflow-negative by $3.3 million.
This comes amid several different clinical trials in varying stages for Immutep's products. Even at this level of spending, the company still had over 18 months worth of cash left on hand.
As such, whether today's capital raise is a simple balance sheet booster or if something bigger is in the works is not yet known. Immutep is slated to come out of its trading halt on Thursday, November 19, unless it releases the details of the cap raise to the market sooner.
Shares in Immutep closed grey this afternoon before entering their halt, last worth 30 cents each at 12:44 pm AEDT.