Immutep (ASX:IMM) closes share purchase plan oversubscribed
21 July 2021 11:00 (AEST)
- Biotechnology company Immutep (IMM) closes its share purchase plan (SPP) which is oversubscribed by more than $2 million
- Following strong demand from shareholders, Immutep has increased the size of the SPP to accept the full amount of applications
- Money raised from the SPP and a recent $60 million placement will go towards ongoing immune-oncology clinical development programs, a pre-clinical autoimmune disease program and general working capital
- The company says it expects the 13,799,149 new shares will be issued on July 23 and will commence trading on the ASX on July 26
- Immutep is up 1.5 per cent, trading at 50.8 cents at 12:45 pm AEST
Biotechnology company Immutep (IMM) has closed its share purchase plan oversubscribed by more than $2 million.
The share purchase plan closed on Monday 19 July after receiving total application funds of $7,175,720, exceeding its targeted amount of $5 million.
Following the strong demand from shareholders, Immutep has agreed to increase the size of the SPP to accept the full number of applications.
The funds come in addition to a recent $60 million two-tranche institutional placement. However the second tranche of around $46.3 million is still subject to shareholder approval.
Immutep says the money raised from both the SPP and placement will go towards ongoing immune-oncology clinical development programs, its pre-clinical program in autoimmune disease and general working capital.
The company has been working on immunotherapeutic products for the treatment of cancer and autoimmune disease, particularly its lead product candidate, eftilagimod alpha, a soluble LAG-3 protein.
The company said it expected the 13,799,149 new shares under the SPP to be issued on July 23, 2021, and would commence trading on the ASX on July 26.
Immutep was up 1.5 per cent, trading at 50.8 cents at 12:45 pm AEST.
