- Biotech company Immutep (IMM) has tapped institutional investors for a neat $29.6 million to fund its cancer and autoimmune diseases treatment trials
- The company raised the funds by placing roughly 123 million new shares to institutions at 24 cents a pop
- This represents a discount of around 11 per cent to Immutep’s 30-day volume-weighted average price
- The company said the new funds will help it expand and important clinical trial in patients with first-line non-small cell lung cancer (NSCLC)
- It will also launch a new phase two clinical trial in first-line head and neck squamous cell carcinoma (HNSCC)
- Immutep is testing its Efti product against a range of cancers and autoimmune diseases, with product candidates currently in 10 active clinical trials
- Shares in Immutep are retreating towards the placement price this afternoon, currently down just under 7 per cent and worth 28 cents each
Immutep (IMM) has tapped institutional investors for a neat $29.6 million to fund its cancer and autoimmune diseases treatment trials.
The capital raise was announced on Tuesday, though at the time it wasn’t confirmed what Immutep would be using the funds for.
Today, the company said the fresh cash injection will help drive its ongoing immuno-oncology and autoimmune programs. Specifically, Immutep can now expand its TACTI-002 trial after releasing encouraging results from a study in patients with lung, head, and neck cancers earlier this month.
The company will now add 74 patients with first-line non-small cell lung cancer (NSCLC) to its phase two trial and launch a new phase two clinical trial in first-line head and neck squamous cell carcinoma (HNSCC).
Immutep is testing its flagship Efti product on a range of cancers and autoimmune disease, with product candidates currently in 10 active clinical trials.
Essentially, Efti uses a protein found in the human body known as Lymphocyte Activation Gene-3, or LAG-3, to treat the diseases.
Immutep raised the $29.6 million by placing roughly 123 million new shares to institutions at 24 cents a pop — an 11.2 per cent discount to Immutep’s 30-day volume-weighted average price up to when the capital raise was announced.
The company said some big names led participation in the raise, including Australian Ethical, Perennial Value Management, and U.S.-based Ridgeback Capital, among others.
Immutep CEO Marc Voigt said the support received for the placement from these high-quality investors shows strong interest and confidence in the company’s clinical programs.
“This financing provides funding certainty and significant growth opportunities for Immutep and I would like to thank existing shareholders for their continued support and welcome our new investors to the register,” Marc said.
“We continue to be encouraged by the data from the TACTI-002 phase two trial,” he said, referring to previous results in both first-line NSCLC patients and second-line HNSCC patients.
“We now plan to expand the trial in NSCLC and start a new study in HNSCC. With a number of further data releases set to occur in the remainder of 2020 and throughout 2021, we are confident in the benefits that efti can bring to patients,” he said.
Shares in Immutep have retreated towards the placement price today, currently down by 6.78 per cent and worth 28 cents each at 2:32 pm AEDT.