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Immutep has launched a capital raise aiming to boost its war chest by $100 million to progress late-stage drug trials for lung cancer sufferers.
The biotechnical company said apart from funding for its Phase 3 TATACTI004 trial encompassing first-line non-small cell lung cancer (1L NSCLC), funds would also be deployed to manufacturing, working capital and offer costs.
The offer comprises an institutional placement targeting $72 million and a pro rata, accelerated non-renounceable entitlement offer to shareholders aiming to raise an additional $28.2 million.
In a simultaneous announcement, Immutep said it has entered a clinical trial collaboration and supply agreement with a subsidiary of Merck & Co., Rahway, NJ, USA (MSD) for the pivotal Phase III TACTI-004 trial in 1L NSCLC.
Immutep said it will retain the global rights for the drug in China.
MSD will provide Immutep with supplies of KEYTRUDA at MSD’s cost. Immutep estimates the typical value of Immune Checkpoint Inhibitor (ICI) drug supply for a Phase III trial of this magnitude to be approximately $150 million.
MSD will also share clinical, scientific and regulatory resources with Immutep.
The TACTI-004 Phase III trial will involve approximately 750 patients and is a multinational study with the first patient expected to be enrolled in late 2024.
The trial will assess efti plus KEYTRUDA and standard chemotherapy compared with the current standard of care protocol of KEYTRUDA and standard chemotherapy.
Immutep said that subjected to the successful completion of the offer, Immutep would be fully funded for its current clinical program and until the end of 2026 with a cash balance of $195m.
Immutep went into a trading halt priced at 45 cents.
