Immutep completes a A$29.6 million placement to accelerate and broaden its clinical development

On November 19, 2020 Australian biotechnology company Immutep Limited ("Immutep" or the "Company"), which is listed on NASDAQ and the Australian Securities Exchange, reported that it has today successfully completed a A$29.6 million a private placement of ordinary shares to professional and institutional investors (Placement) (Press release, Immutep, NOV 19, 2020, View Source [SID1234571464]).

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Use of Funds

The Company will use the proceeds from the Placement to finance its LAG-3 related clinical programs in immuno-oncology and autoimmune disease. This includes the ongoing clinical development of eftilagimod alpha ("efti" or "IMP321), including the expansion of the Phase II TACTI-002 study through an additional 74 patients with 1st line NSCLC and a new Phase II clinical trial in 1st line HNSCC. Details of these expansion plans were also announced today.

The funds will also be used for the cell-line development of IMP761, R&D, manufacturing, the offering costs and working capital purposes.

Placement

123.2 million new fully paid ordinary shares ("New Shares") will be issued under the Placement at an issue price of A$0.24 per New Share (representing a 11.2% discount to the volume weighted average price ("VWAP") of the Company’s ordinary shares as traded on ASX over the 30 days up to and including Tuesday, November 17, 2020), raising a total of A$29.6 million before transaction-related expenses.

Timetable

Settlement of the Placement is expected to occur on Tuesday, 24 November 2020 with the issue of New Shares expected to occur on Wednesday 25 November 2020. The New Shares issued under the Placement will rank pari passu with the Company’s existing fully paid ordinary