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Immutep Ltd raises $6.8 million to fund immuno-oncology clinical development program

The placement price of 2.1 cents represents a 9% discount to its recent trading range.
Picture of cash
The $3.5 billion Platinum Asset Management Limited and Australian took part in the placement

Immutep Ltd (ASX:IMM) has raised about $6.8 million through the placement of more than 326 million new fully paid ordinary shares at an issue price of 2.1 cents.

This represents a 9% discount to the volume weighted average share price in the 15 days leading up to and including the date of the placement.

Shareholders on the register as at 9 March 9, 2018, will also be entitled to acquire up to $15,000 worth of new shares at the placement price.

Well supported by leading institutions

Two ASX-listed institutional groups, Platinum Asset Management Limited (ASX:PTM) and Australian Ethical Investment Limited (ASX:AEF) took part in the placement.

Former Immutep chairman Lucy Turnbull and US healthcare institutional investors, including Ridgeback Capital Investments, also supported the raising.

Funds applied to immuno-oncology development programs

Funds will be used to support Immutep’s ongoing and planned immuno-oncology clinical development programs and its pre-clinical program in autoimmune disease.

Immutep’s current lead product is eftilagimod alpha, which plays a vital role in the regulation of the T cell immune response.

Eftilagimod alpha, alone or in combination with other therapeutics, has completed early Phase II trials, boosting T cell responses for cancer chemo-immunotherapy. 

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