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.