Immutep (ASX:IMM) has announced that its share purchase plan (SPP) has closed with the company receiving total funds of A$7,175,720 that exceeds the amount originally sought.
The company said its board has exercised its discretion to increase the size of the SPP to accept the full amount of applications received from eligible shareholders. "Accordingly, there will be no scale back of ordinary shares applied for under the SPP, meaning applicants who submitted a valid application will receive the full number of Shares for which they applied," said the company.
Immutep said the funds raised is in addition to the $60 million two-tranche institutional placement.
"The funds raised from the SPP and Placement will be used to support Immutep’s ongoing and planned immuno-oncology clinical development programs, its pre-clinical program in autoimmune disease and for general working capital purposes," it said.
Immutep is a biotechnology company developing novel immunotherapy treatments for cancer and autoimmune disease. Its lead immunotherapy candidate is eftilagimod alpha (efti or IMP321).