Immutep (ASX:IMM), a biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases, has raised $7.2 million from US-based investors.
The company has also announced a concurrent private placement based on warrants with an exercise price of US$2.50.
The registered direct offering is being led by Altium Capital, a US-based healthcare investment fund founded by CEO Jacob Gottlieb, with participation from another investor.
The company said the proceeds from the financing are expected to extend its cash runway into mid-2020.
It said it intends to use the net proceeds to continue its LAG-3 related programs, especially the ongoing clinical development of eftilagimod alpha ('efti' or 'IMP321'), including the AIPAC, TACTI-mel, TACTI-002, and INSIGHT clinical studies, as well as the preclinical development of IMP761, and general corporate purposes.
“We are pleased to have Altium Capital lead this financing. Altium joins a growing number of specialist healthcare funds we have welcomed as investors in Immutep over the past year, as they recognize Immutep is leading the excitement around LAG-3," said Immutep CEO Marc Voigt.
"This financing, raised in a difficult market environment, has extended Immutep’s cash runway beyond the estimated AIPAC data readout in H2 2019, as well as potential meaningful data points from our ongoing and planned TACTI clinical studies.” said Jacob Gottlieb, CEO of Altium Capital.
“The potential therapeutic relevance of LAG-3 is becoming increasingly appreciated within both the biopharma industry and the investment community. Immutep has already established itself as a clear leader in the understanding of the LAG-3 immune control mechanism, having built partnerships with five of the world’s largest pharmaceutical companies and operating under the research direction of Dr Frederic Triebel.”
“We are pleased to have the opportunity to support Immutep’s innovative clinical and preclinical product candidates. We have a particular interest in the potential of IMP761, its preclinical agonist antibody for autoimmune diseases. This investment is consistent with our fundamental long-term investment strategy,” added Mr Gottlieb.