Immutep secures milestone payment from GSK

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GSK has paid Australian immunotherapy company Immutep (ASX:IMM) a $7.4 million milestone payment after the first patient was dosed in the phase 2 study of GSK2831781 in ulcerative colitis.

GSK2831781 is a product of Immutep’s IMP731 antibody - a depleting anti-LAG antibody technology that was exclusively licensed to GSK in 2010.

IMP731 and GSK2831781 are designed to specifically deplete potentially pathogenic, recently activated LAG-3 expressing T cells that are enriched at the disease site in T cell-driven immuno-inflammatory disorders.

Under the terms of the agreement, Immutep is eligible to receive up to almost $120 million in developmental milestone payments as well as single-digit tiered royalties, if GSK2831781 is commercialised.

GSK is responsible for all costs associated with its clinical development and commercialisation.

“It is very encouraging to see GSK advancing their product candidate in a phase II clinical trial for ulcerative colitis, further validating LAG-3 as a potential target for therapeutics in autoimmune diseases," said Immutep CEO Marc Voigt.

"These partner milestone payments are an important source of nondilutive funding to the Company and this capital will be deployed to further advance our extensive development programs.”