Shareholders in Prima BioMed (ASX:PRR) have approved adoption of the company's new name at its annual general meeting.
The rebranding, with the company adopting the name Immutep, follows its acquisition of Immutep S.A.S.
It acquired 100 per cent of the France based subsidiary in December 2014 and subsequently sold under license its former cancer vaccine CVac to Sydys Corporation. Its sole focus is now on developing its portfolio of LAG-3 based immunotherapy assets.
According to chair Lucy Turnbull AO, “Prima has completely transformed from a single product cancer vaccine company to a multi-product leader in immunotherapy. Our LAG-3 immune control mechanism is rapidly gaining industry recognition, as evidenced by the number of drug candidates and combination studies underway. We believe under the Immutep name we can better leverage the growing reputation of LAG-3 for the benefit of all our stakeholders.”
The company said the Immutep name has a strong association with LAG-3 and its founder, Prima’s chief scientific officer and chief medical officer, Dr Frederic Triebel. It added many of the company’s clinical partner associations are with Immutep and several patents remain registered under that name.
CEO Marc Voigt added: “As the global leader in LAG-3, the name Immutep better represents our corporate identity and activities. As it is already embedded in our day to day operations, costs associated with the rebrand will be minimal so it makes both strategic and economic sense. Immutep is already associated with LAG-3 and we see this as an important step in building awareness of our market position and exciting asset portfolio.”
Subject to relevant regulatory approvals, the company’s new ASX Code will be ‘IMM’ and its new Nasdaq code will be ‘IMMP’.