Immutep Successfully Completes Institutional Placement and Institutional Component of its Entitlement Offer
June 02 2023 - 8:00AM
Immutep Limited, an Australian company (ASX: IMM) (Nasdaq: IMMP)
(
Immutep or the
Company), is
pleased to announce the successful completion of an institutional
placement (
Placement) and the institutional
component (
Institutional Entitlement Offer) of its
1 for 7.6 pro rata accelerated non-renounceable entitlement offer
(
Entitlement Offer and, together with the
Placement, the
Offer) of new fully paid ordinary
shares in Immutep (
New Shares).
Immutep is conducting a fully underwritten Offer
of approximately A$80 million comprising the Placement and the
Entitlement Offer.
The Placement and Institutional Entitlement
Offer (together, the Institutional
Offer) closed on Wednesday, 31 May 2023.
The Institutional Offer raised gross proceeds of
approximately A$67.9 million at an offer price of A$0.26 per New
Share, consisting of approximately A$50 million under the Placement
and approximately A$17.9 million under the Institutional
Entitlement Offer.
Following completion of the Offer Immutep will
be fully funded for its current and expanded clinical program
through to Q1 2026 with a pro-forma cash balance of A$135.2
million.
Dr Russell Howard, Chairman of Immutep,
said:
“This funding received from the Offer will
support our new registrational Phase III TACTI-004 trial in 1st
line non-small cell lung cancer to critical interim results1, our
ongoing Phase IIb TACTI-003 study in head and neck small cell
carcinoma to its final data read out and our Phase II / III
AIPAC-003 trial in metastatic and triple negative breast cancer to
its Phase II read-outs. It will also enable us to continue our
expansion strategy for efti with funding for additional efficacy
signal studies in different settings, and to potentially conduct a
first-in-human Phase I trial2 for IMP761, the world’s first and
only LAG-3 agonist, for autoimmune disease.”
New Shares subscribed for under the
Institutional Offer are expected to be settled on Wednesday, 7 June
2023 in Australia and to be issued on Thursday, 8 June 2023. New
Shares issued under the Institutional Offer will rank equally with
existing fully paid ordinary shares in Immutep as at their date of
issue.
The retail component of the Entitlement Offer is
expected to open on 6 June 2023. Existing retail shareholders with
registered addresses in Australia or New Zealand may participate in
that retail component of the Entitlement Offer on the same terms as
the Institutional Entitlement Offer. Persons in the United States
may not participate in the retail component of the Entitlement
Offer.
About Immutep
Immutep is a clinical stage biotechnology
company developing novel LAG-3 immunotherapy for cancer and
autoimmune disease. We are pioneers in the understanding and
advancement of therapeutics related to Lymphocyte Activation Gene-3
(LAG-3), and our diversified product portfolio harnesses its unique
ability to stimulate or suppress the immune response. Immutep is
dedicated to leveraging its expertise to bring innovative treatment
options to patients in need and to maximise value for shareholders.
For more information, please visit www.immutep.com.
U.S. Media:Chris Basta, VP,
Investor Relations and Corporate Communications+1 (631) 318 4000;
chris.basta@immutep.com
Not an offer of securities in the United
States
This announcement does not constitute an offer
to sell, or a solicitation of an offer to buy, securities in the
United States. The New Shares have not been, and will not be,
registered under the US Securities Act of 1933 (the US
Securities Act) or the securities laws of
any state or other jurisdiction of the United States, The New
Shares may not be offered or sold in the United States except in a
transaction registered under the US Securities Act or pursuant to
an exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and applicable
US state securities laws. No person in the United States is not
eligible to participate in the Retail Entitlement Offer.
This announcement contains certain "forward-looking statements"
including but not limited to projections, that are based on
management's beliefs, assumptions and expectations and on
information currently available to management. Forward-looking
statements can generally be identified by the use of
forward-looking words such as, “expect”, “anticipate”, “likely”,
“intend”, “should”, “could”, “may”, “predict”, “plan”, “propose”,
“will”, “believe”, “forecast”, “estimate”, “target” “outlook”,
“guidance” and other similar expressions within the meaning of
securities laws of applicable jurisdictions.
You are strongly cautioned not to place undue reliance on
forward-looking statements, particularly in light of the current
economic climate and the significant volatility, uncertainty and
disruption to equity and capital markets. Any such statements,
opinions and estimates in this announcement speak only as of the
date hereof and are based on assumptions and contingencies subject
to change without notice, as are statements about market and
industry trends, projections, guidance and estimates.
Forward-looking statements are provided as a general guide only.
The forward-looking statements contained in this announcement are
not indications, guarantees or predictions of future performance
and involve known and unknown risks and uncertainties and other
factors, many of which are beyond the control of Immutep and its
subsidiaries, and may involve significant elements of subjective
judgement and assumptions as to future events which may or may not
be correct.
1 Critical TACTI-004 interim results will be used in futility
analysis to determine whether or not the trial is likely to meet
its objective.2 Depending on, among other things, outcome of
toxicology studies and costings.
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