Immutep Completes a A$60 Million Placement to Expand its Clinical Development and Manufacturing Program into Late-Stage Settings

Rhea-AI Summary

Immutep announced a successful A$60 million private placement of new ordinary shares to professional and institutional investors. The first tranche will be completed without shareholder approval, while the second tranche awaits approval. Funds will support the expansion of clinical programs and manufacturing processes for eftilagimod alpha. New Shares will be issued at A$0.52 each, reflecting a 12.9% discount. Settlement dates are set for late June and July 2021. Additionally, a share purchase plan targeting A$5 million will be offered to eligible shareholders.

Positive

• Successful commitment of A$60 million for clinical and manufacturing expansion.
• First tranche of the placement proceeds without needing shareholder approval.
• New Shares issued will rank equally with existing ones, retaining shareholder value.

Negative

• Second tranche of placement is subject to shareholder approval, creating uncertainty.
• Offer price represents a 12.9% discount, potentially diluting existing shareholder value.

Sydney, AUSTRALIA, June 21, 2021 (GLOBE NEWSWIRE) --  Immutep Limited (ASX: IMM; NASDAQ: IMMP) (Immutep or Company), is pleased to announce that it has received commitments for a A$60 million two-tranche private placement of new ordinary shares (New Shares) to professional, institutional and sophisticated investors (Placement).

The first tranche of the Placement will be completed without shareholder approval. The second tranche of the Placement is subject to shareholders approval.

Use of Funds
The Company will use the proceeds received from the Placement to fund the expansion of its clinical programs and to commence the process characterisation and process validation for efti commercial manufacturing (2,000 litre scale). The proceeds received from the Placement will also be used for the offering costs and working capital purposes.

Placement
The Placement will involve the issue of New Shares at an issue price of A$0.52 per New Share (representing a 12.9% discount to the volume weighted average price (VWAP) of the Company's ordinary shares as traded on ASX over the 30 days up to and including June 16, 2021). The New Shares issued under the Placement will rank equally with existing Immutep ordinary shares on issue with effect from their date of issue.

Settlement of the first tranche of the Placement is expected to occur on June 25, 2021, with the issuance of New Shares expected to occur on June 28, 2021.

Assuming Shareholder Approval is obtained for the completion of the second tranche of the Placement, settlement is expected to occur on July 29, 2021, with the issuance of New Shares expected to occur on July 30, 2021.

Share Purchase Plan
Following completion of the issue of the first tranche of the Placement, Immutep will conduct an offer of New Shares under a non-underwritten share purchase plan (SPP) to existing shareholders in the Company with a registered address in Australia and New Zealand as at 7.00pm (Sydney, Australia time) on June 18, 2021.

The SPP will provide each Eligible Shareholder with the opportunity to apply for up to A$30,000 of New Shares at the price payable per New Share in the Placement. The SPP is targeting to raise approximately A$5 million. The SPP is expected to close at 5.00pm (Sydney, Australia time) on July 22, 2021.

About Immutep
Immutep is a globally active biotechnology company that is a leader in the development of LAG-3 related immunotherapeutic products for the treatment of cancer and autoimmune disease. Immutep is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.

Immutep’s current lead product candidate is eftilagimod alpha (“efti” or “IMP321”), a soluble LAG-3 protein, which is a first-in-class antigen presenting cell (APC) activator being explored in cancer and infectious disease. Immutep is also developing an agonist of LAG-3 (IMP761) for autoimmune disease. Additional LAG-3 products, including antibodies for immune response modulation, are being developed by Immutep’s large pharmaceutical partners.

Further information can be found on the Company’s website www.immutep.com or by contacting:

U.S. Media:
Tim McCarthy, LifeSci Advisors
+1 (212) 915.2564; tim@lifesciadvisors.com

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The New Shares to be offered and sold in the Placement and the SPP have not been, and will not be, registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act"), or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold to persons in the United States or to U.S. Persons (as defined in Rule 902(k) of Regulation S under the U.S. Securities Act), except in transactions registered under the U.S. Securities Act or in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

This announcement contains certain "forward-looking statements" including statements regarding the Company's intent, belief or current expectations with respect to Immutep's business and operations, market conditions, results of operations, financial condition, and risk management practices. The words "likely", "expect", "aim", "should", "could", "may", "anticipate", "predict", "believe", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements in this announcement include statements regarding the outcome and effects of the Placement and the SPP and statements regarding Immutep's future financial performance and results. Forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. This announcement contains such statements that are subject to risk factors associated with an investment in the Company. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors that could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this announcement.

FAQ

What is the purpose of Immutep's recent private placement?

The placement aims to fund the expansion of Immutep's clinical programs and commence manufacturing processes for eftilagimod alpha.

What are the expected dates for the first and second tranches of the placement?

The first tranche is expected to settle on June 25, 2021, while the second tranche, pending shareholder approval, is expected to settle on July 29, 2021.

What price per share is being offered in the private placement?

The New Shares will be issued at A$0.52 each, reflecting a 12.9% discount to the recent trading price.

How much is Immutep targeting to raise through the share purchase plan?

Immutep is targeting to raise approximately A$5 million through the share purchase plan.

What is eftilagimod alpha and its relevance in Immutep's strategy?

Eftilagimod alpha is Immutep's lead product candidate, a first-in-class antigen presenting cell activator being explored for cancer and infectious disease treatment.