Immutep Limited (ASX: IMM) has launched an equity raising through a fully underwritten pro rata accelerated non- renounceable entitlement offer (Entitlement Offer) and a placement to institutional investors (Placement).

Key highlights

• The company is seeking to raise approximately A$80 million to expand and advance its clinical portfolio and strengthen its balance sheet.
• The Offer will comprise a fully underwritten institutional placement to raise approximately A$50 million and an accelerated non-renounceable pro rata entitlement offer to eligible Immutep shareholders to raise approximately A$30 million.
• Bell Potter Securities Limited, Jefferies (Australia) Pty Ltd and Wilsons Corporate Finance Limited are acting as joint lead managers and underwriters to the Offer.
• Following completion of the Offer Immutep is expected to be fully funded for its current and expanded clinical program through to Q1 2026 with a pro-forma cash balance of $135.2m.
• Funds raised under the Offer will be applied towards the company’s registrational Phase III TACTI- 004 trial to interim results, final read-out from the Phase IIb TACTI-003 study, AIPAC-003 Phase II read-outs and potentially a first-in-human trial for IMP761.3
• The company is attracting significant industry interest across the globe, with multiple late-stage clinical trials advancing rapidly and key milestones approaching.

The funds raised under the Offer (after deduction of the costs associated with the Offer) are expected to be used as follows:

• $54.8m (68.50%) – clinical trials;
• $5.9m (7.37%) – manufacturing;
• $2.0m (2.50%)– intellectual property;
• $6.3m (7.88%) – research and development salary;
• $7.0m (8.75%) – other research and development; and
• $4.0m (5.00%) – Offer costs.

“Over the last year, Immutep has continued to report excellent results from its clinical trials of eftilagimod alpha across multiple different cancers, in a variety of settings and in many different therapeutic combinations,” Chairman, Dr Russell Howard, said.

“Our results have been met with a high level of industry and scientific attention, giving us the confidence to drive an accelerated development strategy for efti in three late-stage clinical trials to advance it towards marketing approval in the US, either on our own or with a partner.

“This funding will support our new registrational Phase III TACTI-004 trial in first line non-small cell lung cancer to critical interim results8, our ongoing Phase IIb TACTI-003 study in head and neck small cell carcinoma to its final data read out and our 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 signal detection studies in different settings, and to potentially conduct a first-in- human Phase I trial9 for IMP761, the world’s first and only LAG-3 agonist, for autoimmune disease. As the pace of activity accelerates, the team is very excited about Immutep’s future and we look forward to the path ahead.”