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Immutep - A$100 million fully underwritten equity raising

Immutep Limited ACN 009 237 889 (ASX: IMM) (Immutep or Company) is pleased to announce that it has launched a fully underwritten approximately $100 million equity raising (Offer) through a pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) and a placement to institutional investors (Placement).

Key highlights
-- Financing to raise approximately A$100 million to advance its late-stage pivotal Phase III TACTI-004 trial in first-line non-small cell lung cancer (1L NSCLC) and to fund manufacturing, working capital and Offer costs.
-- The Offer will comprise a fully underwritten institutional Placement to raise ~A$72.0 million and pro rata accelerated non-renounceable Entitlement Offer to eligible Immutep shareholders to raise ~A$28.2 million.
-- As announced concurrently with this equity raising, Immutep has entered a Clinical Trial Collaboration and Supply Agreement with MSD (Merck & Co., Rahway, NJ, USA) (MSD Agreement), through a subsidiary, for the pivotal Phase III TACTI-004 trial in 1L NSCLC. Immutep will retain commercial freedom for the global rights to efti (ex-China).1
-- Under the terms of the MSD Agreement, MSD will provide the Company with supply of KEYTRUDA® at MSD's cost. Immutep estimates the typical value of Immune Checkpoint Inhibitor (ICI) drug supply for a Phase III trial of this size to be approximately US$100m (A$150m).2 In addition to drug supply, MSD will also share clinical, scientific and regulatory resources with the Company.
-- The TACTI-004 Phase III trial will enrol approximately 750 patients and is a randomised, double-blinded, multinational study with the first patient expected to be enrolled in late 2024.
-- The trial will assess efti plus MSD’s pembrolizumab (KEYTRUDA®) and standard chemotherapy compared with the current standard of care protocol of KEYTRUDA® and standard chemotherapy.
-- Following the completion of the Offer, Immutep is expected to be fully funded for its current clinical program and until the end of CY2026 with a pro-forma cash balance of ~$195m.3
-- Bell Potter Securities Limited is acting as the Company’s corporate advisor and the Offer is being underwritten by Bell Potter Securities Limited and joint lead managed by Bell Potter Securities Limited, Canaccord Genuity (Australia) Limited and Wilsons Corporate Finance Limited.

For more information, download the attached PDF.

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