Immutep announces $5.2M financing led by Altium Capital
Immutep Limited announces it has entered into a securities purchase agreement with certain accredited investors to purchase 260,000,000 ordinary shares represented by 2,600,000 American Depositary Shares a a purchase price per ADS of $2.00 in a registered direct offering, for total gross proceeds of approximately $5.2M. In a concurrent private placement, the company has agreed to issue warrants to purchase up to 208,000,000 ordinary shares represented by 2,080,000 ADSs. The warrants will have an exercise price of US$2.50 per ADS and will be exercisable immediately following the close of this private placement and will expire three years from the date of effectiveness of the registration statement registering for resale the ordinary shares underlying the warrants. The registered direct offering is being led by Altium Capital, a U.S.-based healthcare investment fund founded by CEO, Jacob Gottlieb, with participation from another investor. The proceeds from the financing are expected to extend Immutep's cash runway into mid-2020. Immutep intends to use the net proceeds from this offering to continue its LAG-3 related programs, especially the ongoing clinical development of eftilagimod alpha, including the AIPAC, TACTI-mel, TACTI-002, and INSIGHT clinical studies, as well as the preclinical development of IMP761, and general corporate purposes.