Immutep Raises A$29.6 Million in Strategic Placement to Fuel LAG-3 Immunotherapy Pipeline

Broadening Clinical Reach in Oncology and Autoimmune Therapeutics

Australian biotechnology firm Immutep (trading as IMMP on NASDAQ and IMM on the ASX) has successfully concluded a capital raise of A$29.6 million through a private placement aimed at institutional and professional investors. The funding round underscores investor confidence in the company’s immunotherapy portfolio, particularly its LAG-3 platform targeting cancer and autoimmune conditions.

Capital Deployment and Pipeline Acceleration

The capital infusion will primarily fuel the expansion of clinical programs centered on LAG-3 immunotherapeutics. Immutep intends to allocate resources toward advancing eftilagimod alpha (IMP321), a first-in-class LAG-3 fusion protein designed to activate antigen presenting cells. The company plans to broaden its Phase II TACTI-002 trial by enrolling an additional 74 patients with treatment-naïve non-small cell lung cancer, while simultaneously initiating a new Phase II study in first-line head and neck squamous cell carcinoma patients.

Beyond clinical advancement, proceeds will support the development of IMP761, a LAG-3 agonist candidate for autoimmune disease, alongside manufacturing scale-up and operational expenses.

Placement Terms and Timeline

The offering issued 123.2 million fully paid ordinary shares at A$0.24 per share—representing an 11.2% concession to the 30-day volume-weighted average price on the ASX as of November 17, 2020. Settlement was scheduled for November 24, 2020, with share issuance anticipated for November 25, 2020. The newly issued shares carry equivalent rights to existing ordinary share capital.

About the Company

Immutep stands as a globally operating biotechnology enterprise with a focus on LAG-3-based immunotherapy development. The company’s flagship asset, eftilagimod alpha (IMP321), represents a soluble LAG-3 immunoglobulin fusion construct—a pioneering antigen presenting cell activator under investigation across oncology and infectious disease indications. Complementing this, IMP761 targets LAG-3 agonism for autoimmune applications, while major pharmaceutical collaborators are exploring additional LAG-3 modalities including monoclonal antibodies for immune response modulation.