Immutep Secures A$29.6 Million in Institutional Funding to Advance LAG-3 Immunotherapy Pipeline

Immutep Limited, the Australian biotechnology firm trading on both NASDAQ (IMMP) and ASX (IMM), announced the successful completion of a A$29.6 million capital raise through a private placement targeting institutional and professional investors. The funding round saw the issuance of 123.2 million ordinary shares priced at A$0.24 per share, representing an 11.2% discount to the 30-day volume-weighted average price on the ASX as of November 17, 2020.

Accelerating LAG-3 Clinical Development

The capital injection will primarily fuel Immutep’s expansion of its LAG-3-focused immunotherapeutic pipeline, with particular emphasis on oncology and autoimmune disease applications. The company will channel resources toward advancing eftilagimod alpha (commonly referred to as “efti” or IMP321), its flagship LAG-3 fusion protein candidate currently in Phase II trials. A significant portion of the funds will support the TACTI-002 study expansion, adding 74 additional patients with first-line non-small cell lung cancer (NSCLC) to the existing trial cohort. Concurrently, Immutep will initiate a new Phase II clinical trial in first-line head and neck squamous cell carcinoma (HNSCC), broadening its oncology focus.

Beyond eftilagimod alpha, the placement proceeds will enable continued cell-line engineering and manufacturing development for IMP761, Immutep’s LAG-3 agonist candidate targeting autoimmune disease indications. Research and development activities, as well as general working capital requirements and transaction-related costs, will also be supported by this capital raise.

Settlement and Share Details

The placement is scheduled to settle on November 24, 2020, with the newly issued shares expected to enter circulation on November 25, 2020. The new shares carry equal rights and privileges as Immutep’s existing fully paid ordinary shares, maintaining pari passu status from their issuance date.

About Immutep’s Technology Platform

Immutep operates at the forefront of LAG-3 immunotherapy development, positioning itself as a leader in harnessing this emerging target for both cancer and autoimmune disease. The company’s approach centers on the LAG-3 pathway—a validated checkpoint modulator with significant therapeutic potential. Eftilagimod alpha represents the company’s pioneering effort as a first-in-class antigen-presenting cell (APC) activator, opening new possibilities in cancer immunotherapy and infectious disease treatment. The IMP761 agonist program reflects Immutep’s commitment to exploring LAG-3’s therapeutic versatility across disease categories, while partnerships with major pharmaceutical entities are advancing additional LAG-3-based antibody candidates for immune modulation.

This capital raise underscores institutional confidence in Immutep’s clinical strategy and the potential of its LAG-3-targeted immunotherapy portfolio to address significant unmet medical needs in cancer and autoimmune conditions.