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Immutep Raises A$10 Million Via Private Placement and Underwritten Entitlement Offer

NEW YORK, July 09, 2019 (GLOBE NEWSWIRE) -- Immutep Limited (ASX: IMM; NASDAQ: IMMP) ("Immutep” or “Company”), an Australian biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases, has announced an equity financing to raise gross proceeds of approximately A$10 million (US$7 million) comprising the following:

(a) a private placement of 190.5 million new fully paid ordinary shares in the Company ("Shares") to multiple new and existing Australian and other institutional and professional investors at an issue price of A$0.021 per Share ("Offer Price") (representing a 16.7% discount to the volume weighted average price of the Company's ordinary shares as traded on the Australian Securities Exchange over the 5 days up to and including July 4, 2019) ("Private Placement"), raising a total of A$4 million before transaction-related expenses; and
   
(b) a 1 for 11.8 fully underwritten pro rata non-renounceable entitlement offer of new Shares at the Offer Price to raise approximately A$6 million (“Entitlement Offer”). Only persons holding ordinary shares of the Company and having a registered address in Australia or New Zealand are entitled to participate in the Entitlement Offer. U.S. persons who own, directly or indirectly, ordinary shares or American Depositary Shares of the Company may not participate in the Entitlement Offer.

These capital raising transactions are subject to customary closing conditions in Australia. Settlement of the Shares in the Private Placement is expected to occur on July 16, 2019 (Australian time) and in the Entitlement Offer in early August 2019.

The Company will use the proceeds received from the Private Placement and the Entitlement Offer to finance its LAG-3 related clinical program in immuno-oncology and autoimmune disease. This includes the ongoing clinical development of eftilagimod alpha (“efti” or “IMP321”), via its TACTI-mel, TACTI-002, and INSIGHT clinical studies, development of IMP761 and for general corporate purposes.

Subject to sufficient and clinically meaningful data from the Company’s most advanced and potentially pivotal clinical trial, AIPAC (expected in the first quarter of calendar year 2020) the funds raised may also be applied to pursue the appropriate regulatory pathways for efti and to explore ways to bridge Immutep’s research efforts in metastatic breast cancer to the United States.

About Immutep

Further information can be found on the Company’s website www.immutep.com or by contacting:
U.S. Investors:
Jay Campbell, Chief Business Officer, Immutep Limited
+1 (917) 860-9404; jay.campbell@immutep.com

U.S. Media:
Garth Russell, LifeSci Advisors
+1 (646) 876-3613; garth@lifesciadvisors.com

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The Shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. Persons (as defined in Rule 902(k) under the U.S. Securities Act) except in transactions registered under the U.S. Securities Act or pursuant to an exemption from, or in transactions not subject to, the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws

This announcement may include forward-looking statements. These forward-looking statements are based on Immutep’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Immutep, which could cause actual results to differ materially from such statements. Immutep makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of this release.