- Biotech company Immutep (IMM) has tapped institutional investors for a neat $29.6 million to fund its cancer and autoimmune diseases treatment trials
- The company raised the funds by placing roughly 123 million new shares to institutions at 24 cents a pop
- This represents a discount of around 11 percent to Immutep’s 30-day volume-weighted average price
- The company also said the new funds will help it expand and important clinical trial in patients with first-line non-small cell lung cancer (NSCLC)
- It will also launch a new phase two clinical trial in first-line head and neck squamous cell carcinoma (HNSCC)
- Shares in Immutep are retreating towards the placement price this afternoon, currently down just under 7 percent and worth 28 cents each
