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Immutep: Invests nearly $30M for ongoing clinical trials

November 20, 2020

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