Immutep To Initiate Efti Triple Combination Therapy Trial In Solid Tumors, Launches $60M Placement

Immutep IMMP will begin a Phase 1 trial to evaluate its lead product candidate, eftilagimod alpha (efti or IMP321), in conjunction with chemotherapy and anti-PD-1 therapy.
The trial, named INSIGHT-003, will be carried out at the Institute of Clinical Cancer Research IKF at Krankenhaus Nordwest in Frankfurt, Germany.
Up to 20 patients with various solid tumors will participate in the trial and receive 30-milligram doses of efti every two weeks for 24 weeks with standard chemotherapy and anti-PD-1 therapy.
After the 24 weeks have passed, the patient will enter a maintenance phase and receive either efti alone or in double or triple combination with anti-PD-1 therapy.
The first patient will be enrolled in Q3 of 2021, with the first interim results expected in 2022.
Immutep has also secured commitments for a A$60 million two-tranche institutional placement supported by multiple institutional investors in Australia and offshore.
The issue price of A$0.52 per share represents a 15% discount to its last close price of A$0.61.
Immutep seeks to raise a further $5 million via a share purchase plan at the same price.
Immutep intends to use the proceeds from the placement to fund an expanded clinical program, including a new Phase 3 trial for metastatic breast cancer and a new Phase 2 trial for triple combination therapy with efti, anti-PD-1 therapy, and chemotherapy.
The institutional placement improves Immutep's financial flexibility, providing a A$108 million cash balance and extending its cash runway to the end of CY2023.
Price Action: IMMP shares are down 8.32% at $4.30 in the premarket session on the last check Monday.

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