Benzinga | Jun 21, 2021 07:28AM EDT

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

* Immutep (NASDAQ: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.