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Immutep raises A$6.9M via placement, starts A$10M share purchase plan

Immutep Ltd., formerly called Prima Biomed Ltd., raised about A$6.9 million through an institutional placement of new shares.

Under the placement, the Australian biotechnology company sold 326,192,381 shares priced at 2.1 Australian cents each, which will be issued on or around March 14.

Following the placement, the company is offering up to A$10 million of its shares through a non-underwritten share purchase plan.

Under the plan, every Immutep shareholder with a registered address in Australia or New Zealand as of March 9 can subscribe for up to $15,000 of shares, also priced at 2.1 cents each.

Immutep will use proceeds from both transactions to support its immuno-oncology clinical development programs and its autoimmune disease preclinical program. Proceeds will also go toward general working capital purposes.

Investors who joined the placement include Platinum Investment Management Ltd., Australian Ethical Investment Ltd., former Immutep Chairman Lucy Turnbull and U.S. healthcare institutional investors, including Ridgeback Capital Investments.