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Immutep starts registered direct offering to raise $5.2M


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Immutep starts registered direct offering to raise $5.2M

Immutep Ltd. started a registered direct offering to sell 2.6 million American depositary shares to raise $5.2 million in gross proceeds.

Each American depositary share in the offering is priced at $2 and represents 100 common shares of the company.

Sydney-based Immutep, a developer of medicines for cancer and autoimmune diseases, will also issue warrants to purchase 2,080,000 ADSs. Each warrant can be exercised within three years for $2.5 each.

Immutep, which said the proceeds will help extend its cash runway into mid-2020, plans to use the net proceeds from the offering for the development of its clinical pipeline and general and corporate purposes.

The offering is expected to close by Dec. 20, subject to closing conditions.

Altium Capital is leading the registered direct offering.