Australia's Immutep slumps on completing discounted equity raising

Immutep

02/06/2023 02:33

** Shares of Immutep Ltd  IMM.AX  slump as much as 11.7% to
A$0.265, their lowest since May 17
    ** Clinical-stage biotechnology company says it has
completed an institutional placement and a component of
entitlement offer of new ordinary shares in the company
    ** Co says it has totally raised about A$67.9 mln ($44.7
mln); the issue price of A$0.260 represents a discount of 13.5%
to co's last closing of A$0.295 on May 30 
        ** With this, Immutep says it will be fully funded for
its current and expanded clinical program through to the first
quarter of 2026
  
    ** Immutep was placed under a trading halt on May 31,
pending announcement on an underwritten equity raising 
    ** Stock posts its biggest intraday pct fall since May 26
    ** More than 2.7 mln shares change hands, vs the 30-day
average volume of 2.3 mln shares
    ** Stock up 9.1% this year, as of last close

($1 = 1.4743 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))