Immutep (ASX:IMM) share price backtracks despite patent approval

The announcement of a new European patent was not sufficient to keep the biotech in the green today.

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The Immutep Ltd (ASX: IMM) share price slipped today, despite the biotechnology company announcing it has secured another European patent.

At market close, the Immutep share price finished the day 0.71%lower at 69.5 cents.

Immutep further patent protection

Investors appear unfazed by the company’s latest update, sending the Immutep share price lower on Wednesday.

According to its release, Immutep has been granted its second European patent for eftilagimod alpha (efti or IMP321).

Efti is Immutep’s lead immunotherapy candidate, and plays a vital role in the treatment of cancer and autoimmune diseases.

Now approved by the European Patent Office, securing this latest patent further builds on the company’s intellectual property portfolio.

Immutep received approval of the European parent patent back in November 2018. Corresponding patents for the United States followed in December 2020 and March 2021.

Immutep CEO Marc Voigt commented on the positive outcome, saying:

Again, this new divisional patent in Europe is very important as it specifically covers the combination of active ingredients being evaluated in many of our clinical trials, including those being reported at the upcoming ASCO 2021 Annual Meeting.

It also highlights the critical investments we are making to protect efti which underpin further clinical development and commercialisation of this asset. Building a robust patent estate is a priority for our business and a key part of the process of bringing innovative medicines to the market to ultimately improve patient outcomes.

The patent announced today will be active until 8 January 2036.

About the Immutep share price

It has been a strong 12 months for Immutep investors, with the company’s share price jumping by more than 280%. Year-to-date performance has also been pleasing, with shareholders recording gains of around 67%.

Based on today’s share price, Immutep has a market capitalisation of roughly $484 million, ranking 438 on the ASX. The company currently has a touch over 648 million shares on its registry.

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