For the second day in a row, the Immutep Ltd (ASX: IMM) share price will be frozen at market open.
Yesterday, Immutep entered a trading halt until Monday’s open, or until such time as the company releases further news regarding a capital raise, whichever comes first.
When Immutep shares closed on Wednesday – their latest active session – they were swapping hands for 62 cents apiece.
Let’s take a look at what we know so far of the biotechnology company’s capital raise.
New capital raise
According to Immutep, the capital raise will be an institutional placement. However, the company has not yet stated how much it hopes to raise during the activity.
Additionally, Immutep hasn’t yet disclosed why it will be conducting the capital raise.
Market watchers will be keeping an eye on the company today, as further details of its latest placement are likely to be announced before Monday’s open.
The last institutional placement completed by Immutep took place in August 2020. Through that placement, the company raised $29.6 million by issuing 123.3 million new shares at 24 cents per share to institutional investors.
Immutep’s previous capital raise was used to boost its clinical programs budget.
It mostly went towards the ongoing development of the company’s IMP123 – a drug that regulates the immune system. However, a portion of the capital raised went towards Immutep’s immunosuppressive agonist drug IMP761, which is still in preclinical stages.
Immutep share price snapshot
2021 has been a good year on the ASX so far for Immutep shares.
The Immutep share price is currently 48% higher than it was at the start of this year. It has also gained 305% since this time last year.
The company has a market capitalisation of around $444 million, with approximately 648 million shares outstanding.