The Immutep Ltd (ASX: IMM) share price is rising today after news of a deal with a European company.
Shares in Immutep were swapping hands at 47.5 cents in early morning trade, up 1.06%.
Let's take a look at what may be influencing the Immutep share price today?
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What did Immutep announce?
Immutep is a biotech company developing a treatment for autoimmune diseases and cancer.
Today, the company advised it has signed an agreement with Northway Biotech to manufacture an antibody suppressor known as IMP761.
IMP761, currently at the preclinical stage, works to silence memory T cells that gather at disease sites.
The company has tested the product against autoimmune diseases including arthritis to prove the concept.
As part of the agreement with Northway Biotech, the European manufacturer will produce IMP761 in large scale bioreactors.
Once this upscale is complete, the product will be used for Immutep's clinical trial of IMP761.
Immutep said the production would take place at Northway's facility in Vilnius, Lithuania. In the future, the agreement may be extended to include commercial supply.
Comment from management
Commenting on the agreement that may be driving the Immutep share price higher, CEO Marc Voight said:
We are very excited to be partnering with Northway Biotech to develop a GMP manufacturing process for IMP761.
We are very pleased to be moving IMP761 towards clinical trials.
Immutep share price snap shot
The Immunotep share price has climbed 10% in the past 12 months, rallying 13% year to date.
The biotech company's shares dived nearly 21% in the past month but are holding steady in the past week.
In comparison, the S&P/ASX 200 Health Care (ASX:XHJ) index is down 5% today and has risen nearly 2% in the year to date.
Immutep has a market capitalisation of more than $405 million at the time of writing.
