Immutep stock slips after share offering (NASDAQ:IMMP)

ADRs of Immutep Limited (Nasdaq: IMP) fell on Wednesday after the Australian biotechnology company announced the conclusion of a share offering targeting institutional investors.

The Sydney-based cancer drug developer said the offer, which includes an institutional placement component (Placement) and an institutional accrual component (Institutional). entitlement offer), and closed on June 4 with strong investor support.

Approximately 100% of eligible institutional investors participated in the offering, under which they will receive new fully paid common shares in Immutep (IMMP).

The transactions, which were conducted under a 1 for 16 pro rata basis, generated approximately A$89.6 million in gross proceeds for the company.

Meanwhile, Immutep (IMMP) announced a retail entitlement offering worth approximately A$10.6 million, expected to run from June 7 to June 20.