Immutep to Receive £4M Milestone Payment From GSK
SYDNEY, Australia, Sept. 23, 2019 (GLOBE NEWSWIRE) -- (ASX: IMM; NASDAQ: IMMP) ("Immutep“ or “the Company”), a biotechnology company developing novel immunotherapy treatments for cancer and autoimmune diseases, announces that it will receive a milestone payment from GSK of £4 million (~US$5.02 million) related to the first patient being dosed in GSK’s Phase II clinical trial evaluating GSK2831781 in ulcerative colitis.
GSK2831781 is derived from Immutep’s IMP731 antibody, a depleting anti-LAG antibody technology that was exclusively licensed to GSK. Under the terms of the agreement, Immutep is eligible to receive up to £64 million (~US$ 80.38 million) in developmental milestone payments as well as single-digit tiered royalties, if GSK2831781 is commercialized. GSK is responsible for all costs associated with the clinical development and commercialization of GSK2831781.
Immutep CEO Marc Voigt, said: “It is very encouraging to see GSK advancing their product candidate in a phase II clinical trial for ulcerative colitis, further validating LAG-3 as a potential target for therapeutics in autoimmune diseases. These partner milestone payments are an important source of nondilutive funding to the Company and this capital will be deployed to further advance our extensive development programs.”
Further details of the Phase II GSK trial can be found at:
About IMP731 and GSK2831781
GSK2831781 is a depleting anti-LAG antibody that was derived from IMP731 and was licenced to GSK in 2010.
IMP731 and GSK2831781 are designed to specifically deplete potentially pathogenic, recently activated LAG-3 expressing T cells which are enriched at the disease site in T cell driven immuno-inflammatory disorders and should spare other T cells which may be necessary for other functions.
About Immutep
Immutep is listed on the Australian Securities Exchange (IMM), and on the NASDAQ (IMMP) in the United States.
Further information can be found on the Company’s website or by contacting:
U.S. Investors:
Jay Campbell, Chief Business Officer, Immutep Limited
+1 (917) 860-9404;
Garth Russell, LifeSci Advisors
+1 (646) 876-3613;
Australian Investors/Media:
Matthew Gregorowski, Citadel-MAGNUS
;
