Here’s why the Immutep (ASX: IMM) share price is frozen

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For the second consecutive day, the Immutep Ltd (ASX: IMM) the share price will be frozen when the market opens.

Yesterday Immutep halted trading until Monday’s opening, or until the company releases further news regarding a capital increase, whichever comes first.

When Immutep shares closed on Wednesday – their last active session – they were trading their hands for 62 cents a coin.

Let’s take a look at what we know so far about the biotech company’s capital increase.

New capital increase

According to Immutep, the capital increase will be an institutional placement. However, the company has yet to indicate how much it hopes to raise during the activity.

Moreover, Immutep has not yet revealed why it would proceed with the capital increase.

Market watchers will be keeping an eye on the company today, as further details on its latest placement are expected to be announced before Monday’s opening.

The last institutional placement made by Immutep was in August 2020. Through this 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 increase made it possible to increase the budget for its clinical programs.

It was primarily used in the company’s ongoing development of IMP123, a drug that regulates the immune system. However, part of the capital raised was dedicated to the immunosuppressive agonist drug IMP761 from Immutep, which is still in the preclinical stage.

Immutep share price overview

2021 has been a good year on ASX so far for Immutep stocks.

Immutep’s share price is currently 48% higher than it was at the start of this year. It has also gained 305% since the same period last year.

The company has a market capitalization of approximately $ 444 million, with approximately 648 million shares outstanding.

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