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Immutep has entered a clinical trial collaboration and supply agreement with Merck & Co (MSD) for a Phase II study to evaluate eftilagimod alpha (IMP321) plus Keytruda in lung, head and neck and ovarian cancers. It is positive to see Immutep collaborating with a leading immunotherapy company, with three new indications added to its ongoing studies in breast cancer and melanoma. It has raised A$6.9m through a placement and has opened a share purchase plan to raise up to A$10m. We increase our valuation to A$439m (vs A$272m) or A$0.14/share (vs A$0.12/share).

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