The Immutep Ltd (ASX: IMM) share price is on watch as the company announced a significant upscale to its manufacturing capacity.
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The Immutep share price finished Wednesday’s trading session at 43 cents, up 6.1%.
Immutep is a biotech company focused on the development of LAG-3 immunotherapeutic products for cancer and autoimmune diseases.
What did Immutep announce?
In today’s release, Immutep advised it will begin ramping up the manufacture its lead product candidate, eftilagimod alpha, otherwise known as efti or IMP321.
The decision to increase production follows the company’s positive interim results from its efti clinical trials.
Immutep will expand its efti manufacturing process from 200 litres to a proposed 2,000 litre bioreactor capability. The WuXi Biologics plant in China will house production of the soluble LAG-3 protein, which is expected to scale up throughout 2021.
Although management did not specify the cost involved, it said a recent conversion of warrants will fund the strategic move.
Commenting on the progress, Immutep CEO Marc Voigt said:
Following the very encouraging interim Overall Survival data announced last week from our largest clinical trial, AIPAC, we have activated our plans to upscale the manufacturing of efti to 2,000L single-use bioreactors to prepare for potential commercial manufacturing and potential registration trials in multiple indications.
WuXi Biologics is an important and long-term partner for us with excellent technical and commercial capabilities. We are entering 2021 in a very strong position, both financially and operationally.
About the Immutep share price
The Immutep share price has soared recently, reaching 63 cents just a few days ago. While its shares have pulled back around 31%, the company is still up 40% from 1 month ago.
Immutep has grown from an ASX micro-cap share to a now small-cap share, with a market capitalisation of $211.9 million.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.