04:08 PM EDT, 06/05/2024 (MT Newswires) -- Immutep ( IMMP ) sank nearly 12% Wednesday, after disclosing an institutional placement and concurrent entitlement offer of its stock, priced at A$0.38 ($0.25) per share.

The deal consisted of a 1-for-16 pro-rata accelerated non-renounceable entitlement offer generating around A$17.6 million in gross proceeds along with another A$72 million through the institutional placement.

The offering is expected to settle June 11, the Australian biotechnology firm said.

Price: 2.63, Change: -0.35, Percent Change: -11.74