Investor Update 06 APRIL 2021
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06 Investor Update APRIL 2021 IN THIS ISSUE: MESSAGE FROM THE CEO VALIDATION OF LAG-3 PARTNERSHIP PROGRESS CONTINUES FINANCING INDUSTRY CONFERENCES & POSTER PRESENTATIONS OPERATIONAL SNAPSHOT OUTLOOK
MARC VOIGT Message from the CEO The last few months have certainly been a very busy period, not only for Immutep but for our whole sector. I would like to take the opportunity in our newsletter to add a bit more colour to the significance of Bristol Myers Squibb’s (BMS) first validation of a LAG-3 product, and to elaborate on our second col- laboration with MSD and our partnership with LabCorp to help develop immuno-oncology diagnostics. From an industry perspective, March 2021 delivered the news we had all been anticipating for years: the validation of LAG-3 as the next emerging immunotherapy target. This validation came in the form of BMS’s announcement that its Phase II/III trial evaluating the combination of relatlimab, an anti-LAG-3 antibody, and Opdivo, an approved anti-PD-1 blockbuster drug, in melano-ma patients had met its primary endpoint of progression-free survival (PFS). In other words, they report-ed the combination immunotherapy was helping patients. BMS intends to release the details of the results at an industry conference soon. However, the top line results are enough to confirm the interaction between LAG-3 and MHC II (the ligand that LAG-3 naturally binds to) can be manipulated to help the body’s immune system fight cancer (See Diagram 1). This is a significant milestone for cancer immunotherapy. We can now expect LAG-3-related products to be featured prominently with more interest from partners and investors. LAG-3 is advancing quickly to be-come the next emerging target for immunotherapy behind PD-1 and CTLA-4. Diagram 1. Current immunotherapy targets including PD-1 and CTLA-4, which have approved therapeu- tic products available for patients, plus LAG-3 which uniquely binds to the MHCII complex of an antigen presenting cell.1 [Continued on p. 3] 1 https://www.frontiersin.org/files/Articles/402607/fimmu-09-01909-HTML/image_m/fimmu-09-01909-g001.jpg 2
MARC VOIGT Message from the CEO [Continued from p. 2] BMS’s news is especially significant for the LAG-3 industry. It represents further validation of LAG-3, an immune checkpoint that has been attracting increasing interest over the years, as can be seen by the exponentially increasing rate of publications shown at Diagram 2. Immutep’s CSO and CMO, Prof Frédéric Triebel, discovered LAG-3 in 1990 and has spent the last 30 years working in the field. In the interview below entitled “Validation of LAG-3”, Prof Triebel reflects on his journey with LAG-3. Immutep remains the only LAG-3 pure-play with more programs around LAG-3 than anyone else in the field, including big pharma. Within the exciting and growing LAG-3 space, Immutep continues to be the worldwide leader in devel- oping LAG-3 therapeutics. We are contributing four product candidates which are being evaluated in multiple clinical trials. No other company has such depth of pipeline or knowledge. This is one of the key reasons LabCorp partnered with us to develop LAG-3 diagnostic tests. In addition, we have the only MHC II agonist product candidate in development, known as efti. Efti is an immune booster that has the versatility to be paired with PD-1 (or PD-L1) antagonists in combination therapies. Notably, efti has a very different and unique mode of action from anti-LAG-3 products such as relatlimab or leramilimab (LAG525) and this has several advantages that broaden our opportunity (See Two Modes of Action for LAG-3 article). It also puts us in a category with no current competition (see Overview of the LAG-3 Landscape at Diagram 3), while being part of practically every field of LAG-3 related therapies i.e. with an agonist soluble LAG-3 protein and an antagonist antibody for oncology and an agonist and a depleting antibody for autoimmune diseases. We were also happy to inform you in mid-March 2021 that Immutep had deepened our relationship with MSD through a second collaboration with them. MSD (known as Merck & Co. in the USA) is an American multinational pharmaceutical company and one of the largest pharmaceutical companies in the world. As you can imagine, this new collaboration involved much work from our team and I would like to thank them for their steadfast commitment. We have certainly become a very effective team, having success- fully secured multiple partnerships already (see our pipeline as summarised in the Operational Snapshot section). Of course, there is always more to do on that front, and I can assure you that we always look to the future for further opportunities to build the value of Immutep! [Continued on p. 4] 3
MARC VOIGT Message from the CEO [Continued from p. 3] Two Modes of Action for LAG-3 The first mechanism of action relates to antagonist LAG-3 drugs, such as relatlimab (BMS) or leramilimab (LAG525 from our licensee Novartis). These drugs are antibodies that bind to the naturally occurring LAG-3 proteins on T cells, blocking anything else from binding. When these antagonist drugs, also known as an-ti- LAG-3 drugs, are bound, the LAG-3 receptor on activated T cells can’t bind MHC II molecules expressed by antigen presenting cells (APC) such as dendritic cells. LAG-3 is an inhibitory receptor on T cells; when LAG-3 is engaged by MHC II, it down-regulates T cell activation. Therefore, blocking the MHC II-LAG-3 interaction is analogous to releasing the brakes on the activated T cells. Antagonists need to be given to patients at higher doses to ensure the drug can bind to all LAG-3 molecules all the time to completely block the MHC II-LAG-3 interaction. From a medical perspective, the recent BMS announcement validates the physiological importance of this MHC II-LAG-3 interaction as the simple block- ade of this interaction at the tumor site or in the draining lymph node leads to clinical benefit. Efti, which is a soluble recombinant LAG-3 protein, is not an anti-LAG-3 therapy. It’s mode of action is as an MHC II agonist. It is an APC activator. Agonists such as efti can be given at lower doses than antagonists, because they need to only bind to a few percent of MHC II receptors to trigger APC activation which, is the first step of pushing the accelerator on the immune system. Indeed, activated APCs like dendritic cells physiologically instruct the T cells what to do in terms of antigen specificity (they present antigenic peptides to T cells), direction of the immune response (anergy versus proliferation) or functionality (they give the CD8 T cells the “license to kill” signal, so that the latter cells become more cytotoxic). See our Mode of Action video for further explanation of LAG-3 immunotherapy. https://www.youtube.com/watch?v=6EISCGYAGQw 4
VALIDATION OF LAG-3 Quick Glossary Agonists are molecules that bind to a receptor and activate the receptor to produce a biological response. Alleles are one of two, or more, forms of a giv- en gene variant. Antagonists are a type of molecule that blocks a receptor-ligand interaction and the associated bio- logical response. Antigen presenting cells (APCs) process and present antigens for recognition by T cells. They give instructions and a license to kill to CD8 T cells. Prof Frederic Triebel is Immutep’s CMO/CSO Antigens are molecules on the outside of a patho- and the discoverer of the LAG-3 gene. Talking gen cell. Cancer cells have tumour antigens. to him from his home in Normandy, France, where he is in lock down, he reflects on the MHC class II are a class of Quickmajor histocom- discovery of LAG-3 and the significance of its patibility complex (MHC) molecules. recent validation after a lifetime in the pursuit of LAG-3 knowledge for the benefit of patients. T cells destroy foreign cells (including tumour cells) in the body when given instructions from an APC. When did you first know that LAG-3 was an important protein in the body’s immune system? Back in 1988, I was working at Institut Gustave Roussy, south of Paris and cloned mRNA specifically expressed in human T cells after their activation, therefore named Lymphocyte Activation Gene-1, -2, -3. LAG-3 was first published in May 1990 and interestingly was found to be related phylogenetically to CD4, a known ligand for MHC class II (MHC II) molecules. This was exciting because we already knew MHC II was intricately involved in many aspects of the body’s immune response. MHC II genes and molecules are related to a multitude of different diseases. For in- stance, certain MHC II alleles are strongly associated with the risk of inheriting Type I diabetes. What was the core question that drove your research for more than 30 years? Because we understood the power of CD8 T cells to destroy tumours in animal models and the role of the [Continued on p. 6] 5
VALIDATION OF LAG-3 [Continued from p. 5] question: how could we get T cells to destroy cancer cells in patients with advanced disease? I knew the answer lay in part in the interaction between MHC II and LAG-3, that is, bridging professional APCs (dendritic cells) to activated T cells. What is special about BMS’s news? It shows us we are all “barking up the right tree” looking into the interaction between MHC II and LAG-3. It demonstrates the interaction is important in the immune system and it can be used to destroy cancer cells. In oncology, this interaction can be leveraged in two ways, via two modes of action. What are the two different modes of action? In this MHC II/LAG-3 interaction, one can use a soluble LAG-3 protein to “push the accelerator” (an agonist action) on the MHC II molecules in order to activate APCs (and subsequently CD8 killer T cells) or one can use a blocking anti-LAG-3 antibody to stop MHC II engaging LAG-3 receptors on T cells (an antagonist action), thereby leading directly to more activated T cells. Both modes of action can be leveraged to restore the immune system’s ability to find and fight cancer cells but probably in different patient populations. Patients with so-called “cold or tepid” tumors (the ma- jority of patients, with few activated T cells at the tumor site) need APC activation via efti to induce more T cells to recognise effectively the tumour cells while “hot” tumor patients, unfortunately the minority, with a strong natural tumour bed infiltration by activated T cells could benefit from the antagonist effect, releasing the brakes on the T cells using an anti-LAG-3 antibody. (For more detail see Two Modes of Action for LAG-3). Were there any moments along the LAG-3 journey where you had doubts? I have always believed in LAG-3. However, there were times in the industry where it was difficult to con- vince others of LAG-3’s potential. For a long time, chemotherapy was the number one treatment for many cancers, including breast cancer. The higher the dose, the more effective the chemo. The trouble was, it is very toxic and not very effective in many other indications. Still, it was difficult to shift the paradigm. Then cancer vaccines came along. They were very hard to de- velop and there were many failures. They were safe, but they didn’t work. This made the oncology world less open to new ideas. And then from 2010 onwards, the change came gradually when oncologists used anti-CTLA-4 and anti-PD-1 antibodies in randomised clinical trials. These antibodies are not anti-cancer agents per se. CTLA-4 or PD-1 are not expressed by tumour cells. They just unleash the power of the natural pre-existing T cell responses specific for tumor antigens. The anti-cancer agents are the patient CD8 T cells themselves that could get rid of massive metastatic tumour lesions in a few weeks. In short, we moved from a small field of cancer immunotherapy experimentations with early phase clinical trials to a new full-fledged medical science, named immuno-oncology. Have there been sacrifices, personally or professionally along the way? Absolutely! I wanted to focus completely on LAG-3, so I started Immutep with John Hawken in Septem- ber 2001. It was just after the attack on the Twin Towers in New York. It was a hard time to start a new biotech, very difficult to raise cash in Europe due to the war in Iraq. [Continued on p. 7] 6
VALIDATION OF LAG-3 [Continued from p. 6] I left my secure clinical job at the Institut Gustave Roussy, south of Paris, in 2002 and then quit my teach- ing job as a Professor at the Paris-Sud university in 2004 and have also been the first investor, risking the financial wellbeing of my family at that time. I burned my vessels on the beach like Agamemnon! Now that LAG-3 has been validated, what will happen next in the LAG-3 space? We have been waiting for BMS’s results for the last three years, ever since they completed their phase II trial. We have never known the results of the earlier phase II trial, but obviously they were strong enough for BMS to decide to proceed with the phase III. I expect there will be more news coming from BMS which has 38 trials running in different indications. We will also have a flurry of results from others in the space. It will go from being a secret with unknown materiality, to an open race to the finish line! Of course, Immutep and its many collaborators will signifi- cantly contribute to the LAG-3 related developments as well! Where do you see LAG-3 10 years from now? There is lots of work to be done to fully appreciate the significance of the MHC II/LAG-3 interaction not only in immuno-oncology but also in autoimmunity and infection. We have a good chance of success in autoimmune diseases with IMP761 (a LAG-3 agonist antibody), and in oncology and infectious diseases with efti. More broadly, I believe immunotherapies will be expanded beyond cancer and clearly defined autoim- mune diseases, into new fields. We can use the new tools we have in immuno-oncology in other thera- peutic fields where we don’t quite understand the implication of T cell aggressiveness, like arterioscle- rosis or Parkinson disease (LAG-3 clearly plays a role there) or Alzheimer’s disease. It is truly exciting!! LAG-3 LANDSCAPE Diagram 2. Acceleration in the LAG-3 space. Source: PubMed [Continued on p. 8] 7
VALIDATION OF LAG-3 [Continued from p. 7] Interest and investment in LAG-3 therapeutics has continued to accelerate over the last year. There are now more than 91 clinical trials evaluating 15 LAG-3 product candidates for more than 17,000 patients (See diagram 3). Immutep and our collaboration partners have contributed to 22 trials for more than 2,000 patients. Apart from Immutep’s candidates, all other LAG-3 candidates shown at Diagram 3 are all anti-LAG-3 antago- nist antibodies with similar mechanisms of action being evaluated in cancer trials. Immutep’s IMP761 and IMP731 (licensed to GSK) are being developed for autoimmune diseases. Many pharmaceutical companies have entered the space and are rapidly advancing promising product candidates, including BMS, Roche, Boehringer Ingelheim, plus our existing partners Novartis, MSD and GSK and more than 30 others. Still, Immutep has an excellent and leading position in the field! However, Immutep continues to have the only MHC II agonist in late-stage clinical development, as shown below (Diagram 3). Diagram 3. The LAG-3 therapeutic landscape. Sources: GlobalData, Company websites, clinicaltrials.gov, and sec.gov, as of April 2021. The green bars above represent programs conducted by Immutep &/or its partners. Total Trials includes all active, completed &/or inac- tive trials. Patient totals are based on estimated total enrolled &/or to be enrolled. The above is not a complete list of currently existing LAG-3 products. 1 As of January 7, 2019 Regeneron is in full control of program and continuing development (https://www.sec.gov/Archives/edgar/data/872589/000110465919000977/a19-1325_18k.htm) 2 On April 3, 2020 Les Laboratoires Servier acquired Symphogen 3 Tesaro was acquired by and is now part of GSK (www.gsk.com/en-gb/media/press-releases/gsk-completes-acqui- sition-of-tesaro-an-oncology-focused-biopharmaceutical-company/) 4 Includes two completed Phase I studies and one discontinued Phase 2 study 5 Including IITs, two planned trials (MBC trial by EOC and HNSCC trial) 6 RELATIVITY-047 (https://investors.bms.com/iframes/press-releases/press-release-details/2021/Bristol-My ers-Squibb-Announces-RELATIVITY-047-a-Trial-Evaluating-Anti-LAG-3-Antibody-Relatlimab-and-Opdi vo-nivolumab-in-Patients-with-Previously-Untreated-Metastatic-or-Unresectable-Melanoma-Meets-Primary-End point-of-Progression-Free-Survival/default.aspx) 8
PARTNERSHIP PROGRESS CONTINUES Second Collaboration with MSD In mid-March 2021, we were delighted to deepen our relationship with MSD (Merck & Co) through a second clinical trial collaboration and supply agreement. Called TACTI-003, the new trial evaluates efti in combination with MSD’s KEYTRUDA® (pembrolizumab) as a first line therapy in unresectable recurrent or metastatic Head and Neck Squamous Cell Carcinoma (HNSCC) patients. This is the same combination therapy already being tested in Immutep’s ongoing Phase II TACTI-002 study (also designated KEYNOTE-798) and is delivering very promising results in second line HNSCC. Planning for the new trial is progressing well and we expect to enroll the first patient in the study in mid-2021. New Agreement with LabCorp In late October, we started a new collaboration with the Laboratory Corporation of America Holdings, known as LabCorp. Working with LabCorp, we will support the development of immuno-oncology prod- ucts or services. This work enables Immutep to enter the immuno-oncology diagnostics field. Interestingly LabCorp and Bristol Myers Squibb have an abstract at AACR 2021, discussing the expres- sion of LAG-3 in different cancer types. It shows how closely the industry works together. Our deep LAG-3 pipeline and highly experienced team reflects a significant amount of know-how in immuno-oncology, specifically related to LAG-3. 9
FINANCING Demonstrating strong interest and confidence in Immutep’s clinical program from existing and new high-quality investors, we completed a A$29.6 million placement in November 2020. Australian Ethical, Perennial Value Management, Regal Funds Management, Firetrail Investments and US-based, Ridge- back Capital were all leading participants in the capital raise. In addition, in December 2020, the Company received $10.66 million from the exercise of warrants over American Depository Shares. The proceeds will drive the ongoing development of our promising immuno-oncology and autoimmune programs. Immutep now has a strong cash runway, into calendar year 2023 and beyond several signifi- cant data read-outs. 10
INDUSTRY CONFERENCES Immutep was pleased to announce new data from our TACTI-002 phase II clinical trial (also designated KEYNOTE-798) at the Society for Immunotherapy of Cancer (SITC) 35th Anniversary 2020 Annual Meeting in November. More mature data from the trial was accepted as a late breaker poster presenta- tion and poster walk for highly scored abstracts. The data showed Overall Response Rates (ORR) in 1st line Non-Small Cell Lung Cancer (NSCLC) and 2nd line HNSCC had continued to be very favourable. Five patients demonstrated a Complete Response (a complete disappearance of all tumour lesions): two patients were in the 1st line NSCLC group and three patients were in the 2nd line HNSCC group. The results also demonstrated encouraging efficacy in low PD-L1 expressing patients who do not typically respond to anti-PD-1 therapy. SITC is the world’s leading member society of medical professionals dedicated to advancing cancer immunotherapy and biological therapy. A month later, in December 2020, Immutep presented data from our phase IIb APIAC trial in metastatic breast cancer at the San Antonio Breast Cancer Symposium (SABC). The data was selected for a spotlight presentation and showed a statistically significant survival benefit for key patient groups. [Continued on p. 12] 11
INDUSTRY CONFERENCES AND POSTER PRESENTATIONS [Continued from p. 11] Specifically, a s tatistically significant Overall Survival (OS) benefit was seen in the efti group in pre- defined patient groups. Patients under the age of 65 years showed a + 7.1 months survival benefit (median of 21.9 vs. 14.8 months, nearly 50% longer) from efti with chemotherapy, compared to chemo- therapy plus placebo (p=0.012). A +9.4 months survival benefit (median of 22.4 vs. 12.9 months, 74% longer) was seen from efti with chemotherapy for patients with a low starting monocyte count (p=0.02). A statistically significant increase in CD8 T cells (key immune cells) was observed in patients treated with efti plus chemotherapy and this increase correlated with prolonged OS, indicating pharmacodynamic activity and proof of concept of efti’s mode of action. In addition, a promising and improving overall trend in OS in the total population was observed, based on approximately 60% of events. A median survival benefit of +2.7 months from the efti plus chemotherapy group was reported. The results were the first time an antigen presenting cell (APC) activator has shown an OS benefit in a randomised setting in metastatic breast cancer patients known to be insensitive to immune checkpoint inhibitor therapy. The collection of OS is data ongoing and final data is expected to be reported mid-2021. SABC is a leading international conference focused on clinical, translational and basic research in breast cancer. It is attended by a broad international audience of academic and private researchers and physicians from over 90 countries. Following the encouraging results presented at SITC and SABC, we have prioritised the recommence- ment of scaling up the manufacturing efti. 12
OPERATIONAL SNAPSHOT OPERATIONAL SNAPSHOT EftilagimodSNAPSHOT Global Rights OncologyOncology OPERATIONAL Alpha SNAPSHOT AIPAC Phase IIb OPERATIONAL (efti or IMP321) Metastatic Breast Cancer (Chemo – IO) § Eftilagimod Global Rights Alpha AIPAC Phase IIb Eftilagimod Global Rights Oncology Overall Survival (efti or Overall IMP321) Survival Alpha (OS) data from Metastatic AIPAC (OS) data the AIPAC Breast from clinical Cancer trial (Chemo thedata AIPAC were – presented IO) clinical at SABCS trial were 2020 (see Industry presentedPhase Conferences at SABCS IIb for a § (seetheIndustry summary 2020 of results). The collection of (efti or IMP321) OPERATIONAL OS data is ongoing Metastatic SNAPSHOT and Breast final Cancer is (Chemo expected – IO) to be reported mid-2021. § Conferences for a summary of the results). The collection of OS data is ongoing and final data is Overall Survival (OS) data from the AIPAC clinical trial were presented at SABCS 2020 (see Industry Conferences for a summary of the results). expected Overall to be TheEftilagimod collection of Survival OPERATIONAL reported OS (OS) data data isfrom SNAPSHOT mid-2021. ongoing and final the AIPAC datatrial clinical is expected to be reported were presented mid-2021. at SABCS 2020 (see Industry Conferences for a summary ofGlobal the results). Rights Eftilagimod TACTI-002 (KEYNOTE-798) Global Rights Oncology The collection Alpha of OS dataAIPACis ongoing and final data is expected to be reported mid-2021. Phase II Oncology Alpha Non-Small-Cell Lung Carcinoma (IO – IO) Phase IIb (efti or IMP321) (efti or IMP321) Metastatic Breast Cancer (Chemo – IO) Head and Neck Squamous Cell Carcinoma (IO – IO) § Eftilagimod Global Global Rights Oncology Eftilagimod TACTI-002 (KEYNOTE-798) Rights Alpha AIPAC Phase IIb Alpha Eftilagimod – IO) trial were reportedPhase IIin November Global Rights Oncology Non-Small-Cell Lung Carcinoma (IO More (efti mature (efti or Overall or and IMP321) Survival IMP321) Alpha TACTI-002 Metastatic encouraging (OS) data Head from andthe (KEYNOTE-798) Breast results AIPAC Neck Cancer from (Chemo Immutep’s clinical trial Squamous Cell were – IO) TACTI-002 presented Carcinoma (IO –atIO) at SITC 2020. Since SABCS 2020 (see Industry Conferences for a summary Phase II § SITC, Immutep has of the results). Oncology Non-Small-Cell Lung Carcinoma (IO –and IO)started completed theof recruitment of patients andwith final2 data lineisHNSCC the recruitment mid-2021.of an additional cohort of 1 line §NSCLC patients in nd st The collection (efti or IMP321) OPERATIONAL OS data SNAPSHOT is ongoing expected Head and Neck Squamous Cell Carcinoma (IO – IO) to be reported January 2021. Further interim data from TACTI-002 is expected in H1 of 2021. Overall Survival More mature (OS) and data from results encouraging the AIPACfromclinical trial were Immutep’s presented TACTI-002 trialat SABCS were 2020 (see reported Industry at SITC Conferences in November 2020.for a summary Since of the results). SITC, Immutep has The Morecollection completed mature of theandOS data is ongoing recruitment encouraging and of patients results finalImmutep’s with from data 2nd lineisHNSCC expected andtostarted TACTI-002 be reported trial were mid-2021. the recruitment reported atof an in SITC additional Novembercohort 2020.ofSince 1st line NSCLC SITC, patients Immutep hasin Eftilagimod Global Rights Oncology TACTI-002 (KEYNOTE-798) January completed 2021. theFurther AIPAC interim recruitment data from of patients TACTI-002 with 2nd line is expected HNSCC and in H1 ofthe started 2021. recruitment of anII trial additional cohort of 1st line NSCLC patients inNo- More mature Eftilagimod Alpha and encouraging results from Immutep’s TACTI-002Phase were Phase IIbreported at SITC GlobalinRights Oncology Non-Small-Cell Lung Carcinoma (IO – IO) January 2021. Alpha (efti or IMP321) TACTI-003 FurtherMetastatic interim Breast data from Cancer (Chemo TACTI-002 – IO) in H1 of 2021. is expected Phase II § Oncology vember 2020. Since Head and SITC, Neck Squamous Immutep Cell has Carcinoma completed (IO –– IO) the recruitment of patients with 2nd line HNSCC Eftilagimod (efti or IMP321) Alpha Head and Neck Squamous TACTI-002 (KEYNOTE-798) Cell Carcinoma (IO IO) § Global Rights Phase II patients in January 2021. Oncology and More started Eftilagimodthe Non-Small-Cell recruitment of Lung Carcinoma (IOcohort anclinical additional – IO) ofat 1st line NSCLC GlobalFurther Rights (efti mature Overall or IMP321) Survival Alpha Eftilagimod and encouraging (OS) data from TACTI-003 results the AIPACfrom Immutep’s trial TACTI-002 were Head and Neck Squamous Cell Carcinoma (IO – IO) trial presented were reported SABCS 2020 at (seeSITC in Industry Phase II November 2020. Conferences Since for a § SITC, summary Immutep has of the results). Global Rights Oncology interim data Immutep completed The is from theof collection (efti or IMP321) Alpha TACTI-002 progressing well Head recruitment OS data with and of patients is ongoing TACTI-003 is plans Neck expected to start Squamous andwith nd the final2 data Cell in study H1 in Carcinoma lineisHNSCC expected of 2021. mid-2021. (IO andtostarted – IO) mid-2021.of an additional cohort of 1 line§NSCLC patients in the recruitment be reported st Phase II Oncology January or2021. (efti mature More Further IMP321) and Head encouragingand interim Neck data results Squamous from TACTI-002 from Cell Immutep’s Carcinoma is expected TACTI-002 (IO of in H1 trial – IO) 2021.reported at SITC in November 2020. Since SITC, were § Immutep has completed Immutep isthe Eftilagimod recruitment progressing wellofwith patients planswith 2nd line to start HNSCCinand the study started the recruitment of an additional cohort of 1st line NSCLC patients mid-2021. Global in Global Rights Oncology Eftilagimod TACTI-002 (KEYNOTE-798) Rights January Immutep 2021. is Alpha FurtherINSIGHT-004 progressinginterim well data with fromtoTACTI-002 plans start the is expected study in in H1 I of 2021. mid-2021. Phase Alpha Eftilagimod Global Rights Phase II § Oncology Non-Small-Cell Lung Solid Tumors (IO – IO) Carcinoma (IO – IO) (efti (efti or or IMP321) IMP321) TACTI-003 Alpha Head and Neck Squamous Cell Carcinoma (IO – IO) Phase II Oncology Eftilagimod Head and Neck Squamous Cell Carcinoma (IO – IO) § Global Rights Oncology (efti or IMP321) INSIGHT-004 Eftilagimod Alpha Eftilagimod Phase I Global Global Rights Rights Oncology In (efti MoreSeptember mature Alpha or IMP321) Alpha 2020, and Immutep TACTI-003 Solid encouraging INSIGHT-004 reported Tumorsresults improving (IOfrom data from – IO)Immutep’s the INSIGHT-004 TACTI-002 trial. 41.7% trial were reported of patients at SITC Phase II in November 2020. Since SITC, § showed a Partial Response to thehas Immutep Oncology Phase I combination (efti Immutep completedor is therapy IMP321) Head of progressing the (efti or IMP321) efti Solid well recruitment and and Tumors with of Neck plans patients Squamous avelumab, (IO – to building IO) start with 2 nd theCell line onCarcinoma the study HNSCC in (IO –reported previously mid-2021. and started IO) recruitment the result of 33% of an showing a additional Partial cohort Response. of 1st § line NSCLC patients in January 2021. Further interim data from TACTI-002 is expected in H1 of 2021. Immutep is progressing In September 2020, Immutepwell with reported plansdata improving to start from the the study INSIGHT-004 12 in mid-2021. trial. 41.7% of patients showed a Partial Response to the Immutep combination In September is progressing therapy of well 2020, Immutep with efti and plans to avelumab, reported start improving thedata building study on theinpreviously from mid-2021. reportedtrial. the INSIGHT-004 result of 33% 41.7% showingshowed of patients a Partiala Response. Partial Response Global to the Rights Eftilagimod Oncology combination Alpha therapyINSIGHT-004 of efti and avelumab, building on the Phase previously I reported result of 33% showing a Partial Response. Global Rights Eftilagimod (efti or IMP321) Alpha Solid Tumors (IO – IO) TACTI-003 12 Phase II § Oncology Eftilagimod Global Rights § Oncology (efti or IMP321) Head and Neck Squamous Cell Carcinoma (IO – 12 INSIGHT-004 IO) Alpha Phase I In (efti or IMP321) September Solid Tumors (IO – IO) 2020, Immutep § reported improving data from the INSIGHT-004 trial. 41.7% of patients showed a Partial Response to the combination therapy of well Immutep is progressing efti and withavelumab, building plans to start on theinpreviously the study mid-2021.reported result of 33% showing a Partial Response. In September 2020, Immutep reported improving data from the INSIGHT-004 trial. 41.7% of patients showed a Partial Response to the 12 combination therapy of efti and avelumab, building on the previously reported result of 33% showing a Partial Response. In September Eftilagimod2020, Immutep reported improving data from the INSIGHT-004 trial. 41.7% Global of patients Rights Oncology Alpha INSIGHT-004 Phase I showed a Partial (efti or IMP321) Response Solid Tumorsto (IO the – IO) combination therapy 12 of efti and avelumab, building on § the previously reported result of 33% showing a Partial Response. In September 2020, Immutep reported improving data from the INSIGHT-004 trial. 41.7% of patients showed a Partial Response to the combination therapy of efti and avelumab, building on the previously reported result of 33% showing a Partial Response. Encouraging early anti-tumour activity signals were observed in a variety of cancer indications not typ- ically responsive to immunotherapy. Importantly, the 12combination of efti and avelumab continues to be safe and well tolerated. Final data is expected in 2021. [Continued on p. 14] 13
OPERATIONAL SNAPSHOT Encouraging early anti-tumour activity signals were observed in a variety of cancer indications not typically responsive to immunotherapy. Importantly, the combination of efti and avelumab continues to be safe and well tolerated. Final data is expected in 2021. [Continued from p. 13] Encouraging early anti-tumour activity signals were observed in a variety of cancer indications not typically responsive to immunotherapy. Importantly, the combination of efti and avelumab continues to be safe and well tolerated. Final data is expected in 2021. Eftilagimod Global Rights Oncology TACTI-mel PhaseII Alpha Phase (efti or IMP321) Encouraging Melanoma (IO – IO) early anti-tumour activity signals were observed in a variety of cancer indications not typically responsive § to immunotherapy. Importantly, the combination of efti and avelumab continues to be safe and well tolerated. Final data is expected in 2021. The results of Immutep’s TACTI-mel trial were featured prominently in Issue 38 of the Melanoma Research Review which is a summary of the Encouraging early Eftilagimod anti-tumour activity signals were observed in featured a variety of cancer indications not in typically responsive to immunotherapy. Global Rights Oncology Thelatest results of research inImmutep’s for TACTI-mel TACTI-mel melanoma trial health professionals. were Healthcare Phase prominently professionals can access the ReviewIssue 38online for free of the at: Melanoma Re- Alphathe combination of efti and avelumab continues Importantly, to beIIsafe and well tolerated. Final data is expected in 2021. Phase search(eftiReview Melanoma (IO – IO) or IMP321)which is a summary of the latest research in melanoma for health professionals. www.researchreview.com.au/au/Clinical-Area/Internal-Medicine/Medical-Oncology/Melanoma.aspx § Health- care professionals can access the Review for free online at: TheEftilagimod GlobalofRights OncologyOncology results of Immutep’s TACTI-mel trial were featured prominently TACTI-mel PhaseII in Issue 38 of the Melanoma Research Review which is a summary the Alpha Phase latest research in melanoma Eftilagimod Melanoma (IO – IO) for health professionals. Healthcare professionals can access the Review for free online at: § Global Rights Oncology (efti or IMP321) www.researchreview.com.au/au/Clinical-Area/Internal-Medicine/Medical-Oncology/Melanoma.aspx Alpha Solid Tumors (Cancer Vaccine) Phase PhaseIII Phase Eftilagimod Global Rights (efti or IMP321) Alpha TACTI-mel YNP01 and YCP02 www.researchreview.com.au/au/Clinical-Area/Internal-Medicine/Medical-Oncology/Melanoma.aspx PhaseII Phase § The results (efti Melanoma (IO – IO) of Immutep’s TACTI-mel trial were featured prominently in Issue 38 of the Melanoma Research Review which or IMP321) § is a summary of the latest research CYTLIMIC in melanoma has been conductingfor twohealth professionals. studies (YNP01 and YCP02) Healthcare withprofessionals CYT001 whichcan access thelead is CYTLIMIC’s Review for free cancer online vaccine. at: comprises peptides CYT001 Eftilagimod Global Rights Oncology designed The results using artificial of Immutep’s intelligence Solid Tumors from TACTI-mel theVaccine) trial were (Cancer HSP30 andprominently featured GCP-3 proteins, plus38 in Issue two of adjuvants, the Melanoma efti and Hiltonol Research (Poly-ICLC). Review which isUnder the terms a summary of theof Alpha Phase PhaseIII www.researchreview.com.au/au/Clinical-Area/Internal-Medicine/Medical-Oncology/Melanoma.aspx Phase clinical latest collaboration, (efti research or IMP321) service YNP01 and in melanoma for supply andhealth YCP02 agreements with professionals. Immutep, Healthcare CYTLIMIC has professionals canfull responsibility access the Review forfor thefree continued online at: § development of the cancer vaccine and Immutep is eligible to receive development-based milestone payments. www.researchreview.com.au/au/Clinical-Area/Internal-Medicine/Medical-Oncology/Melanoma.aspx Eftilagimod Globalpeptides Rights Oncology CYTLIMIC has been conducting two studies (YNP01 and YCP02) with CYT001 which is CYTLIMIC’s lead cancer vaccine. CYT001 comprises Alpha Solid Tumors (Cancer Vaccine) Phase Phase Phase III designed using artificial intelligence from the HSP30 and GCP-3 proteins, plus two adjuvants, efti and Hiltonol (Poly-ICLC). Under the terms of CYTLIMIC Eftilagimod has (efti or IMP321) clinical been collaboration, Alpha YNP01 conducting and service and YCP02 supply two agreements studies (YNP01 with Immutep, and YCP02) with CYT001 which Phase I CYTLIMIC has full responsibility for the continued development § Chinese is CYTLIMIC’s Global Rights ofRights the Eftilagimod Metastatic Breast Cancer (Chemo – IO) Oncology leadcancer cancer vaccine. SolidCYT001 Tumors comprises (Cancer Vaccine) peptides designed using artificial intelligence from the HSP30 (efti or vaccine IMP321) Alpha and Immutep is eligible to receive development-based PhaseIII milestone payments. Phase Phase § terms§CYT001 Oncology YNP01 andtwo YCP02 and CYTLIMIC GCP-3 proteins, has (efti or IMP321)been conductingplus two adjuvants, studies (YNP01 and eftiYCP02) and withHiltonol CYT001(Poly-ICLC). which is CYTLIMIC’s Under the vaccine. lead cancer of clinical collab- comprises peptides designed using artificial intelligence from the HSP30 and GCP-3 proteins, plus two adjuvants, efti and Hiltonol (Poly-ICLC). Under the terms of oration, In Decemberservice Eftilagimod 2020,andEOC supply agreements Pharma announced its planswith Immutep, to conduct a new phaseCYTLIMIC II trial of eftihas full responsibility in metastatic breast cancer. Thisfor the follows continued Immutep’s clinical CYTLIMIC announcement collaboration, has been service and conducting of encouraging twosupply first studies OS dataagreements (YNP01 from itsand with Immutep, YCP02) CYTLIMIC with CYT001 which hasis full responsibility CYTLIMIC’s for thevaccine. lead cancer continued development CYT001 Chinese comprises of the Rights peptides development cancerAlpha designed vaccine ofandthe cancer Metastatic Immutep using artificial isBreast intelligence vaccine Cancer (Chemo eligible fromtothe receive andPhase – IO) IIb Immutep study, HSP30development-based AIPAC and GCP-3 proteins,milestone (see above). Phase Iis eligiblepayments. to receive development-based milestone plus two adjuvants, efti and Hiltonol (Poly-ICLC). Under the terms of (efti or IMP321) payments. § Oncology clinical collaboration, service and supply agreements with Immutep, CYTLIMIC has full responsibility for the continued development of the 13 cancer vaccine and Immutep is eligible to receive development-based milestone payments. Eftilagimod In December 2020, EOC Pharma announced its plans to conduct a new phase II trial of efti in metastatic breast cancer. This followsChinese Immutep’s Rights Alpha of encouraging announcement Metastatic Breast first OSCancer (Chemo data from IO) IIb Phase its –Phase study, IAIPAC (see above). (efti or IMP321) Eftilagimod § Chinese Rights Oncology Alpha Metastatic Breast Cancer (Chemo – IO) Phase I 13 In(efti or IMP321) December 2020, EOC Pharma announced its plans to conduct a new phase II trial of efti in metastatic breast cancer. § This follows Immutep’s Oncology announcement of encouraging first OS data from its Phase IIb study, AIPAC (see above). In December 2020, EOC Pharma announced its plans to conduct a new phase II trial of efti in metastatic breast cancer. This follows Immutep’s announcement of encouraging first OS data from its Phase IIb study, AIPAC 13(see above). In December 2020, EOC Pharma announced its plans to conduct a new phase II trial of efti in metastatic breast cancer. This follows Immutep’s announcement of encouraging first OS data from its Phase IIb 13 study, AIPAC (see above). EOC Pharma is the exclusive licensee of efti for the Chinese market. EOC Pharma is the exclusive licensee of efti for the Chinese market. Infectious Eftilagimod Global Rights Disease Alpha COVID-19 Phase II (efti or IMP321) § The University Hospital Pilsen in the Czech Republic has commenced an investigator-initiated randomised phase II clinical trial evaluating efti in up to 110 hospitalised patients with COVID-19. Recruitment of patients commenced in October 2020. The University Hospital Pilsen in the Czech Republic has commenced an investigator-initiated ran- The trialphase domised aims to boost a patient’s II clinical immune trial response toefti evaluating prevent the to in up patient 110from developing severe hospitalised COVID-19with patients symptoms that requireRecruit- COVID-19. intensive care and can lead to respiratory failure and death. As an antigen presenting cell (APC) activator, efti could help to control the viral load in menthospitalised of patients commenced in patients by boosting T cells. October 2020. Initial results from the safety run in of the trial were reported in January 2020 and showed all six patients received the three planned 10 mg efti The injections trial aims to discharged and were boost afrom patient’s immune hospital. No response adverse events to prevent were reported. the patient An independent from review of this safetydeveloping severe run-in data prompted the COVID-19 symptoms recommendation that to proceed withrequire enrolmentintensive care portion for the randomised and canof the lead to respiratory EAT COVID study. failure and death. As an antigen Initialpresenting interim efficacycell (APC) results activator, are expected efti could to be reported before help the endto of control the year. the viral load in hospitalised patients by boosting T cells. Autoimmune Global Rights IMP761 Preclinical (Agonist AB) § [Continued on p. 15] 14
OPERATIONAL SNAPSHOT EOC Pharma is the exclusive licensee of efti for the Chinese market. Infectious Eftilagimod Global Rights Disease Alpha COVID-19 Phase II (efti or IMP321) § [Continued from p. 14] The University Hospital Pilsen in the Czech Republic has commenced an investigator-initiated randomised phase II clinical trial evaluating efti in up to 110 hospitalised patients with COVID-19. Recruitment of patients commenced in October 2020. The trial aims to boost a patient’s immune response to prevent the patient from developing severe COVID-19 symptoms that require intensive Initial results from the safety run in of the trial were reported in January 2020 and showed all six patients care and can lead to respiratory failure and death. As an antigen presenting cell (APC) activator, efti could help to control the viral load in received the patients hospitalised three byplanned boosting T10 mg efti injections and were discharged from hospital. No adverse events cells. wereInitial reported. results from the safety run in of thereview An independent trial wereof this safety reported in Januaryrun-in 2020 anddata showedprompted the all six patients recommendation received the three planned 10tomgpro- efti ceedinjections with enrolment for the and were discharged fromrandomised portion hospital. No adverse eventsof thereported. were EAT COVID study. An independent review of this safety run-in data prompted the recommendation to proceed with enrolment for the randomised portion of the EAT COVID study. Initial interim Initial interim efficacy results efficacy results are expected are expected tobefore to be reported be reported before the end of the year. the end of the year. Autoimmune Global Rights IMP761 Preclinical (Agonist AB) § Immutep is continuing cell line and other preclinical development activities for IMP761 in preparation for clinical trials. Immutep is continuing cell line and other preclinical development activities for IMP761 in preparation for Immutep clinical is continuing cell line and other preclinical development activities for IMP761 in preparation for clinical trials. trials. Solid Tumors + Blood Cancer (IO-IO Combo) Phase II Solid Tumors + Blood Cancer (IO-IO Combo) Phase II Triple Negative Breast Cancer (Chemo-IO Combo) Phase II 14 LAG525 Triple Negative Breast Cancer (Chemo-IO Combo) Phase II § (Antagonist Phase II AB) Melanoma (IO-IO-Small Molecule Combo) § Global Rights Oncology LAG525 (Antagonist Melanoma (IO-IO-Small Molecule Combo) Phase II AB) Global Rights Oncology Solid Tumors (IO-IO Combo) Phase II Solid Tumors (IO-IO Combo) Phase II Triple Negative Breast Cancer (Chemo-IO-Small Molecule Combo) Phase I Triple Negative Breast Cancer (Chemo-IO-Small Molecule Combo) Phase I LAG525, now called leramilimab, a humanised form of IMP701 is being evaluated by Novartis in several Phase I and/or Phase II clinical trials in combination with Novartis’ PD-1 inhibitor spartalizumab for the treatment of certain cancers. LAG525, now called leramilimab, a humanised form of IMP701 is being evaluated by Novartis in several Phase I and/or Phase II clinical trials in LAG525, Novartisnow combination called has full with leramilimab, responsibility Novartis’ forinhibitor PD-1 a humanised the continued development spartalizumab form of IMP701 oftreatment for the the LAG-3 certainis antibody of beingandevaluated program cancers. by Novartis Immutep is eligible in several to receive development- based milestone payments and sales-based royalties. Phase I and/or Phase II clinical trials in combination with Novartis’ PD-1 inhibitor spartalizumab for the Novartis has full responsibility for the continued development of the LAG-3 antibody program and Immutep is eligible to receive development- treatment of certain cancers. based milestone payments and sales-based royalties. Novartis has full responsibility for the continued development of the LAG-3 antibody program and Immutep is eligible to receive development-based milestone payments and sales-based royalties. 15 15 [Continued on p. 16] 15
OPERATIONAL SNAPSHOT [Continued from p. 15] Ulcerative Colitis Phase II Global Rights Autoimmune GSK‘781 Healthy Japanese and Caucasian Subjects Phase I (Depleting AB) § Psoriasis Phase I In January 2021, GSK stopped its phase II clinical trial evaluating GSK2831781 (derived from Immutep’s IMP731 antibody) in ulcerative colitis In January 2021, based on the GSKofstopped assessment clinical dataits phase as part II clinical of a planned interimtrial evaluating analysis conducted inGSK2831781 (derived consultation with the trial’s Datafrom ReviewImmutep’s Committee. GSK is conducting further reporting, assessment and analyses of the efficacy and safety data and evaluating the biology to determine next steps IMP731 antibody) in ulcerative for the GSK2831781 development program. colitis based on the assessment of clinical data as part of a planned interim analysis conducted in consultation with the trial’s Data Review Committee. GSK is conducting Importantly, Immutep’s collaboration with GSK remains in place and GSK2831781 continues to be under an exclusive license with GSK. GSK further reporting, continues assessment to have full responsibility forand analysesofofthisthe the development efficacy LAG-3 antibody and safety program data isand and Immutep evaluating eligible the biology to to receive development-based determine milestonenext steps payments for the GSK2831781 and sales-based royalties. development program. The discontinuation of the GSK trial has no impact on Immutep’s three other product candidates all of which have different mechanisms of Importantly, Immutep’s action, including collaboration efti. Immutep’s cash runway iswith GSK remains in place and GSK2831781 continues to be under also unimpacted. an exclusive license with GSK. GSK continues to have full responsibility for the development of this LAG-3 antibody program and Immutep is eligible to receive development-based milestone payments OUTLOOK and sales-based royalties. Immutep is advancing strongly towards another step change in 2021. We continue to be in a very strong financial and operational position, following the encouraging clinical results announced for efti in 2020. The discontinuation of the GSK trial has no impact on Immutep’s three other product candidates all of We have increasing confidence in efti and accordingly, over the last six months we have announced or commenced three new efti trials, or trial which have different extensions, mechanisms with up to 386 of action, patients in different including efti. Immutep’s cash runway is also unimpacted. cancer indications. Our business development activity has also advanced with a second collaboration with MSD and a new LAG-3 agreement with LabCorp. 16 16
OUTLOOK Immutep is advancing strongly towards another step change in 2021. We continue to be in a very strong financial and operational position, following the encouraging clinical results announced for efti in 2020. We have increasing confidence in efti and accordingly, over the last six months we have announced or commenced three new efti trials, or trial extensions, with up to 386 patients in different cancer indications. Our business development activity has also advanced with a second collaboration with MSD and a new LAG-3 agreement with LabCorp. Engagement with regulatory bodies remains a key priority, along with strengthening our IP position and upscaling the manufacturing of efti to prepare for the future. This has already resulted in efti receiving Fast Track designation in 1st line HNSCC from the US FDA, given its encouraging data and potential to meet an unmet medical need. 17
COMPANY CALENDER What’s next JUNE 4TH 2021 - JUNE 8TH 2021 ASCO 2021 Annual Meeting Immutep will participate in this year`s virtual ASCO 2021 Annual Meeting. https://meetings.asco.org/am/virtual-welcome JUNE 10TH 2021 - JUNE 18TH 2021 BIO International Convention - Bio Digital 2021 Immutep will participate in the new virtual event format. https://www.bio.org/events/bio-digital JULY 13TH 2021 - JULY 15TH 2021 Non-Small Cell Lung Cancer (NSCLC) Drug Development Summit Immutep will participate in the digital Non-Small Cell Lung Cancer (NSCLC) Drug Development Summit. Frédéric Triebel, CSO & CMO of Immutep speaks on the subject: A Soluble LAG-3 Protein (Eftilagimod Alpha) with an Anti-PD-1 Antibody (Pembrolizumab): Results of a Phase II Study in NSCLC https://nsclc-drug-development.com/ SEPTEMBER 17TH 2021 - SEPTEMBER 21ST 2021 ESMO 2021 Congress Immutep will participate in the virtual ESMO 2021 congress. https://www.esmo.org/meetings/esmo-congress-2021 NOVEMBER 10TH 2021 - NOVEMBER 14TH 2021 SITC - 36th Annual Meeting & Pre-Conference Programs (SITC 2021) The company will have presentations at the conference and representatives will be attending. Venue: Walter E. Washington Convention Center in Washington, D.C. 18
IMMUTEP Fast Facts Listings Market Capitalisation Australian Securities Exchange (ASX), NASDAQ A$299.2 million (US$227.5 million) (as of 12 April 2021) Stock Codes ASX: IMM, NASDAQ: IMMP Cash & Term Deposits ~A$54.9 million (~US$42.3 million) (as of 31 Issued Capital – Ordinary Shares December 2020) 672.4 million (as of 12 April 2021) Board of Directors Senior Management Russell J Howard, PhD Prof Dr Frédéric Triebel Non-executive Chairman Chief Medical Officer and Chief Scientific Officer Mr Marc Voigt Deanne Miller Executive Director and Chief Executive Officer Chief Operating Officer, General Counsel and Company Secretary Mr Pete A Meyers Non-executive Director Grant Chamberlain Non-executive Director www.immutep.com 19
FOLLOW IMMUTEP’S PROGRESS Immutep is dedicated to maintaining consistent and clear communica- tions with our investors. In addition to our newsletter, we encourage our shareholders to continue following Immutep’s pro- gress in a number of ways: www.immutep.com Our website is a treasure trove for those in search of details about our company, our management team, and archived infor- mation. We encourage everyone to check it out regularly. www.clinicaltrials.gov Immutep registers all of our clinical trials, and the details of enrolling doctors, on the ClinicalTrials.gov website, a service of the United States National Institutes of Health. This register is the largest such repository of clinical trial information around the world. Our ClinicalTrials.gov ID for our trials are as follows: • TACTI-mel trial is NCT02676869 • AIPAC trial is NCT02614833 • TACTI-002 trial is NCT03625323 T ACTI-003 trial is NCT04811027 Twitter https://twitter.com/Immutep Facebook https://www.facebook.com/Immutep/ LinkedIn https://www.linkedin.com/company/857541/ Immutep Limited, Level 12, 95 Pitt Street, Sydney NSW 2000 ABN: 90 009 237 889 This investor update was authorised for release by the CEO of Immutep Lmited.
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