Investor Update 06 APRIL 2021

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Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
Investor Update 06 APRIL 2021
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
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           Alpha SNAPSHOT AIPAC                                                                             Phase IIb
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       Eftilagimod                                                                                                                     Global Rights
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       Eftilagimod                                                                                                                     Global Rights
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        Eftilagimod          TACTI-002 (KEYNOTE-798)                                                                                                          Global Rights
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        Eftilagimod                                                                                                                                           Global  Rights
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      (efti or IMP321)       TACTI-003
                     FurtherMetastatic
                              interim    Breast
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                                                    TACTI-002           – IO) in H1 of 2021.
                                                                  is expected                             Phase II                                 §
                                 Oncology

vember      2020.      Since Head   and
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        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
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                             Head and Neck Squamous Cell Carcinoma (IO – IO)        trial
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                                                                                              SABCS  2020  at
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                                                                                                                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
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         collection
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            Alpha
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                                                                             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)
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                                       data
                                        results Squamous
                                             from   TACTI-002
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                                                        Immutep’s    Carcinoma
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                                                                      TACTI-002     (IO of
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                                                                                           were                                                    § Immutep has
   completed
   Immutep      isthe
        Eftilagimod    recruitment
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                                         patients
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                                                              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
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                                       with    fromtoTACTI-002
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                                                                   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
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                    progressing
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      (efti or IMP321)
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                                      and
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                                                              theCell
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                                                                       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
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                                                                    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
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                                  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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