The Immutep Ltd (ASX: IMM) share price jumped by more than 5% in morning trade to 69 cents following an update on the company's preclinical development of a tablet to treat cancer.
The Immutep share price has since pulled back slightly and is trading for 68 cents at the time of writing.
The ASX biotech develops LAG-3-related immunotherapy treatments for cancer and autoimmune diseases.
What update did Immutep provide?
Immutep reported "some exciting early results" in its ongoing preclinical trials.
The company said it has advanced its program to develop a new generation of small molecule anti-LAG-3 therapies. Immutep has been collaborating on the project with Cardiff University since 2019, with the goal of developing an oral treatment for cancer patients.
Immutep also hopes to be able to deliver its treatment at a lower cost than today's anti-LAG-3 antibodies.
Commenting on the progress, Immutep's CEO Marc Voigt said:
"Never has there been a more exciting time to explore new ideas to control the interaction between LAG-3 and MHC class II molecules, following the recent validation of LAG-3 by the pharma industry. We are excited to progress this project with the world leading scientists at Cardiff University and continue our work to develop novel LAG-3 therapeutics, especially as there are already some exciting early results from our joint efforts."
Professor Andrew Godkin of Cardiff University noted that the small molecule anti-LAG-3 treatment they are working to develop "could offer the convenience of a tablet or capsule, at a fraction of the cost of existing anti-LAG-3 candidates".
Professor Andrea Brancale of Cardiff University added, "We think this cross-functional expertise in chemistry, biology and drug development positions the team very well for a successful collaboration."
Immutep and Cardiff University will jointly own all intellectual property (IP) relating to products and their derivatives developed under their agreement.
Immutep share price snapshot
The past 12 months have been good for Immutep shareholders, with the ASX biotech share up 283% since this time last year. By comparison, the All Ordinaries Index (ASX: XAO) is up 20% in that same time period.
Year-to-date, the Immutep share price has continued to strongly outperform, up 64% so far in 2021.
