Media, page-16

Martin Rogers was a great marketer of both brand (Prima Biomed) and product (Cvac). He was instrumental in bringing onboard some big hitters too including Lucy Turnbull, who became the Prima and then Immutep Chair.
Unfortunately Cvac was not commercially viable (long story) and was put out to pasture. The SP dropped like a proverbial lead balloon from a high (est) 40c to less than 1c (2009).

Marc saw the Immutep opportunity and did the deal with Fred assisted by the board and new (and existing) investors. $28 miilion - 2014.

Ever since its been head down ar.se up for Marc, Fed and the team. Its still been a long and hard journey - multiple cap raises and a few set backs - not least AIPAC PFS data. But if you look back and see where we are now, great progress has been made BUT the market does not forget 'misdemeanours' of the past.

I do believe though that when developing a brand/product you must try to sell the 'sizzle' as well as the 'steak'. Marc is not good at selling the sizzle to the general market/retailers and maybe that's the way it should be. Let the data do the talking?! The issue there is limited market to generate consistent momentum even when data is good/excellent and therefore the SP can be moved easily in the direction market makers want it to go. At present we know despite macro events the market cap should be several multiples of where it is now.

Also, Immutep is a 'pure play' play Lag3 biotech, which is both a blessing and a burden. A blessing in that we have clear advantage over potential competition but also a burden in the sense that if Efti fails (or doesn't perform as well as needed to be commercially viable/approved), then its game over and therefore still a high risk to potential investors. Not a one trick pony but a one trick platform. (excluding 761 which may get into the clinical in late 2022/23).

So even a seasoned marketer would have challenges promoting Efti, despite many BP partnerships, clinical trials and multiple cancer settings.

All that said we are getting to the pointy end of a 'late stage' biotech.

Things will get very interesting around March next year IMO.

Sit tight in the meantime and enjoy some festive cheer or three.

PS - I think you're right Ahjay in that manufacturing 761 was the significant operational update before end of 2021. Happy to be wrong.