Imugene Limited (ASX:IMU) has received firm commitments for a $90 million placement to new and existing institutional and sophisticated investors.
The clinical stage immune-oncology company received outstanding support from several specialist biotech institutional investors who cornerstoned the capital raising.
The Placement is being followed by a SPP, to raise up to $5 million, for existing eligible shareholders under the same terms as the Placement.
Founder and Executive Chairman, Paul Hopper, said the funds raised provide an adequate cash runway for Imugene’s range of programmes through to the end of 2025, with partnering and licensing opportunities and R&D rebates having the potential to extend the runway further.
The capital raise will fund clinical trials for HER-Vaxx, PD-1-Vaxx, CHECKvacc, Vaxinia and OnCARlytics, as well as associated manufacturing, regulatory and working capital costs. Imugene Founder and Executive Chairman Paul Hopper said:
A capital raising of this magnitude is a game changer for Imugene, giving the Company a strong runway across each of our highly prospective programmes for the next four years. It’s a credit to the groundwork done by Leslie and the rest of the team in recent years,” Mr Hopper said.
“We’ve been able to attract some high quality, specialist shareholders in the life sciences sector, and I’d like to welcome those new shareholders as well as thanking our existing shareholders for their continued support.”
Managing Director and CEO Leslie Chong said the results will put Imugene in a position where it can be fully funded for the array of outstanding immuno-oncology assets in its portfolio.
“The funds from the placement and SPP will allow us to progress these programmes unimpeded and translate.”
Imugene is a clinical stage immuno-oncology company developing a range of new and novel immunotherapies that seek to activate the immune system of cancer patients to treat and eradicate tumours.
Its unique platform technologies seek to harness the body’s immune system against tumours, potentially achieving a similar or greater effect than synthetically manufactured monoclonal antibody and other immunotherapies.
