Clinical stage immuno-oncology company Imugene Limited (ASX:IMU) has successfully undertaken a Placement of A$80 million, which is being subscribed by two leading institutional investors with significant healthcare and biotechnology expertise.
The funds raised under the Placement, in addition to the company’s existing cash position, will provide an extended runway for Imugene’s deep pipeline of clinical programmes.
Founder and Executive Chairman, Paul Hopper, said partnering and licensing opportunities and R&D rebates have the potential to extend the runway further.
This capital raising ensures a long runway for the existing programmes while also providing flexibility to add complementary assets should attractive opportunities present,” Mr Hopper said.
“The ability to introduce two high calibre institutional investors onto the share register following what has been a volatile period across biotechnology indices speaks to the quality of the Company’s unique clinical platforms.
“With minimal dilution to existing shareholders of only 6.8%, and with such a definitive statement of investment support for Imugene by two prominent funds, the Board believes we have a significant opportunity to maximise value for all Imugene shareholders.”
Imugene Managing Director and CEO, Leslie Chong, said the company was pleased to be able to strengthen its balance sheet and give itself an unimpeded runway to progress its numerous, ongoing clinical trials.
“By having these multiple shots on goal well-funded gives them the best chance of success, which we expect will translate into shareholder value and improved patient outcomes.”
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.