Clinical-stage immuno-oncology company Imugene Limited (ASX:IMU) has received $20 million from the issuance of senior, unsecured, zero-coupon convertible notes to CVI Investments, Inc.
This funding represents the first tranche of a total $46 million capital raising announced on 23 December 2024, comprising convertible notes and associated unlisted warrants.
The proceeds from this initial tranche will be directed toward advancing Imugene’s immuno-oncology clinical trial pipeline, including azer-cel, onCARlytics, and VAXINIA programmes.
The convertible notes, with a five-year maturity, provide significant flexibility for Imugene, with no interest costs and potential semi-annual conversion to ordinary shares at a premium to the company’s market price.
Imugene is developing a range of new and novel immunotherapies that seek to activate the immune system of cancer patients to treat and eradicate tumours. The company’s 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.
Our pipeline includes an off-the-shelf (allogeneic) cell therapy CAR T drug azer-cel (azercabtagene zapreleucel) which targets CD19 to treat blood cancers. Our pipeline also includes multiple immunotherapy B-cell vaccine candidates and an oncolytic virotherapy (CF33) aimed at treating a variety of cancers in combination with standard of care drugs and emerging immunotherapies such as CAR T’s for solid tumours. We are supported by a leading team of international cancer experts with extensive experience in developing novel cancer therapies that are currently marketed globally.
The company’s vision is to help transform and improve the treatment of cancer and the lives of the millions of patients who need effective treatments. This vision is backed by a growing body of clinical evidence and peer-reviewed research.
Imugene is well funded and resourced, to deliver on its commercial and clinical milestones. Together with leading specialists and medical professionals, we believe Imugene’s immuno-oncology therapies will become foundation treatments for cancer.
