Imugene Ltd (ASX: IMU) Raises $8.7 Million for Clinical Trials

KEY TAKEAWAYS:

  • A total of $8.7 million was raised by Imugene (ASX: IMU) from an institutional placement and a fully underwritten entitlement offer.
  • Imugene (ASX: IMU) is dedicated to creating a pipeline of B-cell peptide cancer vaccines.
  • The HER-Vaxx clinical development and progression.

Imugene (ASX: IMU) has obtained an institutional placement worth $6.7 million and $2 million fully underwritten entitlement offer. The proceeds are set to endow the fulfilment of the Phase Ib/2 HER-Vaxx clinical trial onwards trial advancement of its remarkable clinical pipeline. HER-Vaxx is an immunotherapy focused on the treatment of tumours that afflict the HER-2/neu receptor in patients suffering from gastric, pancreatic, ovarian and lung cancers.

Participating shareholders in the placement cannot join in the Entitlement Offer. The placement is valued at $0.018 for every new share to institutional and sophisticated investors. As for the fully underwritten entitlement offer by Bell Potter Securities Limited is a surely 1 for 21 non-renounceable type.

“The level of demand from new and existing shareholders in this raise speaks to the commercial and clinical potential of Imugene’s technology. I warmly welcome the new institutional and sophisticated investors to our company and thank our existing shareholders for their continued support. The company is focussed on progressing the clinical development of HER-Vaxx and on enhancing our collaborations with medical institutions in order to realise the significant value in the production of mimotopes. Our goal is to continue strengthening the substantial body of evidence which underpins the development of our innovative technology.” Leslie Chong, CEO of Imugene, stated.

The consistent phase of progress in Imugene’s ardent goal of thriving amelioration in cancer vaccines and strengthening collaborative unions with prominent medical organizations define the discerning adherence to continuously empower innovative strategies and methods that make them stand out in the field.

About Imugene Limited (ASX: IMU)

Imugene is a clinical stage immuno-oncology company. Its lead product is HER-Vaxx, a B Cell peptide vaccine for the treatment of gastric cancer. The company is also developing mimotope-based immunotherapies against validated and new oncology targets. HER-Vaxx is an immuno-oncology therapy designed to treat tumours that over-express the HER-2/neu receptor, such as gastric, breast, ovarian, lung and pancreatic cancers.

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