Imugene (ASX:IMU) has announced it has received firm commitments from institutional and sophisticated investors for a $22.5 million placement and is launching a share purchase plan for existing eligible shareholders to raise up to $15 million.
The company stated that the proceeds will primarily be used to fund the azercabtagene zapreleucel (azer-cel) program through to initiating a pivotal clinical trial in calendar year 2026. The investigative candidate is an allogeneic CAR-T cell therapy targeting the CD19 protein to treat blood cancers.
Imugene said the placement and share purchase plan has been priced at $0.33 per share. Participants will receive three free attaching listed options for every four new shares subscribed for under the offer, with an exercise price of $0.43 and expiration of 30 March 2026. Upon the exercise of every one ree attaching option, participants will receive one additional listed option, with an exercise price of $0.86 and an expiration date of June 30, 2028.
The company stated that, following the completion of the offer, it would have a pro forma cash balance as of 30 June of $64 million.
Imugene Managing Director and CEO Leslie Chong said, “Following the strong support received in the recent oversubscribed placement, Imugene is pleased to extend this opportunity to existing retail shareholders through a Share Purchase Plan (SPP), enabling participation on the same terms. The placement, together with the SPP and existing cash reserves, places the company in a strong financial position to progress the azer-cel program towards a potential pivotal Phase 2 clinical trial, based on the promising efficacy data reported earlier this week."