Clinical-stage immuno-oncology company Imugene Ltd has raised A$20 million through the issuance of senior, unsecured, zero-coupon convertible notes to CVI Investments, Inc.
First tranche of funding
This funding marks the first tranche of the company’s A$46 million capital raising initiative, announced on December 23, 2024.
The overall funding structure includes convertible notes alongside associated unlisted warrants.
Proceeds from this initial tranche will support the advancement of Imugene’s immuno-oncology clinical trial pipeline.
The company highlighted the allocation of funds towards its key programs, including azer-cel, onCARlytics and VAXINIA, which aim to deliver novel therapeutic solutions in the oncology space.
Financial flexibility
The convertible notes, which carry a five-year maturity, offer financial flexibility to the company, with the option for semi-annual conversion to ordinary shares at a premium to the current market price.
What’s more, the zero-coupon structure ensures no interest costs, easing the financial burden while focusing on its clinical programs.
The company views this capital injection as a critical step in progressing its innovative pipeline, which is positioned at the forefront of immuno-oncology research.
Further updates on the A$46 million capital raising initiative are anticipated as Imugene progresses with subsequent tranches.