Imugene Ltd (ASX:IMU, OTC:IUGNF) has extended the closing date of its $15 million Share Purchase Plan (SPP) to Monday, August 25, giving eligible shareholders more time to participate following last week’s positive clinical trial news for its lead cell therapy program, azer-cel.
The company said the decision followed feedback from investors seeking additional time to consider the offer, which opened on July 24 and was originally set to close on August 18, after Imugene reported a strong 79% overall response rate in its Phase 1b trial of the off-the-shelf CAR T therapy. All other terms of the offer remain unchanged.
The SPP is part of a broader $37.5 million capital raising announced on 16 July, comprising a $22.5 million institutional placement and the SPP, both priced at $0.33 per share and including free attaching listed options. Proceeds will primarily fund the development of azer-cel into a pivotal Phase 2 trial in 2026.
Read more: Imugene secures $22.5 million placement and launches $15 million SPP to fund azer-cel trial
Timetable changes
Under the revised schedule, the SPP will now close on August 25, with allotment of new shares and attaching options set for September 1. The company’s proposed extraordinary general meeting to approve the SPP and new options remains scheduled for August 20.
Eligible shareholders on the register at 7:00 pm Sydney time on July 15 may subscribe for up to $100,000 of new shares at the offer price, on the same terms as the placement. For every four shares subscribed for, participants will receive three attaching listed options with a $0.43 exercise price expiring March 30, 2026. Exercised options will also carry a free piggyback option, exercisable at $0.86 until June 2028.
Strong investor interest and trial momentum
The placement component of the raising was oversubscribed, drawing support from Australian and international investors. Imugene expects the combined raising, together with existing cash reserves, to provide a cash runway into the second half of 2026 — and potentially into mid-2027 if attaching options are exercised, with the potential for up to $36.6 million in added funding.
The extension follows Imugene’s August 4 update on its Phase 1b azer-cel trial in relapsed/refractory diffuse large B-cell lymphoma (DLBCL), which reported a 79% overall response rate among 14 patients, including six complete responses and five partial responses.
Read more: Imugene posts 79% overall response rate in azer-cel Phase 1b trial
Notably, the first patient treated in 2024 remains cancer-free after more than 15 months, with other patients showing durable responses beyond three, seven and 11 months. All had previously failed at least three lines of therapy.
The trial is also expanding to include CAR T-naïve patients with niche lymphoma subtypes such as primary central nervous system lymphoma (PCNSL) and chronic lymphocytic leukaemia (CLL), areas of high unmet medical need with no approved CAR T therapies.
Continuing clinical progress
Azer-cel is an allogeneic, off-the-shelf CAR T-cell therapy designed to address limitations of currently approved autologous treatments, including manufacturing delays and access barriers. It is being assessed in combination with interleukin 2 (IL-2) to enhance persistence and efficacy.
With a strengthened balance sheet and encouraging early-stage results, Imugene says it is well-positioned to advance azer-cel toward late-stage development while progressing other programs in its immuno-oncology pipeline.