Imugene Limited (ASX:IMU) is issuing 5 million options to non-executive director Dr Axel Hoos as a cost effective incentive based form of remuneration.
This further aligns his interests and remuneration to the achievement of operational milestones, share price appreciation and improved shareholder value.
Dr Hoos is a highly qualified and internationally respected medical research professional who has played a key role in the development of Imugene's HER-2+ gastric and breast cancer therapies and his ongoing involvement and incentivisation is critical for Imugene as it focusses on delivering key milestones.
The issue of options is subject to shareholder approval and the following terms and conditions:
- 2.5 million options exercisable at $0.0125 per option and vest upon recruitment of first patient for Phase 1b trial;
- 2.5 million options are exercisable at $0.0175 per option and vest on recruitment of first patient for Phase 2 trial;
- Options expire 4 years from the date of issue; and
- Any options not vested will lapse if Dr. Hoos ceases to be a director of the company.
Recent Activity
In May, the company released research that demonstrated promising inhibition of tumour cells by its Her-Vaxx peptide vaccine for HER-2 positive gastric and breast cancer compared with Roche’s Herceptin drug in tumour model.
In empirical work, pre-clinical data showed that a higher dose of HER-Vaxx is able to inhibit cancer cell growth 70% greater than Herceptin.
While clinical trials are required to confirm this, the result is promising given that Herceptin generated annualised sales of $6.9 billion.
The Phase 1b/2 clinical trial remains on track to begin in the second half of 2015.
Phase 1b is designed to confirm low toxicity and select the optimal dose from three different doses of HER-Vaxx while Phase 2 will use the dose identified in Phase 1b and assess clinical efficacy of HER-Vaxx in two groups of 34 patients in a placebo-controlled trial design.
This trial will improve understand of HER-Vaxx’s functioning from an early stage including showing the increased modulation of the immune system and demonstrating again the production of HER-2 antibodies by patients’ immune systems
Adding interest, the trial will use a re-formulation of Her-Vaxx that shows more rapid and greater anti-cancer antibody production.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.