Imugene Limited (ASX:IMU, OTC:IUGNF) has raised A$5 million in a heavily oversubscribed share purchase plan (SPP), capping off a A$95 million capital raise to fund its clinical pipeline into 2025.
The clinical-stage immune-oncology company will now issue 16.7 million new ordinary shares at 30 cents each, along with 8.3 million attaching options.
This multi-million-dollar cash injection will support work across Imugene’s three novel technology platforms.
The SPP adds to the A$90 million in funding secured via a placement in late July, which saw the Australia-headquartered biotech issue 300 million shares and 150 million options.
SPP “heavily oversubscribed”
Based on the subscription levels for the SPP, Imugene scaled back applications on a pro-rata basis, meaning allocations were considered in proportion to a shareholder’s existing holding.
Investors who participated in both the placement and share purchase plan can exercise their new options at A$0.45 per share any time before or on August 31, 2024.
Capital raising “a game-changer”
Speaking on the capital raise when it was first announced, Imugene founder, executive chairman and bio entrepreneur Paul Hopper said: “A capital raising of this magnitude is a game-changer for Imugene, giving the company a strong runway across each of our highly prospective programmes for the next four years.
“It’s a credit to the groundwork done by Leslie and the rest of the team in recent years. We’ve been able to attract some high quality, specialist shareholders in the life sciences sector, and I’d like to welcome those new shareholders as well as thanking our existing shareholders for their continued support.”
Managing director and CEO Leslie Chong said: “It is incredibly exciting to put Imugene in a position where we are fully funded for the array of outstanding immuno-oncology assets in our portfolio.
"The funds from the placement and SPP will allow us to progress these programs unimpeded and translate the science into shareholder value and ultimately, immunotherapies that help patients in need.”