Imugene Limited (ASX:IMU), a clinical stage immuno-oncology company developing novel immunotherapies, has successfully completed a $22.5 million placement to new Australian and international institutional and sophisticated investors. The placement involved the issue of 68.2 million new fully paid ordinary shares at a price of $0.33 per share. Bell Potter Securities Limited and E&P Capital Pty Ltd acted as Joint Lead Managers and Bookrunners to the Placement.
Following the placement, Imugene has launched a Share Purchase Plan (SPP) to raise up to a further $15 million. The SPP is offered to existing eligible shareholders at the same price of $0.33 per share, with applications capped at $100,000 per shareholder. Participants in both the placement and SPP will receive three free attaching listed options for every four new shares subscribed. These options have an exercise price of $0.43 and will expire on 30 March 2026. Upon exercising each of these options, participants will receive an additional listed option with an exercise price of $0.86 and an expiration date of 30 June 2028.
The proceeds from the capital raising will primarily fund the azer-cel program through to the initiation of a pivotal clinical trial, expected in CY26. Imugene anticipates a pro-forma cash balance of $64 million as of 30 June 2025, post-completion of the offer. Managing Director and CEO Leslie Chong said the funds from the placement and SPP would put the company in a strong position to progress the azer-cel program.
The company expects that the potential exercise of the attaching options could provide up to $36.6 million of additional near-term funding. This would extend the company’s cash runway into mid-CY27. The SPP is subject to shareholder approval at an extraordinary general meeting expected to be held in August 2025.
