Immune-oncology company Imugene (ASX:IMU) has raised $8.7 million through a $6.7 million institutional placement and a $2 million fully underwritten entitlement offer.
The proceeds from the offering will enable the company to complete its cancer treatment clinical trial and undertake further trial expansion of its clinical pipeline.
The placement is priced at 1.8 cents per new share to institutional and sophisticated investors, and the entitlement offer is a 1 for 21 non-renounceable offer.
Imugene’s CEO Leslie Chong said the level of demand from new and existing shareholders in this raise speaks to the commercial and clinical potential of Imugene’s technology.
The company said it is focussed on progressing the clinical development of HER-Vaxx and on enhancing collaborations with medical institutions.
Shares in Imugene (ASX:IMU) are trading 17.39 per cent lower to 1.9 cents a share.