ImmunAid launches second funding round
ImmunAid, the Australian personalised treatment company 45%-owned by Genetic Technologies (ASX:GTG), has launched a second round of fundraising to support its development activities.
The unlisted public company is raising funds through the allocation of ordinary shares to arms-length investors at an issue price of $5 per share.
In an ASX announcement, GTG said while the funds received under the round to date are modest, ImmunAid is in talks with investors in Australia, the US and Europe to “raise significant additional funds”.
The company plans to use funds raised during the round to expand its global patent portfolio and support further human and animal trials of its technology.
ImmunAid completed round one financing in April 2012, raising $1 million through the issue of shares at $1 apiece. New investors acquired 10% of the company during the round. GTG ceased to be a majority owner as a result of the transactions but is still ImmunAid’s largest shareholder.
ImmunAid’s business model focuses on developing new strategies for treating cancer, autoimmune diseases and other major diseases by developing personalised timed treatment regimens based on the body’s natural immune cycle.
In July, the company secured its first US patent covering its treatment strategy technology. The company has six patent families covering retroviral, cancer, autoimmune diseases and degenerative diseases, and holds multiple patents in Australia and Europe.
Genetic Technologies (ASX:GTG) shares were trading 2.5% higher at $0.082 as of around 1 pm on Friday.
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