Imugene completes $2m placement

Veterinary biotechnology company Imugene has completed a $AUD2 million placement to institutional and professional high net worth investors.

The funds raised by the placement, which was undertaken with Southern Cross Equities and Taylor Collison, will be put towards the company's companion and production animal vaccines.

"These funds will be used to strengthen our financial position and 'fast track' the development and commercialisation activities of the Company's veterinary products," said executive chairman Graham Dowland.

"We are encouraged by the institutional and high net worth client base who have participated in the placement, many of whom have been impressed with the Company's 'biological' vaccines, which are viable alternatives to the existing antibiotics and chemical treatments for production animals and pets."

Dowland said that the placement would be conditional upon the approval of shareholders for the buyout of VectoGen, currently 40 per cent owned by Imugene, and the subject of a General Meeting on June 23rd, 2003.