Imugene completes $3.5m capital raising

Imugene (ASX:IMU) has completed a $3.5 million capital raising to help pay for trials of its HER-Vaxx anticancer candidate.

The company has concluded an $833,500 share purchase plan and a further $500,000 placement, to complement the $2.25 million placement completed in November.

Proceeds from the capital raising will be used to support the manufacture of HER-Vaxx for clinical trials and help fund its phase Ib/II trial in patients with metastatic gastric cancer. The trial will form part of the IND process for the drug with the US FDA.

The funds will also be used for preclinical work, intellectual property protection actions and general corporate purposes.

Imugene CEO Charles Walker said the company had decided to conduct the additional placement following unexpectedly high demand for its initial offer.

“We thank the investors who participated in the SPP and placement for their ongoing support of the company and we look forward to updating the market as we make progress on our milestones in the development of HER-Vaxx, one of the world’s most advanced B-cell vaccines and a highly promising novel treatment for gastric cancer,” he said.

Imugene (ASX:IMU) shares were trading unchanged at $0.011 as of around 1 pm on Wednesday.