Imugene (ASX: IMU) has received firm commitments for a $37.5 million capital raising. The funds will advance the development of their off-the-shelf (allogeneic) CAR-T drug, azer-cel, intended for patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL). Imugene is a clinical-stage immuno-oncology company developing a range of novel immunotherapies. The company aims to improve outcomes for cancer patients by harnessing the power of the immune system.
The company will raise an initial $22.5 million through the placement of 68.2 million shares priced at $0.33 each. This price reflects a 22.4% discount to the last closing price of $0.425, and a 19.6% discount to the five-day volume weighted average price of $0.410 following the company’s recent 34-for-1 share consolidation. Imugene will follow the placement with a $15 million share purchase plan offered to existing eligible shareholders at the same price, with applications capped at $100,000.
Participants in both raisings will be eligible to receive three free attaching listed options for every four new shares, exercisable at $0.43 per option with a March 2026 expiry date. They will also receive a piggyback option—one additional free option for every attaching option—exercisable at $0.86 each with a June 2028 expiry. The capital raising follows positive news from a Phase 1b clinical trial, which showed a total of nine patients achieved complete or partial responses in their DLBCL using azer-cel and interleukin 2.
Imugene also announced it has received a $5.87 million research and development tax refund for the 2024 financial year, inclusive of $84,990 in interest. The refund, part of the Australian government’s tax incentive scheme, will support further clinical development of the company’s immuno-oncology pipeline. Managing director Leslie Chong noted the positive data from the azer-cel trial significantly improves the company’s position and has validated a separate trial for other niche blood cancer indications.
