Imugene Limited (ASX:IMU), a clinical stage immuno-oncology company developing new treatments that seek to activate the immune system of cancer patients to identify and eradicate tumours, has announced an equity raising of up to $37.5 million. The company has launched a prospectus for the offer of new shares through a placement to sophisticated investors and a share purchase plan (SPP) for eligible shareholders.
The equity raising comprises two main components: a placement offer of up to 68,236,857 new shares to placement subscribers at an issue price of $0.33 per share, aiming to raise up to $22.5 million, and an SPP offer of up to 45,454,545 new shares to eligible shareholders at the same issue price of $0.33, with the goal of raising approximately $15 million. Additionally, for every four new shares subscribed, participants will receive three attaching options, exercisable at $0.43 each by 30 March 2026, and one piggyback option for every attaching option exercised, exercisable at $0.86 each by 30 June 2028.
The funds raised will primarily be used to advance Imugene’s azer-cel program, aiming to initiate a pivotal clinical trial in calendar year 2026. A portion of the proceeds will also support other research and development activities, general administrative expenses, and working capital. Bell Potter Securities Limited and E&P Capital Pty Ltd are acting as Joint Lead Managers to the Placement Offer.
The SPP offer is available to shareholders registered on the company’s register as of 7:00 pm (Sydney time) on 15 July 2025, with a registered address in Australia or New Zealand. The issue of new shares under the SPP and the new options are subject to shareholder approval at an extraordinary general meeting expected to be held in August 2025. The company intends to seek quotation of the attaching options and piggyback options on the ASX.
