Ann: IMUGENE ANNOUNCES A$80 MILLION INSTITUTIONAL PLACEMENT, page-186

Absolutely correct,
~ if they had a cornerstone investor their name would be shouted from the roof tops.

The Company didn't need this placement, if the "two leading institutional investors" with all their experience in healthcare and biotechs were that eager to get into IMU then why was the placement at a discount? with the added bonus of options!
The announcement itself is ambiguous in the wording of "two" ~ reads like it was only 2 investors that participated but then reading the conditions of exercising the options, this was just a raise for mates . . . . . .

One thing I don't agree with in your post, cornerstone investors can and do participate in companies outside of the regular IPO's, Sprott comes to mind when they move into gold stocks, generally after a lot of the early work has been completed, also it isn't unusual for a cornerstone investor to pay a premium for a stock.

Just a modest 6.8% dilution on OFP shares, add a further 3.4% dilution when the options are converted, overall a 10.2% dilution
~ the bullet point of only being a discount of 11.1% discount to the closing price on the 9th is just more fluff, placements and institutional investors use 5 day VWAP = $0.225 = 12% discount excluding the options bonus.
~ I just don't get the company or quite frankly most ASX listed companies that are hell bent in getting funding when not quite needed but the defence to their logic is if they go to the institutions when they are getting a bit bare then they will command a higher discount, maybe it is a good thing given the macro environment, CPI, inflation etc to get a placement out of the way now?

A SPP plan for us smucks on the same conditions as they have just given their mates, I wouldn't mind options that have a 3 1/2 year expiry date, for only a 50% increase on current share price......

cheers