"Imugene set to dazzle market with new clinical data, cash call"
Imugene, a clinical stage immuno-oncology business whose shares are down almost 80 per cent this year, is expected to ask listed equities investors for fresh funds as early as this week.
Three people involved in the situation, who asked to remain anonymous, said Imugene’s brokers Bell Potter and E&P Financial started wall-crossing fund managers over the weekend. Spokespeople for Bell Potter and Imugene did not respond to requests for comment.
It is understood Bells told fund managers that Imugene is looking for about $35 million. The raise will be accompanied by new clinical data, including several complete and partial responses to its allogeneic CAR T cell therapy, known as azer-cel, the people said.
The cash call comes two years after Imugene last raised capital following its acquisition of the azer-cel licence from Precision Biosciences. That deal comprised a $60 million cash injection split between a placement and a share purchase plan, and was priced at 8.4¢ a share.
No doubt Bells and Imugene will be hoping for a similar reaction from investors to that seen at fellow listed biotech Amplia Therapeutics earlier this mo nth. Amplia reported two complete responses to its pancreatic cancer trial, causing the shares to spike almost 500 per cent higher.
Imugene shares last closed at 4.2¢, giving the company a market capitalisation of $93.3 million.
IMU Price at posting:
42.5¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)