- Imugene (IMU) receives firm commitments to raise $35 million through a share placement and will initiate an SSP for existing shareholders
- The placement comprises the issuance of 416.7 million new shares at 84 cents apiece, while the SSP is raising a further $30 million at the same price
- Imugene will use the capital raised to fund its recent acquisition of the exclusive licensing rights to the Azer-cel Allogeneic CD19 Car-T licence
- IMU shares are down 13.8 per cent, trading at 8.1 cents at 11:01 am AEST
Imugene (IMU) has secured firm commitments to raise $35 million through a share placement and is also initiating a share purchase plan (SSP) for existing eligible shareholders.
The placement will offer shares at 8.4 cents each, resulting in the issuance of 416.7 million new shares. Simultaneously, the SSP will generate an additional $30 million at the same placement price, representing a 2.5 per cent discount to the closing five-day volume-weighted average price (VWAP).
Participants in the placement and SPP will be granted one free option for each share received under the offer. These options will be listed on the ASX at an exercise price of 11.8 cents and will expire on August 31, 2026.
The company has announced significant interest and backing from specialised biotech institutional investors. Several IMU directors and key management personnel have collectively committed around $840,000.
Imugene will use the capital raised to fund its recent acquisition of the exclusive licensing rights to the Azer-cel Allogeneic CD19 Car-T licence and the associated trial costs.
IMU plans to make an initial payment of $8 million to Precision Biosciences to cover manufacturing, clinical trial, regulatory, and working capital expenses related to the license agreement.
“I am delighted with the very strong support shown for the raise with institutional interest coming from Australia, Asia in particular, and the US,” IMU Founder and Executive Chair Paul Hopper said.
The placement was officially announced today, and the new shares are scheduled for allotment on Friday, August 25. Concurrently, the SSP offer will be open to the public starting Monday, August 28, and will conclude on Thursday, September 14.
IMU shares were down 13.8 per cent, trading at 8.1 cents at 11:01 am AEST.