Imugene MD and chairman demonstrate faith in company by exercising options with total value of $2.524 million

The company has enhanced its portfolio with a novel CD19 expressing oncolytic virus from City of Hope to be developed in combination with CD19 CAR T cell therapy.

A phase-1 clinical trial is anticipated to commence in 2022.

Imugene Ltd (ASX:IMU) (OTCMKTS:IUGNF) has boosted its finances by A$2.524 million following the exercise of options by the company's managing director and executive chairman.

Executive chairman Paul Hopper has exercised 25 million options at a value of A$1.07 million and managing director and CEO Leslie Chong exercised 36.2 million options.

The value of Chong's exercising of options was A$1.517 million with a remaining 13.8 million options to be exercised in the near future.

Imugene will use the additional funds to further its research and development activities.

Licensing agreement with City of Hope®

Imugene recently entered into a licensing agreement with City of Hope® for the patents covering a novel combination immunotherapy.

This therapy unleashes a CD19 expressing oncolytic virus to enable CD19 directed chimeric antigen receptor (CAR) T cell therapies to target solid tumours, which are currently otherwise difficult to treat with CAR T cell therapy alone.

The worldwide exclusive licence of the patents covering the cell therapy technology, which includes CF33-CD19, known as onCARlytics™, or an agent that tags cancer cells for CAR T cell destruction, was developed at City of Hope.

Quick facts: Imugene Ltd

Price: 0.455 AUD

ASX:IMU

Market: ASX

Market Cap: $2.18 billion

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