Support from leading institutional investors augurs well for Imugene
Clinical stage immuno-oncology group, Imugene (ASX: IMU) has raised $3 million through an option plan which expired on March 31, 2017.
The price for shares exercised under the option plan was 1.5 cents per share, broadly in line with the closing price on that date. Since then the company has gone on to trade as high as 1.6 cents per share.
Although it should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.
Commenting on the capital raising, Chief Executive Ms Leslie Chong said, “We are pleased with the outcome of the options plan which further places Imugene in a solid position to continue the development of our HER-2 focused clinical candidate, HER-Vaxx, plus our broader mimotope platform and arginine modulator program”.
HER-Vaxx is a cancer immunotherapy designed to treat tumours that over express the HER-2/neu receptor, such as gastric, breast, ovarian, lung and pancreatic cancers. IMU is working in partnership with the Medical University of Vienna to discover and develop mimotope-based immunotherapies against validated and new oncology targets.
Management is of the view that this partnership has the potential to create game changing B Cell peptide vaccines that would replace or augment conventional monoclonal antibody therapies
With regard to the capital raising it was significant that the company received ongoing support from leading institutional investors Platinum Asset Management and Private Portfolio Managers, as well as Celtic Capital, all of whom have increased their investment.
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