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.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.