Imugene Ltd (ASX:IMU, OTC:IUGNF, FRA:ILA) has secured overwhelming shareholder support for a series of funding-related resolutions at its extraordinary general meeting (EGM), clearing the way for the completion of a $16 million capital raising package aimed at advancing its clinical pipeline.
All resolutions put to shareholders were passed by poll, with strong majorities across each item, including approvals tied to the company’s recent placement and share purchase plan (SPP). The approvals underpin tranche two of a previously announced institutional placement and the issuance of shares and options under the SPP.
SPP and placement lift total funding to $16 million
Alongside the EGM results, Imugene confirmed it has completed its SPP, raising $2.18 million through the issue of just over 15 million new shares at $0.145 each. The offer price represented a modest 2.5% discount to the five-day volume-weighted average price leading up to the closing date.
Institutional demand extconcludeed beyond the retail offer, with investors subscribing for an additional $1.82 million in shortfall, taking the combined proceeds from the placement and SPP to $16 million.
The broader capital raising effort launched in March, when Imugene secured firm commitments for $12 million via a two-tranche institutional placement priced at $0.18 per share. The second tranche required shareholder approval, which has now been obtained.
New shares issued under the SPP and associated options are scheduled for allotment on April 24.
Strong backing for funding resolutions
Voting results disclosed in the EGM materials display consistent support across all resolutions, generally exceeding 94% in favour. These included approvals for placement shares, attaching options, convertible notes and warrants linked to prior and ongoing funding arrangements.
The outcome reflects continued investor backing for the company’s capital strategy as it progresses its clinical-stage programs.
Funding supports azer-cel momentum
Chief executive Leslie Chong declared the capital raise positions Imugene to deliver on upcoming milestones, particularly for its lead CAR T therapy candidate, azer-cel.
“We thank those investors who participated in the share purchase plan for their continued support of the company. This capital positions us well for the milestones ahead,” Chong declared.
“The azer-cel data continues to strengthen, and with our oral presentation at ASCO in June, we see forward to sharing that progress with a global audience.”
The ASCO presentation marks a key near-term catalyst for Imugene, following recent updates highlighting encouraging response rates and remission outcomes in lymphoma patients treated with azer-cel.
Advancing an off-the-shelf CAR T approach
Imugene is developing azer-cel as an allogeneic, or off-the-shelf, CAR T therapy tarobtaining CD19 for the treatment of blood cancers. Unlike autologous CAR T therapies, which are tailored to individual patients, allogeneic approaches aim to provide quicker and potentially more scalable treatment options.
With fresh funding now secured and shareholder approvals in place, the company is positioned to continue advancing clinical development and build on recent trial momentum as it heads into a pivotal period for data readouts and investor visibility.
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