The company’s shares were last trading 13% higher intra-day, at A$0.017.
HER-Vaxx is a next generation cancer immunotherapy using B cell peptides, which harness the body’s ability to develop antibodies against the disease.
Immuno-oncology is a relatively new but highly promising field that uses the method of activating a patient's immune system against tumour growth.
Imugene is currently enrolling gastric cancer patients at eight key cancer hospital sites in Asia, including Hong Kong, Thailand and Taiwan.
HER-Vaxx works by targeting the same receptor (and additional receptors) as Herceptin and Perjeta, two of the leading antibody drugs on market, with annual sales of US$8.2 billion.
Current immunotherapies are predicted to generate sales of US$36 billion by 2025 but costs remain prohibitive for patients.
The mechanism of action for HER-Vaxx may help generate improved efficacy over existing treatments and at a lower cost.
Gastric cancer is a leading cause of cancer death worldwide, representing 10.1% of male cases, with the incidence of gastric cancer substantially higher in Asia.
Imugene had raised circa A$3 million as part of an option plan which expired on 31 March 2017, at a price of A$0.015 per share.