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Imugene signs exclusive, world-wide licence for cancer vaccine

Imugene is a clinical stage immuno-oncology company.
Imugene signs exclusive, world-wide licence for cancer vaccine
The company will raise up to $20 million

Imugene Ltd (ASX:IMU) has expanded its cancer portfolio via a transformational opportunity, and institutional and sophisticated investors have shown their support through a capital raising.

Imugene has now signed an exclusive, world-wide licence to the entire body of cancer vaccine work and intellectual property developed by Professor Pravin T. P. Kaumaya of The Ohio State University Wexner Medical Center and The Comprehensive Cancer Center – Arthur G. James Cancer Hospital and Richard J. Solove Research Institute and The Mayo Clinic.

Professor Kaumaya has developed multiple B-cell cancer vaccines and is a recognised leader in cancer vaccine research with emphasis on peptide cancer vaccines.

There is a growing body of evidence that B-cell peptide vaccines may have a safety and specificity advantage over other immunotherapy approaches.

Importance of the deal

The multiple commercial, strategic and clinical benefits of this transaction secures Imugene’s global leadership in the promising B-cell peptide cancer vaccine sector.

In particular with PD-1 checkpoint inhibitors, where Ohio State University Comprehensive Cancer Centre’s pre-clinical work for a Phase I PD-1 clinical trial is well advanced.

Funding support

Australian and international institutional and sophisticated investors have committed to raise around $12 million in a placement at 2.7 cents.

Imugene last traded at 3 cents.

There is also a 1 for 3 option attached exercisable at 4 cents on or before 30 November 2021.

Imugene will also open a 1 for 9.5 non-renounceable rights issue on the same terms as the placement, raising up to another $8.1 million.

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