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- Imugene (IMU) has released its June quarterly report, showing it had over $30 million cash in the bank at the end of the period
- The business spent more than $3.6 million on operating costs during the June quarter, however, those costs are expected to rise in the future
- Despite the expected cost of upcoming trials, the company said it is well funded to meet its commercial and clinical milestones
- Imugene also provided updates on two of its therapies, including HER-Vaxx, which the company said patients are responding well too
- Shares in Imugene have increased in price following today’s release, up 22.6 per cent, with shares trading for 6.5 cents each
Imugene (IMU) is well placed for the future, with the company’s June quarterly report showing it has $30.1 million in the bank at the end of the period.
That’s enough to keep the company going for another two years if operating costs stay the same.
The business spent more than $3.6 million on operating costs during the June quarter, including $3.2 million on research and development.
However, those costs are expected to rise in the future.
Imugene said in today’s report it expects to see an increase in expenditure, as it “continues to progress four clinical programs”.
But, the company said it will manage the increasing costs “proactively” and it still remains well funded to hit its future commercial and clinical milestones.
Drug update
Besides the financial results, Imugene also provided shareholders with an update on HER-Vaxx, a B-cell immunotherapy designed to treat tumours that over-express the HER-2/neu receptor.
The company said patients who are receiving the HER-Vaxx cancer immunotherapy are “responding positively”.
The Independent Data Monitoring Committee (IDMC) also confirmed the therapy’s safety and recommended the study continued unmodified.
While more recently, Imugene received Human Research Ethics Committee (HREC) approvals to commence a phase one clinical trial of PD1-Vaxx.
PD1-Vaxx is a therapy which aims to treat tumours such as lung cancer, by obstructing programmed death-ligand one (PD-1/PD-L1) and producing an anti-cancer effect.
It’ll be tested at two sites in Australia, including at the Chris O’Brien Lifehouse and Macquarie University hospital in Sydney.
Shares in Imugene have shot up following today’s release, up 22.6 per cent, with shares trading for 6.5 cents each at close on July 27.
