- Imugene (IMU) calls a two-day trading halt as it gears up to tap investors for some fresh funding
- Shares are set to remain in a trading halt until Thursday, July 29, with the details of the raise to be announced before then
- Imugene told shareholders last week it ended the June quarter with almost $30 million in the bank and was well-funded to support its clinical milestones
- Imugene's cancer treatment products are designed to activate the body's immune system to recognise and respond to cancerous tumours
- Shares in Imugene last closed a 33 cents each on Monday, July 26
Anti-cancer company Imugene (IMU) has called a two-day trading halt today as it gears up to tap investors for some fresh funding.
The details of the raise are yet to be revealed, but at this stage Imugene is set to announce how much it plans to raise and for what it will use the funds before market open on Thursday, July 29.
The news may have come as something of a surprise to investors given Imugene's cash position at the end of June, in accordance with the company's latest quarterly report.
Last week, Imugene told investors it ended the June quarter with just shy of $30 million in the bank following net cash outflows of $4.65 million over the quarter.
Importantly, the company said it was well-funded to support its near-term clinical milestones relating to its drug development and clinical trial work.
As such, while the upcoming cash raise could be nothing more than a simple balance sheet booster for Imugene, there's a chance something bigger is in the works for the company as it conducts key clinical trials for its anti-cancer treatments.
Imugene's cancer treatment products are designed to activate the body's immune system to recognise and respond to cancerous tumours, then destroy them.
The company currently has just under five billion total shares on issue.
Shares in Imugene last closed at 33 cents each on Monday, July 26. The company has a $1.6 billion market cap.