IMUNON Announces $10 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
IMUNON (NASDAQ: IMNN) has announced a $10 million registered direct offering of its common stock, priced at-the-market under Nasdaq rules. The offering includes 5,000,000 registered shares at $2.00 per share, along with unregistered warrants to purchase up to 5,000,000 additional shares. The warrants have an exercise price of $2.00 per share and are exercisable immediately for 5.5 years. The company expects to close the offering around August 1, 2024, with H.C. Wainwright & Co. as the lead placement agent. IMUNON plans to use the net proceeds for working capital and general corporate purposes. The offering is made pursuant to a previously filed and effective shelf registration statement.
IMUNON (NASDAQ: IMNN) ha annunciato un offerta diretta registrata di 10 milioni di dollari delle proprie azioni ordinarie, quotate al prezzo di mercato secondo le norme Nasdaq. L'offerta include 5.000.000 di azioni registrate a 2,00 dollari per azione, insieme a warrant non registrati per l'acquisto di ulteriori 5.000.000 di azioni. I warrant hanno un prezzo di esercizio di 2,00 dollari per azione e sono esercitabili immediatamente per un periodo di 5,5 anni. L'azienda prevede di chiudere l'offerta intorno al 1 agosto 2024, con H.C. Wainwright & Co. come agente principale per la collocazione. IMUNON prevede di utilizzare i proventi netti per capitale operativo e scopi aziendali generali. L'offerta è effettuata ai sensi di una dichiarazione di registrazione a scaffale precedentemente depositata ed efficace.
IMUNON (NASDAQ: IMNN) ha anunciado una oferta directa registrada de 10 millones de dólares de sus acciones ordinarias, valoradas a precio de mercado de acuerdo a las normas de Nasdaq. La oferta incluye 5,000,000 de acciones registradas a 2.00 dólares por acción, junto con warrants no registrados para comprar hasta 5,000,000 acciones adicionales. Los warrants tienen un precio de ejercicio de 2.00 dólares por acción y son ejercitables inmediatamente durante 5.5 años. La compañía espera cerrar la oferta alrededor del 1 de agosto de 2024, con H.C. Wainwright & Co. como el agente principal de colocación. IMUNON planea utilizar los ingresos netos para capital de trabajo y fines corporativos generales. La oferta se realiza conforme a una declaración de registro de estante presentada y efectiva previamente.
IMUNON (NASDAQ: IMNN)은 1천만 달러에 대한 등록된 직접공급을 발표했습니다. 이는 나스닥 규정에 따라 시장 가격으로 책정된 일반주식입니다. 이 공급에는 5,000,000주 등록 주식과 추가로 5,000,000주를 구매할 수 있는 등록되지 않은 증권이 포함됩니다. 증권의 행사 가격은 주당 2.00달러이며, 5.5년 동안 즉시 행사할 수 있습니다. 회사는 2024년 8월 1일경에 공급을 마감할 것으로 예상하며, H.C. Wainwright & Co.가 주관 배치 에이전트로 있습니다. IMUNON은 순수익을 운영 자본 및 일반 기업 목적으로 사용할 계획입니다. 이 제공은 이전에 제출되고 유효한 선반 등록 성명서에 따라 진행됩니다.
IMUNON (NASDAQ: IMNN) a annoncé une offre directe enregistrée de 10 millions de dollars de ses actions ordinaires, évaluée au prix du marché selon les règles du Nasdaq. L'offre comprend 5 000 000 d'actions enregistrées au prix de 2,00 dollars par action, ainsi que des bons de souscription non enregistrés pour acheter jusqu'à 5 000 000 d'actions supplémentaires. Les bons de souscription ont un prix d'exercice de 2,00 dollars par action et sont exerçables immédiatement pendant 5,5 ans. L'entreprise prévoit de clôturer l'offre autour du 1er août 2024, avec H.C. Wainwright & Co. en tant qu'agent principal de placement. IMUNON prévoit d'utiliser les produits nets pour le fonds de roulement et des fins d'entreprise générales. L'offre est effectuée conformément à un prospectus de registre précédemment déposé et efficace.
IMUNON (NASDAQ: IMNN) hat ein 10-Millionen-Dollar-registriertes Direktangebot seiner Stammaktien angekündigt, das gemäß den Nasdaq-Regeln zum Marktpreis angeboten wird. Das Angebot beinhaltet 5.000.000 registrierte Aktien zum Preis von 2,00 Dollar pro Aktie, sowie nicht registrierte Warrants zum Kauf von bis zu 5.000.000 zusätzlichen Aktien. Die Warrants haben einen Ausübungspreis von 2,00 Dollar pro Aktie und sind sofort für 5,5 Jahre ausübbar. Das Unternehmen erwartet, das Angebot rund um den 1. August 2024 abzuschließen, mit H.C. Wainwright & Co. als dem Hauptplatzierungsagenten. IMUNON plant, die Nettoerlöse für Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. Das Angebot erfolgt gemäß einer zuvor eingereichten und wirksamen Registernote.
- Secured $10 million in additional funding
- Warrants provide potential for future capital influx
- Offering priced at-the-market, minimizing immediate price pressure
- Potential dilution of existing shareholders' equity
- Issuance of additional shares may put downward pressure on stock price
IMUNON's
The inclusion of warrants with a
However, the
The involvement of H.C. Wainwright and Brookline Capital Markets as placement agents lends credibility to the offering, although their fees will reduce the net proceeds available to IMUNON.
Investors should note that the intended use of proceeds for "working capital and general corporate purposes" is vague. More specific allocation details would provide better insight into IMUNON's near-term strategy and cash burn rate.
Overall, while this financing strengthens IMUNON's balance sheet, the terms suggest a challenging capital-raising environment for clinical-stage biotech companies in the current market.
IMUNON's ability to secure
However, the lack of specificity regarding the allocation of funds raises questions about the immediate priorities in IMUNON's pipeline. Are these funds earmarked for a particular phase of clinical trials, or will they be spread across multiple projects? This ambiguity makes it challenging to assess the potential impact on IMUNON's research timeline.
It's worth noting that DNA-mediated immunotherapy is an emerging field with significant potential in oncology and other areas. IMUNON's focus on this technology could position it well in the competitive biotech landscape, provided their clinical trials yield positive results.
Investors should keep a close eye on upcoming clinical data releases or regulatory milestones, as these will be critical in determining the long-term value of this financing round. The success of IMUNON's therapies in late-stage trials could significantly impact the company's valuation and future financing options.
While this funding round provides a financial runway, it's important to remember that clinical-stage biotech companies often require substantial additional capital before reaching profitability. The terms of this offering, particularly the warrant structure, suggest that IMUNON may need to demonstrate significant clinical progress to secure more favorable terms in future financing rounds.
LAWRENCEVILLE, N.J., July 31, 2024 (GLOBE NEWSWIRE) -- IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage company in late-stage development with its DNA-mediated immunotherapy, today announced that it has entered into definitive securities purchase agreements for a registered direct offering of its common stock priced at-the-market under Nasdaq rules. In a concurrent private placement and also pursuant to the securities purchase agreements, the Company has agreed to issue to the investors unregistered warrants to purchase shares of common stock. Upon the closing of the offering, which is anticipated to occur on or about August 1, 2024, the Company expects to receive gross proceeds of
H.C. Wainwright & Co. is acting as the lead placement agent for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, is acting as co-placement agent.
Pursuant to the terms of the securities purchase agreements, the Company is selling an aggregate of 5,000,000 registered shares of its common stock, together with unregistered warrants to purchase up to 5,000,000 shares of its common stock, at a purchase price of
The Company intends to use the net proceeds from the financing for working capital and general corporate purposes.
The shares of common stock offered in the registered direct offering are being offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-279425), including a base prospectus, previously filed with the Securities and Exchange Commission (“SEC”) on May 15, 2024 and declared effective by the SEC on May 22, 2024. The offering of the shares of common stock to be issued in the registered direct offering are being made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying base prospectus may also be obtained, when available, by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The offer and sale of the warrants in the private placement are being made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About IMUNON
IMUNON is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas®, is developed for the coding of cytokines and other therapeutic proteins in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine®, is developed for the delivery of DNA-coded viral antigens that can elicit a strong immunological response.
The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase 2 development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as IL-12 and interferon gamma, at the tumor site. IMUNON will continue to leverage these modalities and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions, and to further strengthen IMUNON’s balance sheet through attractive business development opportunities. For more information, please visit www.imunon.com.
Forward-Looking Statements
IMUNON wishes to inform readers that forward-looking statements in this news release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, but not limited to, statements regarding the closing of the offering, expectations regarding the use of proceeds from the offering, and the Company’s plans and expectations with respect to its development programs, are forward-looking statements. We generally identify forward-looking statements by using words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, risks and uncertainties related to market conditions and satisfaction of customary closing conditions in the offering, uncertainties relating to unforeseen changes in the course of research and development activities and in clinical trials, including the fact that interim results are not necessarily indicative of final results; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time and risk of failure of conducting clinical trials; the need for IMUNON to evaluate its future development plans; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in IMUNON’s filings with the SEC. IMUNON assumes no obligation, except to the extent required by law, to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Contacts: | |
IMUNON | LHA Investor Relations |
David Gaiero | Kim Sutton Golodetz |
978-376-6352 | 212-838-3777 |
dgaiero@imunon.com | kgolodetz@lhai.com |
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