BRIEF: ImmuneOnco to raise $45 million via share placement at 13% discount

Innovative drug developer ImmuneOnco (1541.HK) announced on Thursday that it plans to place 24.2 million new shares, representing about 5.61% of its enlarged share capital, to raise HK$351 million ($45 million). The placement price of HK$14.50 per share represents a 13% discount to the previous day’s closing price of HK$16.66.

The company plans to use net proceeds of about HK$345 million from the placement to fund the clinical development of several of its key oncology programs in China, including for IMM2510 and IMM27M, both as standalone therapies and in combination regimens for the treatment of solid tumors; and to advance development of IMM01 (lemzoparlimab, TJC4) and IMM0306; and for working capital and general corporate purposes.

ImmuneOnco recently submitted an application to China’s National Medical Products Administration (NMPA) for a Phase Three clinical trial of IMM2510 targeting immunotherapy (IO)-resistant non-small cell lung cancer.

The company’s stock opened lower on Thursday and closed at HK$14.46 by the midday break, down 13.21%. But it remains up around 180% year-to-date.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click here