ImageneBio, Inc. (IMA), a clinical-stage biotechnology company that develops therapeutics for patients with immunological, autoimmune and inflammatory diseases, announced it has entered into a definitive securities purchase agreement in a private placement with gross proceeds of approximately $30 million.
Following the news, IMA is surging to $5.77, up 17.75%.
As per the terms of the securities purchase agreement, Imagene is selling pre-funded warrants to purchase up to 5.77 million shares at a price of $5.199 per pre-funded warrant. The pre-funded warrants will have an exercise price of $0.001 per share.
The company intends to use the proceeds from the offering to support further development of IMG-007, the firm's lead candidate for alopecia areata, and late-stage development activities in atopic dermatitis.
Imagene has completed Phase 1b/2a clinical trials of IMG-007 in both atopic dermatitis and alopecia areata and is currently conducting a Phase 2b clinical trial of IMG-007 in patients with moderate-to-severe atopic dermatitis.
The private placement is being led by a new investor, Coastlands Capital and Leerink Partners is acting as sole placement agent for the private placement.
"We are thrilled to be joined by this exceptional group of investors who share our conviction about IMG-007 and OX40, as well as our vision for the value of Imagene," said Kristin Yarema, chief executive officer of Imagene.
IMA has traded between $3.94 and $18.00 in the last year. The stock closed Friday's trade at $4.90.
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