IMUNON, Inc. (IMNN), a clinical-stage company, announced that the company has entered into definitive agreements with expected aggregate gross proceeds of $10 million. The transaction agreement includes 250 shares of non-convertible preferred stock for $2.5 million and two secured promissory notes with principal amounts of $2.72 million and $5.0 million.
Interest rates of 8% and 5% per annum will accrue on the promissory notes and will mature 18 months after the issuance date.
IMUNON intends to use the net proceeds to support continued enrollment in the pivotal Phase 3 OVATION 3 clinical trial, which is evaluating IMNN-001 in combination with neoadjuvant and adjuvant chemotherapy in patients with newly diagnosed advanced ovarian cancer.
The company's lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localised treatment of advanced ovarian cancer. It has completed a Phase 2 clinical trial, dubbed OVATION 2, and is currently conducting a Phase 3 trial, OVATION 3.
IMNN has traded between $2.04 and $27.65 over the last year. The stock closed Thursday's trade at $2.10, up 0.97%.
In the after-hours market, IMNN is up 1.43% at $2.13.
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