IMUNON secures $10 million financing for ovarian cancer trial

IMUNON Inc. (NASDAQ: IMNN) announced it has entered into definitive agreements for $10 million in aggregate gross proceeds through a structured financing arrangement. The transaction includes $2.5 million from the issuance of 250 shares of non-redeemable, non-convertible preferred stock and $7.72 million from two secured promissory notes.

The promissory notes, with principal amounts of $2.72 million and $5.0 million, carry interest rates of 8% and 5% per annum respectively and mature 18 months after issuance. The company stated that interest will be partially offset with interest earned via bank deposit.

IMUNON plans to use the proceeds to support continued enrollment of its Phase 3 OVATION 3 clinical trial, which is testing IMNN-001 in patients newly diagnosed with advanced ovarian cancer. The randomized controlled study aims to enroll 500 patients to compare neoadjuvant and adjuvant chemotherapy plus IMNN-001 versus standard-of-care treatment alone.

The company recently reported updated Phase 2 clinical data showing median overall survival increased from 11.1 months to 14.7 months in women with newly diagnosed advanced ovarian cancer treated with IMNN-001 in combination with standard chemotherapy. Patients who also received PARP inhibitors demonstrated a median overall survival increase of 24.2 months compared to standard chemotherapy alone.

"This investor-friendly structured financing avoids the highly dilutive discounts and warrants common to straight equity financings," said Stacy R. Lindborg, President and Chief Executive Officer of IMUNON.

IMNN-001 is an IL-12 DNA plasmid vector designed using the company's TheraPlas platform technology. The therapy is administered intraperitoneally and designed to enable persistent, local secretion of the IL-12 protein to induce anticancer immunity.

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