Immuno-oncology company Imugene Limited (ASX:IMU) has granted shareholders additional time to increase their holdings in the company at the same price as a recent $2.1 million placement to sophisticated investors.
The share purchase plan allows subscriptions for between $1,000 and $15,000 at $0.01, and has now been extended by one week to Friday 5th December 2014.
The company last traded above the offer price at $0.011.
Imugene is developing B-cell based immunotherapies, known as HER-Vaxx for HER-2 positive gastric and breast cancer.
Immunotherapy has become one of the hottest and most promising areas of study for the treatment of a variety of cancerous tumours, and includes a just announced joint venture between Pfizer and Merck to commence on up to 20 preclinical immuno-oncology programs in 2015.
From January 2013 to August 2014 an index made up of U.S. immuno-oncology companies increased in value by 262.9%, when compared to a NASDAQ biotechnology index that increased by 102.2%, and the S&P500 that increased by 40.5%.
HER-Vaxx technology is compelling science that was developed by one of Europe's leading cancer institutes. Approximately $10 million has already been invested in the technology.
Research Note and StockTube Video
Her-Vaxx has potential to improve upon Roche's blockbuster Herceptin drug that generated annualised sales of $6.9 billion and targets the same biomarker.
Proactive Investors has a 6-12 month share price target of $0.034 - $0.047.
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