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Imugene Shares Rise On Heavy Volume

Imugene (ASX:IMU) shares rose 33.3% on Friday to $0.012 with more than 13 million shares traded, well above the average daily trading volume of around 855,000 shares as investors twig to milestones ahead for the biotech company.

It is due to advance its HER-Vaxx peptide vaccine into additional human Phase Ib/II gastric cancer clinical trials later this year.

The share movement and trading volume increased produced a standard price and volume query from the ASX to which the company responded it was unaware of any information not already announced that could be responsible.

It noted the recent investor presentation released to ASX on 10th February 2015 and the subsequent investor roadshow.

Her-Vaxx, a B-cell based immunotherapy for HER-2 positive gastric and breast cancer, has potential to improve upon Roche's blockbuster Herceptin drug that generated annualised sales of $6.9 billion and targets the same biomarker.

It was developed by one of Europe's leading cancer institutes with about $10 million already invested in the technology.

Earlier last week, Imugene received a $230,690 tax refund under the Australian Government's Research and Development Tax Incentive Scheme.

These funds complement the company's $3.5 million capital raising announced in December.

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