Immuneering closes $25 million private placement to accredited investors

CAMBRIDGE, Mass. - Immuneering Corporation (NASDAQ:IMRX), whose stock has surged over 170% year-to-date according to InvestingPro data, announced Tuesday it has closed its previously announced private placement, raising approximately $25 million in gross proceeds before deducting fees and expenses. The clinical-stage biotech company, currently valued at $215 million, is trading near its 52-week high.

The clinical-stage oncology company sold 6,329,113 unregistered shares of Class A common stock at $3.95 per share, along with accompanying purchase warrants to buy 2,848,096 additional shares at an exercise price of $5.50 per share. Some investors received pre-funded warrants in lieu of common stock. InvestingPro analysis shows the company maintains a healthy current ratio of 3.7, indicating strong short-term liquidity.

The purchase warrants will be exercisable for five years after the securities are registered for resale. The transaction involved top-tier institutional and accredited investors who were granted registration rights.

Leerink Partners served as financial advisor to Immuneering for the private placement.

The securities were offered in a transaction not involving a public offering and have not been registered under the Securities Act of 1933. Consequently, they cannot be resold in the United States except pursuant to an effective registration statement or applicable exemption from registration requirements.

Immuneering is developing what it calls "Deep Cyclic Inhibitors" for cancer treatment. Its lead product candidate, atebimetinib (IMM-1-104), is currently in a Phase 2a trial for patients with advanced solid tumors including pancreatic cancer.

The company describes atebimetinib as an oral, once-daily Deep Cyclic Inhibitor of MEK designed to improve durability and tolerability for MAPK pathway-driven tumors.

This article is based on a press release statement from Immuneering Corporation.

In other recent news, Immuneering Corporation has announced several significant developments. The company entered into a clinical supply agreement with Eli Lilly to evaluate its lead product candidate, atebimetinib, in combination with Eli Lilly’s olomorasib for treating KRAS G12C-mutant non-small cell lung cancer. This agreement supports a planned Phase 2 clinical trial targeting patients who have progressed on prior therapy. Additionally, Immuneering secured $25 million in private placement financing, effectively doubling its cash balance. This equity raise was priced at a 15% premium over the prior closing price, which is notable as such offerings typically come at a discount. Mizuho maintained its Outperform rating on Immuneering following this financing and raised its price target to $10.00 from $8.00, citing positive clinical trial results for the company’s pancreatic cancer treatment. The Phase 2a trial data showed promising survival rates when atebimetinib was combined with a standard treatment regimen, surpassing existing benchmarks. These recent developments highlight Immuneering’s ongoing efforts in advancing its oncology treatments.

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