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LAWRENCEVILLE, N.J. - Imunon, Inc. (NASDAQ:IMNN), a clinical-stage biotechnology company with a current market capitalization of $11.08 million, has secured an exception from the Nasdaq Hearing Panel to maintain its listing on the Nasdaq Stock Market, the company announced Tuesday. The stock has faced significant pressure, declining nearly 29% in the past week, according to InvestingPro data.
The panel determined that Imunon has already achieved compliance with the Equity Rule through recent fundraising activities. The company now has a specified timeframe to implement its compliance plan to meet the minimum shareholder equity requirement and regain compliance with the minimum bid price requirement. InvestingPro analysis shows the company maintains more cash than debt on its balance sheet, though it’s currently trading at $0.52 per share, with analyst price targets ranging from $6 to $14.
The extension granted is shorter than the full 180-day period initially requested by the company, though Imunon may request additional time if needed.
"We are pleased with the Nasdaq Hearing Panel’s decision, which reflects confidence in our straightforward and executable compliance plan," said Stacy Lindborg, President and CEO of Imunon.
Imunon is currently in Phase 3 development of its DNA-mediated immunotherapy. The company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for advanced ovarian cancer that has completed multiple clinical trials including a Phase 2 study. The treatment works by instructing the body to produce cancer-fighting molecules at the tumor site.
The company has also completed dosing in a first-in-human study of its COVID-19 booster vaccine, IMNN-101.
Imunon’s technology platform includes TheraPlas®, developed for gene-based delivery of cytokines and therapeutic proteins for solid tumors, and PlaCCine®, developed for gene delivery of viral antigens.
This information is based on a company press release statement. According to InvestingPro’s comprehensive analysis, the company’s overall financial health score is rated as WEAK, with the next earnings report scheduled for August 13, 2025. For deeper insights into biotech stocks and access to over 16 additional ProTips for IMNN, including detailed financial health metrics and peer comparisons, investors can explore InvestingPro’s extensive research tools and Pro Research Reports covering 1,400+ US equities.
In other recent news, Imunon has been granted an exception by a Nasdaq Hearing Panel to address its non-compliance with continued listing standards on the Nasdaq Capital Market. This exception provides the company with additional time to meet the minimum bid price and stockholders’ equity requirements. Concurrently, Imunon shareholders approved an increase in authorized shares from 112.5 million to 350 million and authorized a potential reverse stock split.
In a separate development, H.C. Wainwright reiterated a buy rating on Imunon, maintaining a $14 price target, following new data from the OVATION 2 study. This Phase 2 trial demonstrated significant increases in anti-cancer immune cytokines and improvements in overall survival for patients with advanced ovarian cancer. Furthermore, Imunon presented promising data from a Phase 1 trial of its COVID-19 vaccine alternative, IMNN-101, which showed better durability of protection compared to mRNA vaccines.
The company reported no serious adverse effects in this 24-participant study and is seeking strategic partners to advance its PlaCCine technology platform. These developments reflect Imunon’s ongoing efforts in clinical research and strategic planning.
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