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Highlights

  • IMUNON to issue 7.2 million common shares and short-term warrants at $0.45 per share.
  • Private placement expected to raise $3.25 million, with up to $6.5 million possible from warrants.
  • Offering subject to stockholder approval and closing conditions, anticipated around May 27, 2025.

IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage biotechnology company, has entered into definitive agreements for a private placement involving the issuance and sale of 7,222,223 shares of its common stock—or pre-funded warrants in lieu thereof—along with short-term warrants to purchase up to 14,444,446 shares of common stock. The shares and warrants are priced at $0.45 each under Nasdaq’s at-the-market offering rules.

The short-term warrants will become exercisable upon the effective date of stockholder approval for the issuance of common stock and will expire three years thereafter. The transaction is expected to close on or about May 27, 2025, pending customary closing conditions.

H.C. Wainwright & Co. is serving as the exclusive placement agent, with Brookline Capital Markets acting as financial advisor.

Gross proceeds from the offering are anticipated to total approximately $3.25 million before deducting placement agent fees and expenses. If fully exercised on a cash basis, the short-term warrants could generate an additional $6.5 million. The company noted, however, that there is no guarantee these warrants will be exercised.

The net proceeds from the offering are planned to be used for working capital and general corporate purposes.

IMUNON is currently advancing its DNA-mediated immunotherapy programs, including its TheraPlas® and PlaCCine® platforms targeting solid tumors and viral antigen delivery.