Imunon(US:IMNN) GlobeNewswire News Roomยท2024-11-07 13:05Core Viewpoint - IMUNON, Inc. has reported significant progress in its clinical development of IMNN-001 for advanced ovarian cancer, demonstrating promising survival benefits and preparing for a pivotal Phase 3 study in 2025 [2][6][19]. Clinical Development - The OVATION 2 Study results showed an overall survival improvement of 11.1 months for patients treated with IMNN-001 compared to standard care, with a hazard ratio of 0.74 indicating a 35% improvement in survival [2][6]. - For patients receiving both IMNN-001 and PARP inhibitors, the hazard ratio improved to 0.41, with median overall survival not yet reached in the IMNN-001 group [6]. - The primary endpoint of progression-free survival (PFS) also showed a three-month improvement compared to standard care, with a hazard ratio of 0.79, indicating a 27% improvement in delaying disease progression [7]. Recent Developments - IMUNON will present new OVATION 2 data at the Society for Immunotherapy of Cancer Annual Meeting, highlighting the significance of the findings [3][4]. - The company is preparing for an End-of-Phase 2 meeting with the FDA to discuss the design of the upcoming registrational study [2]. Financial Results - As of September 30, 2024, the company reported $10.3 million in cash and investments, sufficient to fund operations into Q3 2025 [11]. - Research and development expenses for Q3 2024 were $3.3 million, up from $2.0 million in Q3 2023, while general and administrative expenses decreased to $1.7 million from $1.9 million [12]. - The net loss for Q3 2024 was $4.9 million, or $0.34 per share, compared to a net loss of $3.5 million, or $0.37 per share, in Q3 2023 [13]. Corporate Developments - The company raised $10 million through a registered direct offering, issuing 5 million shares at $2.00 per share [8]. - New leadership appointments include Susan Eylward as General Counsel and Kristin Longobardi as Senior Vice President of Operations, aimed at enhancing operational excellence [9][10].