Core Viewpoint - IMUNON, Inc. has successfully closed a private placement, raising approximately $3.25 million, with potential additional proceeds of up to $6.5 million from short-term warrants [1][3]. Group 1: Financial Details - The company sold 7,222,223 shares of common stock at a price of $0.45 per share, along with short-term warrants to purchase up to 14,444,446 additional shares [1]. - The total gross proceeds from the private placement are approximately $3.25 million before deducting fees and expenses [3]. - If fully exercised, the short-term warrants could provide an additional $6.5 million in gross proceeds [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for working capital and general corporate purposes [3]. Group 3: Regulatory and Offering Details - The securities were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, and have not been registered under the Act [4]. - The offering was made only to accredited investors, and the company has agreed to file registration statements with the SEC for resale of the shares [4]. Group 4: Company Overview - IMUNON is a clinical-stage biotechnology company focused on developing innovative treatments using non-viral DNA technology [6]. - The company's lead clinical program, IMNN-001, is a DNA-based immunotherapy for advanced ovarian cancer, which has completed multiple clinical trials [7]. - IMUNON is also advancing a COVID-19 booster vaccine (IMNN-101) and aims to leverage its technologies to address difficult-to-treat conditions [7].
IMUNON Closes Up To $9.75 Million Private Placement Priced At-The-Market Under Nasdaq Rules