IMUNON raises $7 million in registered direct offering

IMUNON, Inc. (NASDAQ: IMNN) announced it has entered into a securities purchase agreement with a healthcare-focused institutional investor for a $7.0 million registered direct offering. The clinical-stage biotechnology company will sell 1,939,114 shares of common stock and warrants at a combined purchase price of $3.61 per unit.

Each unit consists of one share of common stock and one warrant to purchase an additional share. The warrants carry an exercise price of $3.482 per share, are exercisable immediately upon issuance, and will expire five years from the date of issuance. The company may issue pre-funded warrants in lieu of common stock, priced at $3.6099 with an exercise price of $0.0001 per share.

Maxim Group LLC serves as the lead placement agent for the offering, with Brookline Capital Markets acting as co-placement agent. The transaction is expected to close on or about December 31, 2025, subject to customary closing conditions.

The securities are being offered under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on May 22, 2024. IMUNON will use the gross proceeds of approximately $7.0 million, before deducting placement agents' fees and other offering expenses.

IMUNON develops DNA-mediated immunotherapy treatments and is currently in Phase 3 development. The company focuses on treatments that utilize the body's natural mechanisms to generate responses across various human diseases.

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