IMUNON Announces $10M Direct Offering Priced At-The-Market under Nasdaq Rules

LAWRENCEVILLE, N.J., July 31, 2024 – IMUNON, Inc. (NASDAQ: IMNN), a clinical-stage biotechnology company specializing in DNA-mediated immunotherapy, revealed today that it has finalized securities purchase agreements for a registered direct offering of its common stock, priced at-the-market under Nasdaq rules. Concurrently, the company will issue unregistered warrants to investors for purchasing additional shares.

The company anticipates gross proceeds of $10 million from this offering, before accounting for placement agent fees and other expenses, with the closing expected around August 1, 2024. H.C. Wainwright & Co. is the lead placement agent, while Brookline Capital Markets, a part of Arcadia Securities, LLC, serves as co-placement agent. The offering's closing is contingent on standard closing conditions.

Under the terms of the securities purchase agreements, IMUNON will sell a total of 5,000,000 registered shares of common stock, along with unregistered warrants to purchase up to 5,000,000 shares. Each share, along with its accompanying warrant, is priced at $2.00. The warrants will be immediately exercisable at $2.00 per share and will remain valid for five and a half years post-issuance.

IMUNON plans to use the net proceeds from this financing for working capital and general corporate purposes. The common stock offered in the direct offering is being sold under a "shelf" registration statement on Form S-3 (Registration No. 333-279425), which was filed with the Securities and Exchange Commission (SEC) on May 15, 2024, and became effective on May 22, 2024. The offering is made solely through a prospectus supplement that is part of the registration statement. The final prospectus supplement and accompanying base prospectus will be filed with the SEC and available on its website.

The warrants offered in the private placement are being issued in a non-public transaction and are not registered under the Securities Act of 1933 or state securities laws. They cannot be offered or sold in the United States without registration or an applicable exemption.

This announcement is not an offer to sell or a solicitation to buy these securities in any jurisdiction where such an offer or sale would be illegal prior to registration or qualification under the securities laws of that jurisdiction.

About IMUNON:

IMUNON is focused on developing innovative treatments that utilize the body's natural mechanisms to generate safe, effective, and durable responses for a range of human diseases. The company's non-viral DNA technology is being developed across two main modalities. The first, TheraPlas®, codes for cytokines and other therapeutic proteins aimed at treating solid tumors through an immunological approach. The second, PlaCCine®, delivers DNA-coded viral antigens to elicit strong immunological responses.

The leading clinical program, IMNN-001, is a DNA-based immunotherapy for advanced ovarian cancer, currently in Phase 2 development. IMNN-001 works by prompting the body to produce cancer-fighting molecules like IL-12 and interferon gamma at the tumor site. IMUNON continues to advance plasmid DNA technology to address difficult-to-treat conditions and aims to enhance its financial stability through strategic business development opportunities.

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