Imugene Limited Rallies on Tax Incentive Boost
Imugene Limited (ASX: IMU)’s impressive run in the market continues to gather pace. The stock was yet again up by more than 40% as investor reacts to the company receiving a $4.13 million tax incentive. The tax incentive is part of the Australian government R&D tax incentive program that recognizes important immune-oncology research activities.
The Immuno-oncology company intends to use proceeds from the tax incentive to enhance its commercial and clinical milestones further. The company is currently working on a range of immunotherapies that seek to activate the immune system for cancer patients for treating and eradicating tumors.
For the 2018-2019 fiscal year, the company completed the integration of Ohio State University B cell immunotherapies. In addition, the company commenced PD-1 manufacturing having also participated in a Pre-IND FDA meeting as it sought guidance for PD1-Vaxx Clinical development plan.
Imugene is also in the process of acquiring Vaxinia CF33 Oncolytic Virus as it seeks to expand its footprint into a promising area of interest to big Pharma. Vaxinia should allow the company to gain a head start in the OV field at a relatively advanced stage
Papyrus Australia – Union Pacific Equities Investment
Papyrus Australia Ltd. (ASX: PPY rallied by more than 30% on the confirmation that the company has attracted interest from a significant investor. Union Pacific Equities Pty is the investor reportedly seeking to access the company’s expertise in the processing and application of waste fiber.
The Investor has agreed to subscribe up to 19.9% of the company’s issued shares as part of an investment. The leading waste fiber technology company has already received the first payment of $60,000 as part of the investment
Union Pacific Equities is reportedly seeking to utilize the company’s expertise to enhance its application and residual application hemp. The acknowledgment comes hot on the heels of Papyrus Australia, completing the establishment of a first of its kind banana plantation waste fiber processing facility in Egypt.
Triangle Energy Non-Renounceable Option Offer
Triangle Energy (Global) Ltd (ASX: TEG) rallied by 16% after announcing a non-renounceable offer to option holders. Under the terms of the offer, each new options offer comes with an exercise price of $0.12 set to expire on 30 September 2020. The offer is open to shareholders on record as of November 13, 2019, in New Zealand and Australia. The company is consequently planning to issue up to 72.2 million new options. Priced at $0.001 each, the company should be able to raise $72,150 before costs.
The non- renounceable Options offer comes hot on the heels of the company issuing quarterly report for the period ending September 30, 2019. The company has since affirmed its commitment to deliver enhanced production and reserves from Cliff Head Asset.
The company also intends to develop the opportunity to deliver increased production from the lead project. Production has so far been above expectations with daily production of over 778bopd. In addition, Triangle Energy is also focused on reducing operating costs, having already finalized new logistical agreements leading to significant savings.