The Imugene Limited (ASX: IMU) share price isn't going anywhere right now. The stock has been put into a trading halt earlier this morning pending the announcement of a capital raising.
The Imugene share price last traded at 22.5 cents.
Let's take a closer look at what's going on with the S&P/ASX 200 Index (ASX: XJO) biopharmaceutical favourite on Monday.
Image source: Getty Images
Why is the Imugene share price frozen on Monday?
The Imugene share price has been put in the freezer this morning as the company prepares to reveal a planned capital raising.
According to the company's request for a trading halt, the raise will "facilitate investment from two new institutional investors".
The stock will remain frozen until the company reveals more details or the market opens on Wednesday, whichever occurs first.
Imugene is an immuno-oncology-focused company developing therapies with the aim to treat cancerous tumours.
Its share price jumped nearly 7% last week on news it had dosed the first patient in its HER-Vaxx phase two trial.
The company reported a $37.9 million loss for financial year 2022, ending the period with around $99.9 million of cash.
Its coffers were bolstered by a $95 million capital raise in July 2021 when it offered new shares in the company for 30 cents apiece.
The Imugene share price has been underperforming lately. It has fallen 48% since the start of 2022. It's also currently 45% lower than it was this time last year.
For context, the ASX 200 has dumped 8% so far this year and 6% over the last 12 months.
