Imugene Appoints Leading Biotechnology Executive and Entrepreneur-Dr Jens Eckstein

Imugene Limited (ASX: IMU) is a clinical stage immuno-oncology firm. The company is developing a range of new and novel immunotherapies that basically activates the immune system of the patients with cancer and eradicates tumours developed.

The company yesterday, on 20th May 2019, announced that it has appointed Dr Jens Eckstein as a Non-Executive Director of the company effective 20th May 2019. Dr Eckstein is a leading biotechnology executive and entrepreneur with extensive experience in the field.

Dr Eckstein recently joined Apollo Ventures as a Managing Partner, before which he was President of SR One Ltd., the corporate venture capital arm of GlaxoSmithKline, which is responsible for investing in emerging life science companies globally. It is pursuing innovative science with significant impact on medical care and patients.

 IMU’s Executive Chairman, Paul Hopper, said that the company attracts a outstanding team and welcomes Dr Jen Eckstein to the Board and the team is keen on working together to take charge of the encouraging cancer immunotherapy pipeline of the company.

Dr Eckstein currently serves on the Boards of several biotechnology companies. He was the Co-Founder and Director at Palleon Pharmaceuticals and Co-Founder and Director at Decibel Therapeutics. He has served as a Director at ZappRx, Director at Gladius Pharmaceuticals, Chairman and Director at Thrasos Therapeutics, and Director at Alios Biopharma (acquired by Johnson & Johnson).

Dr Eckstein has over fifteen years of experience in VC funding the clinical stage biopharmaceutical firms. He is a Kaufman Fellow, founder of Action Potential Venture Capital (APVC) and created OneStart, the world’s largest life science accelerator. He was a General Partner at the trans-Atlantic venture capital firm, TVM Capital.

Dr Eckstein holds several issued patents and has authored several scientific publications. He has a Doctorate in Biological Chemistry from the University of Konstanz and Harvard University.

The company agrees to issue 25 million unlisted options, subject to the approval of shareholders, exercisable at $0.04 (5 mil options), $0.042 (10 mil options) and $0.045 (10 mil options) per option, expiring three years from the date of approval to be vested over 24 months to Dr. Eckstein.

The company, in its latest Investor Presentation, has given key investment highlights, including strong preliminary results from the ongoing clinical trials and a robust pipeline of B cell vaccines targeting high potential areas. The company is fully funded to support all clinical research programs, along with a focus on building brand awareness for the products through acceptance of abstracts and presentations at key industry conferences such as AACR. It has a best-in-class leadership team with an impressive track record in drug development. IMU operates in an active market with numerous commercialisation and M&A opportunities in the sector.

On the price-performance front, the shares of Imugene Limited were trading flat at $0.017 on ASX (as at AEST: 12:52PM, 21 May 2019), with a market capitalisation of $61.37 million. The stock has delivered a negative YTD return of 5.56% and exhibited returns of -22.73% in the past six months. Its 52-week high price stands at $0.039 with a 52-week low price of $0.015 and an average trading volume of 4,338,409.


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