IMUNON Announces Strategic Sale of ThermoDox®

The agreement offers potential equity, milestone and royalty value from a legacy asset that has been fully written off.

Rhea-AI Summary

IMUNON (IMNN) has agreed to sell its rights to ThermoDox to VoxelDox Therapeutics in exchange for equity and potential future payments. Upon completion of VoxelDox’s financing, IMUNON will receive an approximately 4.76% equity interest, with potential aggregate development and sales-based milestone payments of up to $16.5 million and tiered royalties of 3.5% to 6% on net sales of ThermoDox-related products, if approved.

Closing depends on VoxelDox completing a planned $2.5 million financing to support initiation of a Phase 1 glioblastoma trial. IMUNON says the transaction supports its focus on the pivotal Phase 3 OVATION 3 trial of IMNN-001 in frontline advanced ovarian cancer. Future economic value depends on VoxelDox’s financing, development and, if applicable, commercialization success.

4 points · 1 major

PositiveiHow this balance works

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Potential development and sales-based milestone payments total up to $16.5 million. 2.9× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.ThermoDox sale agreement provides an approximately 4.76% equity interest upon completion of VoxelDox’s financing.
• Minor point. Forward-looking: it has not happened yet and may not happen.Tiered royalties offer 3.5% to 6% of net sales of ThermoDox-related products, if approved.
• Minor point. Forward-looking: it has not happened yet and may not happen.IMUNON plans to focus resources on the pivotal Phase 3 OVATION 3 trial of IMNN-001.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Transaction closing depends on VoxelDox completing a planned $2.5 million financing. 44% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.Milestone, royalty and equity value depend on VoxelDox’s financing, development and applicable commercialization success.

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Details

Market Reaction – IMNN

+1.7% Peak Tracked

$0.95 – $1.19 Day Range

$5.61M Mkt Cap at Last Price

On Oct 21, the day this news came out, the latest delayed price for IMNN is 0.50% below the previous close. Argus tracked a peak move of +1.7% during the session. Our momentum scanner has recorded 6 alerts for this stock so far that day. The latest delayed price is $1.00. Relative volume is exceptionally heavy at 60.8x the average.

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Key Figures

VoxelDox equity interest: approximately 4.76% Potential milestone payments: up to $16.5 million Tiered royalties: 3.5% to 6% +1 more

VoxelDox equity interest

approximately 4.76%

Upon completion of VoxelDox's financing

Potential milestone payments

up to $16.5 million

Aggregate development and sales-based milestone payments

Tiered royalties

3.5% to 6%

On net sales of ThermoDox-related products, if approved

Required financing

$2.5 million

VoxelDox financing required for transaction closing and planned Phase 1 trial initiation

Key Terms

glioblastoma multiforme, phase 1 clinical trial, liposomal formulation

3 terms

glioblastoma multiforme medical

"glioblastoma multiforme (GBM), a difficult-to-treat form of brain cancer"

An aggressive form of brain cancer that grows quickly and spreads into nearby brain tissue, often causing severe symptoms and limited treatment options. For investors, glioblastoma matters because it defines a high unmet medical need and a potentially large market for new drugs, devices, or diagnostics; success or failure in clinical trials and regulatory reviews for glioblastoma treatments can dramatically affect the valuation and risk profile of healthcare companies, like a make-or-break product for a small biotech.

phase 1 clinical trial medical

"initiation of a Phase 1 clinical trial in patients with glioblastoma"

A phase 1 clinical trial is the first stage of testing a new drug or treatment in people, typically involving a small group to assess safety, how the body handles the treatment, and appropriate dosing. For investors, phase 1 results are an early risk check — like a test drive that can reveal fatal flaws or promising signals — and they often cause big changes in a drug’s perceived value and the company’s prospects.

liposomal formulation medical

"a heat-activated liposomal formulation of doxorubicin"

A liposomal formulation is a drug or diagnostic packaged inside tiny spherical fat-based bubbles called liposomes, which carry and protect the active ingredient as it moves through the body. Like a coated delivery truck, liposomes can change how a medicine is absorbed, how long it lasts, and which tissues it reaches, which matters to investors because those effects can influence a product’s safety, effectiveness, regulatory review, and commercial value.

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Agreement with VoxelDox Therapeutics, Inc. Creates a Clear Path to Future Value, Subject to Achievement of Development Milestones in the Planned Phase 1 Glioblastoma Trial

Sale Reinforces IMUNON's Commitment to Its Core Strategy: Executing the Pivotal Phase 3 OVATION 3 Trial of IMNN-001

LAWRENCEVILLE, N.J., Oct. 21, 2026 (GLOBE NEWSWIRE) -- IMUNON, Inc. (Nasdaq: IMNN), a clinical-stage biotechnology company developing DNA-mediated immunotherapies, today announced that it has entered into an agreement to sell its rights to ThermoDox^®, a heat-activated liposomal formulation of doxorubicin, to VoxelDox Therapeutics, Inc. (“VoxelDox”). Under the agreement, VoxelDox intends to advance the development of ThermoDox for the treatment of glioblastoma multiforme (GBM), a difficult-to-treat form of brain cancer. In exchange, IMUNON will receive an equity ownership stake in VoxelDox, payments of up to $16.5 million contingent upon meeting development milestones and significant royalties on future net sales of ThermoDox product following commercial approval.

Closing of the transaction is contingent upon VoxelDox completing a planned $2.5 million financing to support initiation of a Phase 1 clinical trial in patients with glioblastoma. The companies are announcing the agreement in advance of closing to provide visibility into the intended transaction and IMUNON's continued strategic focus. The transaction enables IMUNON to retain potential long-term economic participation in ThermoDox while dedicating its financial and operational resources to advancing IMNN-001, the Company's lead clinical program.

“We are pleased that ThermoDox has found a steward committed to advancing its development for the benefit of patients,” said Stacy R. Lindborg, Ph.D., President and Chief Executive Officer of IMUNON. “This agreement is consistent with our previously announced strategy to identify a development partner for this promising drug candidate and demonstrates our disciplined approach to portfolio management and capital allocation. By creating a path to realize future value from a legacy asset that has been fully written off, the transaction allows our organization to remain singularly focused on the successful execution of the pivotal Phase 3 OVATION 3 trial of IMNN-001 in frontline advanced ovarian cancer. We look forward to following VoxelDox’s progress as it works to advance this technology for patients with glioblastoma.”

Under the terms of the agreement, upon completion of VoxelDox’s financing, IMUNON will receive an equity interest of approximately 4.76% in VoxelDox, together with the potential to receive up to $16.5 million in aggregate development and sales-based milestone payments and tiered royalties ranging from 3.5% to 6% on net sales of ThermoDox-related products, if approved. IMUNON's realization of any milestone or royalty payments, or of value from its equity position, is subject to VoxelDox's success in financing, developing, and, if applicable, commercializing the asset, and there can be no assurance that any such value will be realized.

About VoxelDox Therapeutics, Inc.

VoxelDox Therapeutics is an emerging biotechnology company developing a precision oncology platform that integrates voxel-level measurement, heat-activated drug delivery, and image-guided treatment optimization. By combining spatially controlled thermal energy with temperature-sensitive therapeutics, VoxelDox aims to localize treatment where it is needed most. Initially focused on glioblastoma, the company is advancing a novel approach to targeted therapy with potential applications across a range of solid tumors. Moving beyond precision in diagnosis to precision in delivery, VoxelDox is advancing the future of precise medicine, one voxel at a time. For more information, visit www.voxeldoxtx.com.

About IMUNON

IMUNON is a clinical-stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. IMUNON is developing its non-viral DNA technology across its modalities. The first modality, TheraPlas^®, is developed for the gene-based delivery of cytokines and other therapeutic proteins in the treatment of solid tumors where an immunological approach is deemed promising. The second modality, PlaCCine^®, is developed for the gene delivery of viral antigens that can elicit a strong immunological response.

The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer that has completed multiple clinical trials, including one Phase 2 clinical trial (OVATION 2), and is currently being studied in a Phase 3 clinical trial (OVATION 3). IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company has completed dosing in a first-in-human study of its COVID-19 booster vaccine (IMNN-101). The Company will continue to leverage these modalities and to advance, either directly or through partnership, the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions. For more information, please visit www.imunon.com.

Forward-Looking Statements

IMUNON wishes to inform readers that forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, but not limited to, statements regarding expectations regarding the timing and enrollment of the Company’s clinical trials, the potential of any therapies developed by the Company to fulfill unmet medical needs, the market potential for the Company’s products, if approved, the potential efficacy and safety profile of our product candidates, and the Company’s plans and expectations with respect to its development programs more generally, are forward-looking statements. We generally identify forward-looking statements by using words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, uncertainties relating to unforeseen changes in the course of research and development activities and in clinical trials, including the fact that interim results are not necessarily indicative of final results; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time and risk of failure in conducting clinical trials; the need for IMUNON to evaluate its future development plans; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in IMUNON’s filings with the Securities and Exchange Commission. IMUNON assumes no obligation, except to the extent required by law, to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Contacts

Investors
Valter Pinto
KCSA Strategic Communications
212-896-1254
imunon@kcsa.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What will IMUNON receive under the ThermoDox sale agreement?

IMUNON will receive an approximately 4.76% equity interest in VoxelDox upon completion of its financing, plus potential aggregate development and sales-based milestone payments of up to $16.5 million. The agreement also provides tiered royalties of 3.5% to 6% on net sales of ThermoDox-related products, if approved.

What must happen before IMUNON’s ThermoDox sale closes?

Closing is contingent on VoxelDox completing a planned $2.5 million financing to support initiation of a Phase 1 clinical trial in patients with glioblastoma. The agreement has been announced ahead of closing.