IMUNON to Sell ThermoDox Rights to VoxelDox for Equity, Milestones and Royalties

IMUNON, Inc. (IMNN) said Wednesday it agreed to sell its rights to ThermoDox to VoxelDox Therapeutics in exchange for an equity stake, potential milestone payments and royalties. Upon completion of VoxelDox's financing, IMUNON will receive an approximately 4.76% equity interest, plus eligibility for up to $16.5 million in development and sales-based milestones 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 a Phase 1 glioblastoma trial for ThermoDox, a heat-activated liposomal formulation of doxorubicin. IMUNON said the deal lets it concentrate resources on IMNN-001, its DNA-based immunotherapy in the pivotal Phase 3 OVATION 3 trial in frontline advanced ovarian cancer. It cautioned that milestone, royalty or equity value depends on VoxelDox's financing, development and commercialization success. IMNN closed Tuesday at $1.005, up 2.03%, and fell 1% to $0.99 pre-market.