--- title: "IMUNON to raise $10 million through preferred stock" url: "https://aibio.space/news/imunon-raise-10-million-through-preferred-stock-secured-notes/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-06-04" section: "Debt Financing" tickers: "NASDAQ:IMNN" source: "https://www.sec.gov/Archives/edgar/data/749647/000149315226027201/ex99-1.htm" summary: "IMUNON has sold $10 million of preferred stock and two secured notes to Streeterville Capital, with half placed in a collateral account, to fund its Phase" --- By the aibio.space news desk. Sources - [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/749647/000149315226027201/ex99-1.htm) [IMNN](https://aibio.space/companies/imunon/) 2026-06-04 # IMUNON to raise $10 million through preferred stock and secured notes Tickers [IMNN](https://aibio.space/companies/imunon/) IMUNON has sold $10 million of preferred stock and two secured notes to Streeterville Capital, with half placed in a collateral account, to fund its Phase 3 OVATION 3 trial. The company used $13.9 million in operations in 2025. ## Key facts - **Company**: Imunon, Inc. (NASDAQ: IMNN) - **News type**: Debt Financing - **Primary source**: [SEC EDGAR](https://www.sec.gov/Archives/edgar/data/749647/000149315226027201/ex99-1.htm) *A financial district skyline and bay. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* ## The financing IMUNON, Inc. (Nasdaq: [IMNN](https://aibio.space/companies/imunon/)) announced on June 4, 2026 definitive agreements for a financing with aggregate gross proceeds of $10 million. It includes 250 shares of non-redeemable, non-convertible preferred stock sold for $2.5 million, and two secured promissory notes with principal amounts of $2.72 million and $5.0 million. The notes accrue interest at 8% and 5% a year and mature 18 months after issuance. The company says interest will be partly offset by bank deposit interest. The company's 8-K names Streeterville Capital, LLC as the investor and lender. It says the agreement was signed on June 2 and the deal closed on June 3, and that the company agreed to pay its placement agents a fee set as a percentage of gross proceeds, without naming them. The 8-K names no other advisor and no legal counsel. The 8-K says the company received the full gross amount at closing, but half of it went into a bank account owned by a subsidiary as cash collateral for the notes. The other half is for general corporate purposes, including research and working capital. The release says the net proceeds will support OVATION 3 enrollment. ## Dilution claims Chief executive Stacy R. Lindborg says in the release that the structure avoids the discounts and warrants common to straight equity financings and may minimize dilution for existing shareholders. The preferred stock cannot be converted into common stock, but it carries costs. According to the 8-K, each preferred share has a stated value above the price paid, accrues an annual return that can be paid in cash or in more preferred shares, and can be redeemed by the company at a premium to its liquidation amount. The notes are secured by substantially all assets other than intellectual property and are guaranteed by subsidiaries. Prepayment carries a premium, and starting six months after closing the investor can redeem part of the A-1 note each month, plus more when the stock trades well above a Nasdaq minimum price. A default raises the preferred return and the note rates. ## OVATION 3 and OVATION 2 OVATION 3 is a randomized, controlled Phase 3 study that will enroll 500 patients, randomized 1:1 to chemotherapy with IMNN-001 or standard chemotherapy alone. Its primary endpoint is overall survival. The company says its two interim analyses could serve as opportunities for early registration. The release gives no date for trial data. The earlier Phase 2 study, OVATION 2, was open-label and enrolled 112 patients. The company's own description says it was not powered for statistical significance. The company says the gain in median overall survival over standard chemotherapy rose from a previously reported 11.1 months to 14.7 months after final analysis. It also cites a 24.2-month increase for patients who received a PARP inhibitor alongside IMNN-001, but the release does not give the size of that group or any test of its result. ## The drug and the disease IMNN-001 is an IL-12 DNA plasmid in a nanoparticle delivery system, given into the peritoneal cavity in the trial. The release cites a recurrence rate of 75% for stage III and IV ovarian cancer and five-year survival rates of 41% and 20% for stage III and IV. The release gives no comparison with other therapies in the same setting. ## Losses and cash The annual report, filed March 31, 2026, shows research and development expense of $7.8 million in 2025, down from $11.6 million in 2024. The net loss narrowed to $14.5 million from $18.6 million. Cash used in operations fell to $13.9 million from $18.9 million. At the end of 2024 the company held $5.9 million in cash and cash equivalents, less than the $13.9 million it used in operations in 2025. The annual report figures cited here give no later balance. Of the $10 million raised, $2.5 million is preferred stock and $7.72 million is secured notes that mature 18 months after closing, and half of the total sits in the collateral account. ## Who is named The lender on the notes is Streeterville Capital, LLC. Neither the 8-K nor the release names a placement agent, financial advisor or counsel. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story IMNN Imunon, Inc. NASDAQ ยท United States Open the starter desk ## More in Debt Financing Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 Debt Financing ### [FOXO to buy Ludwig Enterprises preferred stock with majority voting power](https://aibio.space/news/foxo-buy-ludwig-enterprises-preferred-stock-majority-voting-power/) Oct 29, 2026 --- Source page: https://aibio.space/news/imunon-raise-10-million-through-preferred-stock-secured-notes/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "IMUNON to raise $10 million through preferred stock", 2026-06-04, https://aibio.space/news/imunon-raise-10-million-through-preferred-stock-secured-notes/