Immunicum AB (STO:IMMUB), a biopharmaceutical company developing therapeutic cancer vaccines, on Wednesday reported net loss of SEK23.52m, or SEK0.5 per diluted share, in the third quarter of 2018.

This was a decline over net loss of SEK21.66m, or SEK0.8 per diluted share, in Q3 2017.

According to Immunicum, it has taken a series of significant and strategic steps forward during the summer. In these past months, its treatment approach has received validation from investors and the scientific community and it is looking forward to the next development stage for both the research and the company.

The proposed directed issue and fully guaranteed rights issue are estimated to raise SEK351m for he company. The support of a syndicate of high-value and strategic institutional investors indicates the positive direction in which the company continues to move.

With greater financial resources, the company expects to conduct an expanded combination trial, engage in supportive preclinical trials and make the considerable investment needed to secure product for pivotal studies and future large scale commercial manufacturing of ilixadencel. These investments are key in increasing the value of ilixadencel.

Immunicum is establishing a unique immuno-oncology approach through the development of allogeneic, off-the-shelf cell-based therapies. Its goal is to improve survival outcomes and quality of life by priming the patient's own immune system to fight cancer.

(EUR1.00=SEK10.26)