In a challenging market environment, INmune Bio Inc. (NASDAQ: INMB) stock has touched a 52-week low, reaching a price level of $5.58. This downturn reflects a broader trend for the biotechnology company, which has seen a significant 1-year change with a decrease of -22.45%. Investors are closely monitoring the company's performance, as the stock's current position contrasts with the more robust figures seen in the previous year. The 52-week low serves as a critical indicator for both the company and its investors, signaling a period of reflection and potential reassessment of INmune Bio's market strategies and growth prospects.
In other recent news, INmune Bio Inc. has engaged in a registered direct offering, securing approximately $13 million in gross proceeds from the sale of common stock and corresponding warrants. This transaction involves both new and existing institutional investors, along with company insiders. The company intends to use the net proceeds for working capital and general corporate purposes. Scotiabank initiated coverage on INmune Bio's shares with a Sector Outperform rating, citing the potential of the company's lead drug candidate, XPro, currently in clinical development for Alzheimer's disease treatment.
In other updates, INmune Bio reported progress in its INKmune memory-like natural killer cell oncology platform and its ongoing Phase II Alzheimer's study during its second quarter 2024 earnings call. The company successfully raised approximately $14.5 million in gross proceeds, ensuring sufficient funds for operations until 2025. Furthermore, INmune Bio anticipates patient-level data from the Phase I/II trial in castrate-resistant metastatic prostate cancer later this year. These are recent developments that underline INmune Bio's commitment to advancing its clinical trials and bringing innovative treatments to the market.
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