Over the last two months, there have been some strong price movements in several major and minor biotech stocks. Following a downturn that has lasted almost two years, has the Australian sector finally bottomed?

We reviewed Clinuvel Pharmaceuticals, Dimerix, Imugene, and Neuren.

In May last year, Imugene (IMU: $0.089) commenced the first study with its novel oncolytic virus, CF33. CF33 was invented by Dr Yuman Fong and his team at City of Hope. It was in-licensed by Imugene in 2019 with the first clinical study having started in May last year.

Imugene (IMU: $0.065) has announced it will acquire its fourth technology platform in cancer immunotherapy. The company is in-licensing an allogeneic CAR-T program, called Azer-Cel, from US company Precision Biosciences.

Keynote address

Dr. Yuman Fong is a surgical oncologist at the City of Hope Medical Centre and was Keynote Speaker at this year's Bioshares Biotech Summit. As a clinician and scientist, while Dr. Fong's "day job" is surgery, he also works as an immuno-oncology researcher with his work partnered with Imugene (IMU: $0.089). Dr. Fong also has industry facing experience, having held regulatory roles in the approval process for immunotherapies and experience working with Genentech.

Imugene (IMU: $0.15) has in-licensed three core technologies. The first and the one on which the company was founded was HER-Vaxx (2013). This technology stimulates the body to develop antibodies against HER2, which is present on breast and gastric tumours in specific patients (who are HER2 positive).

Imugene (IMU: $0.22) has announced it intends to raise $80 million through a private placement that includes two specialist biotech investment funds with commitments secured. The funds to be raised will support the company's portfolio of immuno-oncology drug development assets. Imugene will have a proforma (June 30) cash balance of $175 million.

Imugene (IMU: $0.225) has released final overall survival data from its Phase Ib/II HER-Vaxx study in 36 patients with advanced gastric cancer with tumours that overexpressed the HER2 receptor.