Australia's Imugene Ltd. closed a previously announced fully underwritten 1-for-9.5 rights issue.

Shareholders subscribed for 139,713,059 shares at 2.7 Australian cents each. The cancer drug developer raised about A$3.8 million.

The resulting shortfall of 160,803,118 shares will be allocated to institutional investors.

The company expects to complete the issue of shares and attaching options under the rights issue July 11.

Imugene develops immunotherapies for gastric and breast cancer.