On October 21, 2026 IMUNON, Inc. (Nasdaq: IMNN), a clinical-stage biotechnology company developing DNA-mediated immunotherapies, reported that it has entered into an agreement to sell its rights to ThermoDox, a heat-activated liposomal formulation of doxorubicin, to VoxelDox Therapeutics, Inc. ("VoxelDox"). Under the agreement, VoxelDox intends to advance the development of ThermoDox for the treatment of glioblastoma multiforme (GBM), a difficult-to-treat form of brain cancer. In exchange, IMUNON will receive an equity ownership stake in VoxelDox, payments of up to $16.5 million contingent upon meeting development milestones and significant royalties on future net sales of ThermoDox product following commercial approval.
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Closing of the transaction is contingent upon VoxelDox completing a planned $2.5 million financing to support initiation of a Phase 1 clinical trial in patients with glioblastoma. The companies are announcing the agreement in advance of closing to provide visibility into the intended transaction and IMUNON’s continued strategic focus. The transaction enables IMUNON to retain potential long-term economic participation in ThermoDox while dedicating its financial and operational resources to advancing IMNN-001, the Company’s lead clinical program.
"We are pleased that ThermoDox has found a steward committed to advancing its development for the benefit of patients," said Stacy R. Lindborg, Ph.D., President and Chief Executive Officer of IMUNON. "This agreement is consistent with our previously announced strategy to identify a development partner for this promising drug candidate and demonstrates our disciplined approach to portfolio management and capital allocation. By creating a path to realize future value from a legacy asset that has been fully written off, the transaction allows our organization to remain singularly focused on the successful execution of the pivotal Phase 3 OVATION 3 trial of IMNN-001 in frontline advanced ovarian cancer. We look forward to following VoxelDox’s progress as it works to advance this technology for patients with glioblastoma."
Under the terms of the agreement, upon completion of VoxelDox’s financing, IMUNON will receive an equity interest of approximately 4.76% in VoxelDox, together with the potential to receive up to $16.5 million in aggregate development and sales-based milestone payments and tiered royalties ranging from 3.5% to 6% on net sales of ThermoDox-related products, if approved. IMUNON’s realization of any milestone or royalty payments, or of value from its equity position, is subject to VoxelDox’s success in financing, developing, and, if applicable, commercializing the asset, and there can be no assurance that any such value will be realized.
(Press release, IMUNON, OCT 21, 2026, View Source [SID1234673641])