Imunon agrees to sell ThermoDox rights to VoxelDox Therapeutics

Imunon, Inc. (Nasdaq: IMNN) said on October 21, 2026 that it had entered an Asset Purchase Agreement, dated October 20, 2026, to transfer its ThermoDox assets to VoxelDox Therapeutics, Inc. The agreement covers the company's assets tied to ThermoDox, a heat-activated liposomal formulation of doxorubicin, along with associated trademarks, regulatory filings, clinical and preclinical data, manufacturing know-how, and existing drug product vials.¹ VoxelDox plans to pursue ThermoDox as a treatment for glioblastoma and other high-grade gliomas.¹

The deal will only close if VoxelDox raises at least $2.5 million; if that financing does not happen, the transaction falls through and Imunon gets nothing.¹ If it closes, VoxelDox will issue Imunon shares equal to 4.76% of its fully diluted capitalization.¹ Imunon is also eligible for up to $16.5 million in milestone payments tied to clinical and regulatory events, including the start of a Phase 3 ThermoDox trial and FDA acceptance and approval of a New Drug Application, plus royalties on annual net sales.¹ If VoxelDox decides in good faith that the delivered ThermoDox vials cannot be used, both the milestone payments and royalty rates drop by half.¹

Before VoxelDox completes a qualified equity financing, Imunon can name one of its five board directors plus a non-voting observer.¹ Separately, pending VoxelDox board approval and individual consulting agreements, VoxelDox will grant Executive Chairman Michael H. Tardugno and board member Frederick J. Fritz each shares equal to 2.38% of its fully diluted capitalization, vesting monthly over 36 months, in exchange for consulting work for VoxelDox.¹ Apart from these arrangements, the filing states there is no material relationship between Imunon and VoxelDox.¹

CEO Stacy R. Lindborg said the deal lets Imunon create a path to future value from a legacy asset that had already been fully written off, while keeping the company focused on the Phase 3 OVATION 3 trial of IMNN-001 in frontline advanced ovarian cancer.¹ The full Purchase Agreement will be filed as an exhibit to Imunon's 10-K for the year ending December 31, 2026.¹