Immunic Secures USD 60 Million PIPE Financing

The biotech company is thus fully financed until the fourth quarter of 2024.

Das Immunic Management Team (v.l.n.r.): Dr. Duane Nash, Executive Chairman; Inderpal Singh, General Counsel; Dr. Andreas Muehler, Chief Medical Officer; Dr. Hella Kohlhof, Chief Scientific Officer; Dr. Daniel Vitt, Chief Executive Officer, President and Director; Glenn Whaley, CPA, Chief Financial Officer; Patrick Walsh, Chief Business Officer.

Immunic management team (f.l.t.r.): Dr. Duane Nash, Executive Chairman; Inderpal Singh, General Counsel; Dr. Andreas Muehler, Chief Medical Officer; Dr. Hella Kohlhof, Chief Scientific Officer; Dr. Daniel Vitt, Chief Executive Officer, President and Director; Glenn Whaley, CPA, Chief Financial Officer; Patrick Walsh, Chief Business Officer.

“We are highly pleased that this group of renowned, high-quality investors has participated in the financing to support our clinical-stage development pipeline targeting chronic inflammatory and autoimmune diseases.”

Daniel Vitt, Ph.D.
Chief Executive Officer and President of Immunic

IZB alum Immunic Therapeutics (Nasdaq: IMUX), a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases, closed a USD 60 million PIPE financing (private investment in public equity) in October 2022. The financing included participation from a renowned consortium of new and existing institutional investors, including Deep Track Capital, Commodore Capital, BVF Partners LP, RTW Investments, LP, Great Point Partners, Logos Capital, Vivo Capital, Invus, Adage Capital Partners LP, Parkman Healthcare Partners, and Sphera Healthcare.

A highlight for Immunic: the PIPE financing was oversubscribed. “We are highly pleased that this group of renowned, high-quality investors has participated in the financing to support our clinical-stage development pipeline targeting chronic inflammatory and autoimmune diseases,” commented Daniel Vitt, Ph.D., Chief Executive Officer and President of Immunic.

The Company intends to use the net proceeds from the financing to fund the ongoing clinical development of its three lead product candidates, vidofludimus calcium (IMU-838), IMU-935 and IMU-856, and for other general corporate purposes. Immunic now has cash reach into the fourth quarter of 2024.

Immunic develops therapies for chronic inflammatory and autoimmune diseases
Immunic (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The company is developing three small molecule products: its lead development program, vidofludimus calcium (IMU-838), a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect, is currently being developed as a treatment option for multiple sclerosis. IMU-935, a selective inverse agonist of the transcription factor RORγ/RORγt, is targeted for development in psoriasis, and castration-resistant prostate cancer. IMU-856, which targets the restoration of the intestinal barrier function, is targeted for development in diseases involving bowel barrier dysfunction. For further information, please visit: www.imux.com.