The NASDAQ-listed biotech company Immunic from Gräfelfing announces the successful completion of an oversubscribed capital measure in the amount of 65 million US dollars. An additional up to 130 million US dollars could follow through the exercise of warrants. The funds will primarily be used for clinical studies and business operations.
Immunic Inc. announces gross proceeds of approximately 65 million US dollars from the first tranche of a capital increase. The biotech company placed pre-funded equity warrants and two series of traditional warrants in a public offering.
The company could receive up to 130 million US dollars in aggregate additional proceeds if the Series A and Series B warrants are fully exercised for cash.
The company intends to use the net proceeds from the offering to fund its clinical trials and operations and for other general corporate purposes.
In particular, the focus will be on the oral compound vidofludimus calcium (IMU-838), which is currently being investigated in Phase 3 trials for the treatment of relapsing-remitting multiple sclerosis (RMS). The molecule has a combination of neuroprotective, anti-inflammatory and antiviral effects. Other drug candidates in the portfolio are IMU-856, which targets the regeneration of intestinal epithelia, and IMU-381, a compound in preclinical development for the targeted treatment of gastrointestinal diseases.