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Monday, Mar 27, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Medical and Pharmaceutical

Immunic secures private funding for clinical stage studies

Immunic is a biopharmaceutical company that engages in clinical-stage studies involving a pipeline of oral immunology therapies

Photo by CDC via Unsplash

Immunic (NASDAQ:IMUX) entered into a securities purchase agreement with select investors to issue and sell 8,696,552 shares of its common stock at a price of USD$4.35 per share, reflecting a 10% premium to the closing price on October 7, 2022 on NASDAQ.

The private investment in public equity (PIPE) financing also includes pre-funded warrants with an additional 5,096,552 shares of common stock at a price of $4.34 per pre-funded warrant share. The exercise price for the warrants will be $0.01 per share. These are immediately exercisable. Immunic is banking that the private placement will yield approximately $60 million before any deductions for expenses.

“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. Most notably, later this month, we eagerly await the initial clinical activity data from part C of our phase 1 clinical trial of IMU-935, our highly potent and selective oral IL-17 inhibitor, in moderate-to-severe psoriasis patients,” said Daniel Vitt, Ph.D, chief executive officer and president of Immunic.

Immunic is a biopharmaceutical company that engages in clinical-stage studies involving a pipeline of oral immunology therapies for chronic inflammatory and autoimmune diseases. The company’s latest projects include three small molecular products. The first of which is vidofludimus calcum (IMU-838) intended for multiple sclerosis. The second drug is indicated for psoriasis and castration-resistant prostate cancer. The company’s third drug is IMU-856, which is for the restoration of the intestinal barrier function, and specifically targets bowel barrier dysfunction.

Read more: Silo Pharma prepares pre-IND package for FDA on novel ketamine formulation

Read more: The Mugglehead technology roundup: biotechnology edition

Immunic raises funds

Immunic is using the funds raised for its ongoing clinical studies and for other general purposes. Beyond that, the company will use the proceeds from the PIPE financing, along with the company’s present cash position, cash equivalents and marketable securities, fund operating and capital expenditures into Q4, 2024.

The oversubscribed financing includes new and existing institutional investors. These include 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.

SVB Securities is serving as lead placement agent and Piper Sandler is acting as placement agent for the financing.

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