Immunic (NASDAQ: IMUX), a clinical-stage biopharmaceutical company focused on developing best-in-class, oral therapies for the treatment of chronic inflammatory and autoimmune diseases, has closed a sale of 1,764,706 shares of common stock with certain institutional investors, led by Altium Capital. According to the update, Immunic secured approximately $15 million in gross proceeds, with each of the shares sold at a price of $8.50. Immunic intends to use the proceeds to fund the ongoing clinical development of its three small molecule products: IMU-838, IMU-935 and IMU-856, as well as for other general corporate purposes, including to investigate its lead asset, IMU-838, as a potential oral treatment option for COVID-19. ROTH Capital Partners acted as sole placement agent for the offering.
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About Immunic, Inc.
Immunic, Inc. (NASDAQ: IMUX) is a clinical-stage biopharmaceutical company developing a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, including relapsing-remitting multiple sclerosis, ulcerative colitis, Crohn’s disease, and psoriasis. The company is developing three small molecule products: IMU-838 is a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH; IMU-935 is an inverse agonist of RORγt; and IMU-856 targets the restoration of the intestinal barrier function. Immunic’s lead development program, IMU-838, is in phase 2 clinical development for relapsing-remitting multiple sclerosis and ulcerative colitis, with an additional phase 2 trial considered in Crohn’s disease. The company is also investigating IMU-838 as a potential treatment option for COVID-19. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. For more information, visit the company’s website at www.Immunic-Therapeutics.com.
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