Immunic secures a $400 million fund to assist commercial-stage improvement
Immunic has introduced an oversubscribed non-public placement of as much as $400 million, cementing its transition from a analysis and development-focused group to a commercial-stage entity.
The location was led by current investor BVF Companions and was joined by entities equivalent to Avidity Companions, OrbiMed, Trails Edge Capital Companions, TCGX, Vivo Capital and different institutional buyers.
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The corporate will even use the proceeds to finish the continuing Section III ENSURE research of vidofludimus calcium in relapsing a number of sclerosis (MS), with top-line outcomes anticipated by the top of this 12 months.
Immunic goals to file a brand new drug utility (NDA) within the US in mid-2027 and goals for regulatory approval in 2028. Parallel efforts are targeted on getting ready for the potential commercialization of vidofludimus calcium, together with increasing medical and industrial groups.
Plans additionally embody launching a Section III medical program for major progressive a number of sclerosis (PPMS) later this 12 months. The corporate estimates that this trial will final roughly three and a half to 4 years.
Vidofludimus calcium is designed as a first-in-class remedy that targets each neuroprotection through Nurr1 activation and irritation discount by way of selective inhibition of dihydroorotate dehydrogenase (DHODH).
Beneath the non-public placement phrases, Immunic has agreed with choose accredited buyers to challenge 229.1 million pre-funded warrants at $0.873 per warrant, elevating preliminary proceeds of $200 million.
Buyers will even obtain warrants for as much as 229.1 million further shares (or pre-funded warrants) on the identical worth for the remaining $200 million. These warrants will expire on the earliest of 30 days following the general public launch of Section III ENSURE knowledge or on February 17, 2031.
Leerink Companions served as lead placement agent alongside B Riley Securities, Brookline Capital Markets, Guggenheim Securities, LifeSci Capital, Stifel and William Blair.
Immunic plans to make use of the online proceeds for operations and normal functions, and to fund operations by way of the top of 2027.
Co-founder and CEO of Immunic Dr. Daniel Vitt stated: “I want to thank BVF and the opposite buyers within the consortium for collaborating in our journey in direction of potential regulatory approval of vidofludimus calcium.”
The board will search for a brand new CEO with industrial MS experience whereas Dr. Vitt transitions to a brand new government function targeted on scientific technique and portfolio improvement.
