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Immunic, Inc. Secures $65 Million in Public Offering

Immunic, Inc., a prominent player in the biotechnology sector, has successfully closed an oversubscribed public offering valued at $65 million. The company's focus is on developing innovative orally administered therapies aimed at treating chronic inflammatory and autoimmune diseases, a pressing health issue affecting millions globally.

On June 3, 2025, the New York-based company formally announced the closing of this offering, which included pre-funded warrants to purchase shares of common stock, as well as series A and series B warrants. The immediate exercise of the pre-funded warrants provides investors flexibility, allowing them to act quickly if they choose to acquire more shares.

The warrants offered through this initiative are designed with various timelines for exercise. The Series A Warrants, for instance, are immediately exercisable and can be utilized until the end of 2025, while the Series B Warrants start becoming active on October 1, 2025, lasting until 2030. This tiered approach serves to create interest and potential financial growth for the investors.

The proceeds from this offering will significantly advance Immunic's clinical trials and operational capabilities, aligning with its aim to deliver effective therapies for chronic diseases. The funds will help further develop its lead candidate, vidofludimus calcium (IMU-838), which is currently in phase 3 clinical trials for relapsing multiple sclerosis. This particular therapy has already shown a promising profile in phase 2 trials, demonstrating its potential in both relapsing-remitting and progressive forms of the disease.

Vidofludimus calcium's mechanism of action includes neuroprotective effects and anti-inflammatory capabilities, achieved through its role as a first-in-class nuclear receptor related 1 (Nurr1) activator. Furthermore, it selectively inhibits an enzyme known as dihydroorotate dehydrogenase (DHODH), contributing to its therapeutic efficacy against multiple sclerosis. Immunic also has other therapeutic candidates in development, such as IMU-856, aimed at restoring intestinal barrier function, applicable for diseases like celiac and inflammatory bowel disease.

The recent offering was co-led by BVF Partners and Coastlands Capital, along with contributions from other institutional investors including Aberdeen Investments and Janus Henderson Investors. This broad participation demonstrates robust institutional confidence in Immunic's future potential. Notably, Leerink Partners spearheaded the offering as the sole bookrunner, with B. Riley Securities and Brookline Capital Markets supporting as co-managers.

With the aim of realizing comprehensive product development, Immunic is committed to advancing its pipeline of therapies for chronic inflammatory and autoimmune diseases. With these additional funds, the company is equipped to propel its clinical efforts and potentially change the landscape of treatment for patients suffering from these debilitating conditions. The anticipated top-line results for vidofludimus calcium in multiple sclerosis could pave the way for significant advancements in the treatment landscape as early as the end of 2026.

As Immunic expands its presence and capabilities, the biotechnology industry watches closely, aware that the evolution and success of its treatment pipelines could herald a new chapter for chronic disease management. However, as with all development efforts, many risks and uncertainties remain, and Immunic continues to navigate these in pursuit of its objectives. Current economic trends, macroeconomic factors, and the dynamic nature of clinical trials all contribute to the complexity of their journey.

In summary, Immunic, Inc. is set to make significant strides in the biotech field with this successful funding initiative, paving the way for innovative therapeutic solutions that could substantially improve patient outcomes in chronic inflammatory diseases.