Immunic Raises $400M to Fund Commercial Transition
Biotechnology company Immunic announced an oversubscribed private placement of up to $400 million. The company stated the funding will accelerate its transformation into a commercial-stage entity. The strong investor interest signals confidence in the company's pipeline of next-generation therapies.
- The financing was led by existing investor BVF Partners L.P. and included participation from other institutional investors such as OrbiMed, RA Capital Management, and Janus Henderson Investors. - Concurrent with the financing, Immunic announced a leadership transition. Co-founder and CEO Dr. Daniel Vitt will move to a senior executive role focused on scientific strategy, and a search is underway for a new CEO with commercial experience in the multiple sclerosis space. - The proceeds are expected to fund the completion of the ongoing Phase 3 ENSURE trials for their lead drug candidate, vidofludimus calcium, in relapsing multiple sclerosis (RMS), with top-line data anticipated by the end of 2026. - Following the trials, the company aims to submit a New Drug Application (NDA) in the United States in mid-2027, with a potential regulatory approval targeted for 2028. - Immunic is also preparing to initiate a Phase 3 clinical program for vidofludimus calcium in primary progressive multiple sclerosis (PPMS) later this year. - The company's second pipeline candidate, IMU-856, has shown positive results in a Phase 1b trial for celiac disease by demonstrating an ability to restore intestinal barrier function. Recent analysis also suggests a potential for IMU-856 as an oral treatment for weight management due to its effect on GLP-1 levels. - To align with its strategic goals, Simona Skerjanec, a former senior executive at Roche, has been elevated to interim Chairperson of the Board, and Thor Nagel, a principal at lead investor BVF Partners L.P., has joined the board. - This significant financing comes after Immunic's stock was transferred from the Nasdaq Global Select Market to the Nasdaq Capital Market due to its share price remaining below the $1.00 minimum bid requirement.
