Immunic has announced an oversubscribed private placement of up to $400 million, strengthening its move from an R&D-focused organization to a commercial-stage entity.
The placement was led by existing investor BVF Partners and was joined by entities such as Avidity Partners, OrbiMed, Trails Edge Capital Partners, TCGX, Vivo Capital and other institutional investors.
The company will also use the proceeds to complete its ongoing Phase III ENSURE studies of vidofludimus calcium in relapsing multiple sclerosis (MS), with top-line results anticipated later this year.
Immunic aims to file a new drug application (NDA) in the US in mid-2027 and targets regulatory approval in 2028. Parallel efforts are focused on preparation for the potential commercialization of vidofludimus calcium, including the expansion of medical and commercial teams.
Plans also include launching a Phase III clinical program in primary progressive multiple sclerosis (PPMS) later this year. The company estimates that this test will take between three and a half to four years to complete.
Vidofludimus calcium is designed as a first-in-class therapy that targets both neuroprotection through activation of Nurr1 and reduction of inflammation through selective inhibition of dihydroorotate dehydrogenase (DHODH).
Under the terms of the private placement, Immunic has agreed with selected accredited investors to issue 229.1 million pre-funded warrants at $0.873 per warrant, generating initial proceeds of $200 million.
Investors will also receive warrants for up to 229.1 million additional shares (or pre-funded warrants) at the same price for the remaining $200 million. These guarantees will expire 30 days after the release of Phase III ENSURE data or February 17, 2031, whichever comes first.
Leerink Partners served as lead placement agent along with B Riley Securities, Brookline Capital Markets, Guggenheim Securities, LifeSci Capital, Stifel and William Blair.
Immunic intends to use the net proceeds for operations and general purposes, funding activities through the end of 2027.
Immunic co-founder and CEO Dr Daniel Vitt said: “I would like to thank BVF and the other investors in the consortium for joining our journey towards potential regulatory approval of vidofludimus calcium.”
The board will begin searching for a new CEO with commercial experience in EM as Dr. Vitt moves into a new executive role focused on scientific strategy and portfolio advancement.
“Immunic Lands $400M Fund to Support Commercial-Stage Development” was created and originally published by Hospital Management, a brand owned by GlobalData.