Immunic secures $400m fund to support commercial-stage development

Core Insights - Immunic has successfully completed an oversubscribed private placement of up to $400 million, marking its transition from an R&D-focused organization to a commercial-stage entity [1] Funding and Financial Details - The private placement was led by existing investor BVF Partners, with participation from Avidity Partners, OrbiMed, Trails Edge Capital Partners, TCGX, Vivo Capital, and other institutional investors [1] - Under the terms of the private placement, Immunic will issue 229.1 million pre-funded warrants at a price of $0.873 per warrant, generating upfront proceeds of $200 million [4] - Investors will also receive warrants for an additional 229.1 million shares at the same price for the remaining $200 million, with expiration set for 30 days after the public release of Phase III ENSURE data or on February 17, 2031 [4] Clinical Development Plans - Proceeds from the placement will be used to complete ongoing Phase III ENSURE studies of vidofludimus calcium in relapsing multiple sclerosis (MS), with top-line results expected by the end of this year [2] - The company plans to submit a new drug application (NDA) in the US by mid-2027, targeting regulatory approval in 2028 [2] - Immunic also intends to launch a Phase III clinical program in primary progressive multiple sclerosis (PPMS) later this year, estimating that this trial will take approximately three-and-a-half to four years to complete [3] Strategic Leadership Changes - Immunic's co-founder and CEO Dr. Daniel Vitt will transition to a new executive role focused on scientific strategy and portfolio advancement, while the board will begin searching for a new CEO with expertise in MS commercialization [5]