Immunic has closed a private placement raising US$200m upfront to fund MS drug trials, with the financing aimed at advancing late-stage studies in multiple sclerosis.
The biotechnology company said the deal could provide up to a further US$200m if additional warrants are exercised.
Immunic issued just over 229m pre-funded warrants priced at US$0.873 each, generating gross upfront proceeds of US$200m.
It also issued warrants to purchase the same number of shares at an exercise price of US$0.873 per share, which could deliver a further US$200m if fully exercised.
The additional warrants will expire either 30 days after the public release of top-line data from the company’s Phase 3 ENSURE trials or in February 2031, whichever comes first.
Immunic said the upfront proceeds, combined with its existing cash, cash equivalents and marketable securities, are expected to fund operating and capital expenditure into late 2027.
The company plans to use the net proceeds to complete its Phase 3 ENSURE trials in relapsing multiple sclerosis, a form of the disease marked by periods of symptom flare-up followed by partial or full recovery.
It also intends to initiate a Phase 3 trial in primary progressive multiple sclerosis, where symptoms steadily worsen from the outset without distinct relapses, and to support its transition towards becoming a commercial-stage organisation, alongside other general corporate purposes.
