NEW YORK, Aug. 4, 2020 /PRNewswire/ -- Immunic, Inc.
(Nasdaq: IMUX), a clinical-stage biopharmaceutical company
developing a pipeline of selective oral immunology therapies aimed
at treating chronic inflammatory and autoimmune diseases, today
announced the pricing of an underwritten public offering of
5,000,000 shares of its common stock at a public offering price of
$18.00 per share. The proceeds of the
offering to the Company are expected to be $90.0 million, before deducting underwriting
discounts and commissions and other offering expenses payable by
the Company. In addition, the Company granted the underwriters a
30-day option to purchase up to an additional 750,000 shares of its
common stock at the public offering price, less underwriting
discounts and commissions.
The closing of the offering is expected to occur on or about
August 7, 2020, subject to the
satisfaction of customary closing conditions.
SVB Leerink is acting as sole bookrunning manager for the
offering. Wedbush PacGrow and Ladenburg Thalmann are acting as
co-managers for the offering.
The Company intends to use the net proceeds of the offering to
fund the ongoing clinical development of its three lead product
candidates, IMU-838, IMU-935 and IMU-856, including to investigate
IMU-838 in a potential phase 3 program in relapsing-remitting
multiple sclerosis, and for other general corporate purposes.
The securities described above are being offered by Immunic,
Inc. pursuant to a shelf registration statement filed by Immunic,
Inc. with the Securities and Exchange Commission (SEC), which
was declared effective on June 13, 2018. A preliminary
prospectus supplement and accompanying prospectus related to the
offering was filed with the SEC on August 4, 2020 and is available for free on the
SEC's website at www.sec.gov.
The final prospectus supplement relating to and describing the
terms of the offering will be filed with the SEC and also will be
available on the SEC's website. Before investing in the offering,
you should read each of the prospectus supplement and the
accompanying prospectus relating to the offering in their entirety
as well as the other documents that the Company has filed with the
SEC that are incorporated by reference in the prospectus supplement
and the accompanying prospectus relating to the offering, which
provide more information about the Company and the offering. Copies
of the preliminary prospectus supplement, the accompanying
prospectus related to this offering and the final prospectus
supplement, when available, may be obtained from: SVB Leerink
LLC, Attention: Syndicate Department, One Federal Street,
37th Floor, Boston, MA,
02110, by email at syndicate@svbleerink.com, or by telephone at
(800) 808-7525, ext. 6218.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage
biopharmaceutical company with a pipeline of selective oral
immunology therapies aimed at treating chronic inflammatory and
autoimmune diseases, including relapsing-remitting multiple
sclerosis, ulcerative colitis, Crohn's disease, and psoriasis.
Immunic is developing three small molecule products: its lead
development program, IMU-838, is a selective immune modulator that
inhibits the intracellular metabolism of activated immune cells by
blocking the enzyme DHODH and exhibits a host-based antiviral
effect; IMU-935 is an inverse agonist of RORĪ³t; and IMU-856 targets
the restoration of the intestinal barrier function. IMU-838
is in phase 2 clinical development for relapsing-remitting multiple
sclerosis, ulcerative colitis and COVID-19, with an additional
phase 2 trial considered in Crohn's disease. An
investigator-sponsored proof-of-concept clinical trial for IMU-838
in primary sclerosing cholangitis is ongoing at the Mayo
Clinic.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
fact, included in this press release regarding the satisfaction of
the customary closing conditions of the offering, the expected
proceeds from the offering and the intended use of proceeds of the
offering, the contemplated clinical trials of the Company's product
candidates, strategy, future operations, future financial position,
future revenue, projected expenses, prospects, plans and objectives
of management, including in relation to Immunic's development
programs, are forward-looking statements. Immunic may not actually
achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in the forward-looking
statements and you should not place undue reliance on these
forward-looking statements. Such statements are based on
management's current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including those set forth in the
sections captioned "Risk Factors" in Immunic's Annual Report on
Form 10-K for the fiscal year ended December
31, 2019, subsequent Quarterly Reports on Form 10-Q, and
other filings with the Securities and Exchange Commission. Copies
of these filings are available online at www.sec.gov
or ir.imux.com/sec-filings. Any forward-looking
statement made in this press release speaks only as of the date of
this press release. Immunic disclaims any intent or obligation to
update these forward-looking statements to reflect events or
circumstances that exist after the date on which they were
made.
Contact Information
Immunic, Inc.
Jessica Breu
Head of Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com
Or
Rx Communications Group
Melody Carey
+1-917-322-2571
immunic@rxir.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/immunic-inc-announces-pricing-of-90-0-million-public-offering-of-common-stock-301106176.html
SOURCE Immunic, Inc.