NEW
YORK, Oct. 10, 2022 /PRNewswire/
-- Immunic, Inc. (Nasdaq: IMUX) ("Immunic" or the
"Company"), a clinical-stage biopharmaceutical company
developing a pipeline of selective oral immunology therapies
focused on treating chronic inflammatory and autoimmune diseases,
today announced it has entered into a securities purchase agreement
(the "Purchase Agreement") with select accredited investors
and certain existing investors to issue and sell an aggregate of
8,696,552 shares of its common stock ("Common Stock") at a price of
$4.35 per share, reflecting a 10%
premium to the closing price on October 7, 2022 on NASDAQ,
and pre-funded warrants ("Pre-Funded Warrants")
to purchase up to an aggregate of 5,096,552 shares of Common Stock
at a purchase price of $4.34
per pre-funded warrant share, through a private
investment in public equity ("PIPE") financing.
The Pre-Funded Warrants will have an exercise price of
$0.01 per share of Common Stock, to
be immediately exercisable and remain exercisable until exercised
in full. Immunic anticipates the gross proceeds from the PIPE to be
approximately $60.0 million, before
deducting any offering related expenses. The financing is expected
to close on October 12, 2022, subject to customary closing
conditions.
SVB Securities is acting as lead placement agent and
Piper Sandler is acting as placement
agent in connection with the financing.
The oversubscribed financing includes participation from new and
existing institutional investors, including Deep Track Capital,
Commodore Capital, BVF Partners LP, RTW Investments, LP, Great
Point Partners, Logos Capital, Vivo Capital, Invus, Adage Capital
Partners LP, Parkman Healthcare Partners, and Sphera
Healthcare.
"We are highly pleased that this group of renowned, high-quality
investors has participated in the financing to support our
clinical-stage development pipeline targeting chronic inflammatory
and autoimmune diseases," commented Daniel
Vitt, Ph.D., Chief Executive Officer and President of
Immunic. "Most notably, later this month, we eagerly await the
initial clinical activity data from part C of our phase 1 clinical
trial of IMU-935, our highly potent and selective oral IL-17
inhibitor, in moderate-to-severe psoriasis patients."
The Company intends to use net proceeds from the financing to
fund the ongoing clinical development of its three lead product
candidates, vidofludimus calcium (IMU-838), IMU-935 and IMU-856,
and for other general corporate purposes. The proceeds from this
PIPE financing, combined with current cash, cash equivalents and
marketable securities, is expected to fund operating and capital
expenditures into the fourth quarter of 2024.
The securities to be sold in this PIPE financing, including the
shares of Common Stock underlying the Pre-Funded Warrants, have not
been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state or other applicable jurisdiction's
securities laws and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions'
securities laws. Pursuant to the Purchase Agreement, Immunic has
agreed to file a registration statement with the U.S. Securities
and Exchange Commission registering the resale of the shares of
Common Stock sold in the PIPE financing and the shares of Common
Stock issuable upon exercise of the Pre-Funded Warrants. Any
offering of the securities under the resale registration statement
will only be made by means of a prospectus.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage
biopharmaceutical company with a pipeline of selective oral
immunology therapies focused on treating chronic inflammatory and
autoimmune diseases. The company is developing three small molecule
products: its lead development program, vidofludimus calcium
(IMU-838), 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, is
currently being developed as a treatment option for multiple
sclerosis, and primary sclerosing cholangitis. IMU-935, a selective
inverse agonist of the transcription factor RORγ/RORγt, is targeted
for development in psoriasis, and castration-resistant prostate
cancer. IMU-856, which targets the restoration of the intestinal
barrier function, is targeted for development in diseases involving
bowel barrier dysfunction.
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
facts, included in this press release regarding strategy, future
operations, future financial position, future revenue, projected
expenses, sufficiency of cash, expected timing and results of
clinical trials, prospects, plans and objectives of management are
forward-looking statements. Examples of such statements include,
but are not limited to, statements relating to Immunic's three
development programs and the targeted diseases; the potential for
Immunic's development programs to safely and effectively target
diseases; interpretation of preclinical and clinical data for
Immunic's development programs and potential effects; the timing of
current and future clinical trials and anticipated clinical
milestones; the nature, strategy and focus of the company and
further updates with respect thereto; the development and
commercial potential of any product candidates of the company; and
the company's expected cash runway. 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 substantial 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, without limitation, the
COVID-19 pandemic, impacts of the Ukraine – Russia conflict on clinical trials, risks and
uncertainties associated with the ability to project future cash
utilization and reserves needed for contingent future liabilities
and business operations, the availability of sufficient financial
and other resources to meet business objectives and operational
requirements, the fact that the results of earlier preclinical
studies and clinical trials may not be predictive of future
clinical trial results, the protection and market exclusivity
provided by Immunic's intellectual property, risks related to the
drug development and the regulatory approval process and the impact
of competitive products and technological changes. A further list
and descriptions of these risks, uncertainties and other factors
can be found in the section captioned "Risk Factors," in the
company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2021, filed with the SEC
on February 24, 2022, and in the
company's subsequent 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 release speaks only as of the date of this
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. Immunic expressly
disclaims all liability in respect to actions taken or not taken
based on any or all the contents of this press release.
Contact Information
Immunic,
Inc.
Jessica Breu
Head of Investor Relations and Communications
+49 89 2080 477 09
jessica.breu@imux.com
Rx Communications Group
Paula
Schwartz
+1 917 633 7790
immunic@rxir.com
US Media Contact
KOGS Communication
Edna Kaplan
+1 617 974 8659
kaplan@kogspr.com
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SOURCE Immunic, Inc.