Immunic Inc., a biotechnology company developing targeted therapies for chronic inflammatory and autoimmune diseases, has successfully completed a registered direct offering of 5,666,667 shares of common stock. The offering, priced at $0.90 per share and led by Aberdeen Investments, generated approximately $5.1 million in gross proceeds.
The funding will be strategically allocated to advance the company's clinical trials and support ongoing operational expenses. Titan Partners Group, a division of American Capital Partners, served as the sole placement agent for the transaction.
Immunic's current clinical pipeline focuses on developing orally administered, small molecule therapies with potentially transformative applications in treating complex medical conditions. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 and phase 2 clinical trials for multiple sclerosis treatments, demonstrating promising therapeutic activity in patients with relapsing-remitting and progressive multiple sclerosis.
The company is also developing IMU-856, a novel therapy targeting the Sirtuin 6 protein, which aims to restore intestinal barrier function and regenerate bowel epithelium. This innovative approach could potentially address various gastrointestinal diseases, including celiac disease, inflammatory bowel disease, and graft-versus-host disease.
Additionally, Immunic is advancing IMU-381, a next-generation molecule currently in preclinical testing, specifically designed to address gastrointestinal disease challenges. The new funding will provide critical support for these research and development efforts, potentially accelerating the advancement of groundbreaking medical treatments.
The successful capital raise underscores investor confidence in Immunic's strategic approach to developing targeted therapies for complex inflammatory and autoimmune conditions. By focusing on innovative small molecule treatments with multifaceted mechanisms of action, the company continues to position itself at the forefront of medical research and potential therapeutic breakthroughs.
