Immunic has successfully completed an oversubscribed private placement of up to $400m, signaling its transition from an R&D-focused organization to a commercial-stage entity. The placement was led by existing investor BVF Partners and joined by several other institutional investors.

The company plans to utilize the proceeds to complete ongoing Phase III ENSURE studies of vidofludimus calcium in relapsing multiple sclerosis, with top-line results expected by the end of this year. Immunic aims to submit a new drug application in the US by mid-2027 and targets regulatory approval in 2028.

Immunic is also preparing to launch a Phase III clinical programme in primary progressive multiple sclerosis later this year. The company estimates that this trial will take approximately three-and-a-half to four years to complete.

Under the private placement terms, Immunic has agreed to issue pre-funded warrants to select accredited investors, yielding upfront proceeds of $200m. Investors will also receive warrants for up to an additional 229.1 million shares at the same price for the remaining $200m.

Leerink Partners served as the lead placement agent for the private placement alongside other firms. Immunic intends to use the net proceeds for operations and general purposes, funding activities into late 2027.

Immunic co-founder and CEO Dr. Daniel Vitt expressed gratitude towards investors for supporting the potential regulatory approval of vidofludimus calcium. The board will begin the search for a new CEO with MS commercial expertise as Dr. Vitt transitions to a new executive role focused on scientific strategy and portfolio advancement.

Read more at Yahoo Finance: Immunic secures $400m fund to support commercial-stage development