Immunic (NASDAQ: IMUX),a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases, has closed its previously announced registered direct offering of 5,666,667 shares of its common stock, each at a price of $0.90, led by Aberdeen Investments. Immunic secured approximately $5.1 million in gross proceeds, from which it intends to use the net to fund its clinical trials and operations and for other general corporate purposes. Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the offering.
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About Immunic Inc.
Immunic is a biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases. The company’s lead development program, vidofludimus calcium (“IMU-838”), is currently in phase 3 and phase 2 clinical trials for the treatment of relapsing and progressive multiple sclerosis, respectively, and has shown therapeutic activity in phase 2 clinical trials in patients suffering from relapsing-remitting multiple sclerosis, progressive multiple sclerosis and moderate-to-severe ulcerative colitis. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor related 1 (“Nurr1”) activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase (“DHODH”). IMU-856, which targets the protein Sirtuin 6 (“SIRT6”), is intended to restore intestinal barrier function and regenerate bowel epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease as well as inflammatory bowel disease, graft-versus-host-disease (“GvHD”) and weight management. IMU-381, which currently is in preclinical testing, is a next generation molecule being developed to specifically address the needs of gastrointestinal diseases. For further information, visit the company’s website at www.IMUX.com.
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