Immunic shares are higher Thursday after the company announced its results for the first quarter ended March 31 and issued a corporate update.
"In the first quarter of 2023, we reported outstanding results from two key clinical programs. First, we reported positive data from the maintenance phase of our phase 2b CALDOSE-1 trial of vidofludimus calcium in patients with moderate-to-severe ulcerative colitis (UC), and, most recently, announced positive results from our phase 1b clinical trial of IMU-856 in patients with celiac disease, which far exceeded our expectations," CEO Daniel Vitt said in a statement.
Shares of Immunic climbed 1.1% to $1.81 Thursday morning.
Vitt continued: "In the phase 1b trial, IMU-856, designed to restore a healthy gut without suppressing the immune system, demonstrated consistent and meaningful improvements over placebo in four key dimensions of celiac disease pathophysiology: histology, disease symptoms, biomarkers and nutrient absorption. The impressive data set provides first clinical proof-of-concept for IMU-856 and demonstrates its potential to treat gastrointestinal diseases with an entirely new therapeutic approach.”
Based on that data, Immunic is preparing for a phase 2b clinical trial of IMU-856 in ongoing active celiac disease patients, while also considering further potential clinical applications in other gastrointestinal disorders.
The full corporate update can be read here.
Research and development expenses for the period were $23 million, up from $17.4 million a year earlier. That increase reflects rising external development costs related to the ongoing clinical programs of vidofludimus calcium in relapsing and progressive multiple sclerosis (MS), as well as IMU-856.
Net loss was roughly $25.3 million, $0.58 per share, compared to a net loss of $20.8 million, $0.74 per share, in the same quarter of 2022.
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