Immunic Inc (NASDAQ:IMUX) President and CEO Dr Daniel Vitt speaks to Thomas Warner from Proactive London after the Munich-based biotech company announced a $240 million fundraise.
Dr Vitt gives an overview of the fundraise, explaining that it endows Immunic with the necessary resources to advance its work with Vidofludimus Calcium for the treatment of Multiple Sclerosis (MS). The fundraise has drawn in both new and existing investors.
The company plans to use these funds primarily to complete their Phase 2 clinical study in progressive MS, with data expected by April 2025. This study is seen as a major catalyst in Immunic's journey, given the high unmet medical needs in progressive MS and the demand for safer molecules in relapsing MS.
Dr Vitt also highlightsvthe company's progress in 2023, including positive results from a Phase 2 trial in ulcerative colitis and the discovery of a new mode of action for Vidofludimus Calcium in MS.
Furthermore, their second molecule, IMU-856, showed positive results in treating celiac disease. Looking ahead, he says Immunic expects to pass several other important milestones during 2024.