Immunic Inc (NASDAQ:IMUX), a biotechnology firm focused on developing oral therapies for chronic inflammatory and autoimmune diseases, on Tuesday closed a previously announced underwritten public offering, raising approximately $65 million in initial proceeds.
The offering consisted of pre-funded warrants, Series A warrants, and Series B warrants to purchase shares of common stock or additional pre-funded warrants.
Immunic said it may raise up to $130 million in additional proceeds if all Series A and B warrants are exercised in full for cash.
The New York City-based company plans to use the proceeds to advance its clinical programs and support general operations.
The financing was co-led by BVF Partners and Coastlands Capital, and included participation from institutional investors such as Aberdeen Investments, Adage Capital Partners LP, and Janus Henderson Investors.