Immunic Inc (NASDAQ:IMUX) said on Tuesday it has closed a previously disclosed private placement financing, raising $200 million upfront with the potential to secure up to an additional $200 million.
The New York-based biotechnology company issued just over 229 million pre-funded warrants at a price of $0.873 each, generating gross upfront proceeds of $200 million.
Under the terms of the securities purchase agreement, Immunic also issued warrants to purchase the same amount of shares of its common stock, or pre-funded warrants in lieu thereof, at an exercise price of $0.873 per share. If fully exercised, the warrants would provide up to an additional $200 million in gross proceeds.
The additional warrants will expire upon the earlier of 30 days after the public announcement of top-line data from the company’s Phase 3 ENSURE trials or in February 2031.
Immunic said it expects the upfront proceeds, together with its existing cash, cash equivalents and marketable securities, to fund operating and capital expenditures into late 2027.
The company plans to use the net proceeds to complete its Phase 3 ENSURE trials in relapsing multiple sclerosis, initiate a Phase 3 trial in primary progressive multiple sclerosis, and support its transition toward becoming a commercial-stage organization, as well as for other general corporate purposes.