Immunic has successfully completed a private placement led by existing investor BVF Partners, with participation from Avidity Partners, OrbiMed, Trails Edge Capital Partners, TCGX, Vivo Capital, and other institutional investors. The company raised a total of $400 million through the issuance of pre-funded warrants, which will support ongoing operations and strategic initiatives through late 2027.
The proceeds will fund the completion of Immunic’s Phase III ENSURE studies of vidofludimus calcium in relapsing multiple sclerosis, with top-line results expected by the end of this year. The company plans to submit a new drug application in the United States by mid-2027, targeting regulatory approval in 2028, while simultaneously preparing for potential commercialization by expanding its medical and commercial teams.
In addition, Immunic plans to launch a Phase III clinical programme for primary progressive multiple sclerosis later this year, with the trial expected to take approximately three-and-a-half to four years to complete. Vidofludimus calcium is designed as a first-in-class therapy that combines neuroprotection via Nurr1 activation with inflammation reduction through selective dihydroorotate dehydrogenase (DHODH) inhibition.
The private placement structure included the issuance of 229.1 million pre-funded warrants at $0.873 per warrant, generating $200 million upfront, with investors also receiving warrants for an additional $200 million in shares, set to expire 30 days after public release of Phase III ENSURE data or by February 17, 2031. Leerink Partners led the placement alongside B Riley Securities, Brookline Capital Markets, Guggenheim Securities, LifeSci Capital, Stifel, and William Blair.
Immunic co-founder and CEO Dr. Daniel Vitt thanked the investors for supporting the company’s development and announced a leadership transition. The board will search for a new CEO with commercial expertise in multiple sclerosis, while Dr. Vitt will assume a new role focused on scientific strategy and portfolio advancement.
