Immunic Therapeutics: First NASDAQ listing
Landshut/Planegg-Martinsried/ New York, April 17, 2019 — The Martinsried-based biopharmaceutical company Immunic Therapeutics (“Immunic”) has successfully made the leap to the NASDAQ technology exchange in a so-called reverse takeover. This is the first time that a portfolio company of Wachstumsfonds Bayern, managed by Bayern Kapital , has succeeded in going public. Together with a consortium of investors, Wachstumsfonds Bayern invested in the company in 2016 as part of a Series A round, thus laying the financial foundation for the company’s positive development. The stock market listing is now expected to provide Immunic with financing security for its further development activities and thus unleash further growth momentum. Simultaneously with the closing of the transaction, Bayern Kapital and six other investors have again invested a total of 26.7 million euros (around 30 million US dollars) in the former Bavarian start-up.
Immunic is a biotech company founded in 2016. The company’s development pipeline today includes selective, orally available immunology therapies for the treatment of chronic inflammatory and autoimmune diseases such as ulcerative colitis, Crohn’s disease, relapsing-remitting multiple sclerosis and psoriasis. As part of a share exchange (so-called reverse takeover) with the already listed company Vital Therapies Inc. Immunic has successfully made the step to the NASDAQ. The company’s common stock, with the new common name of Immunic Inc. have been traded on NASDAQ since April 15, 2019. The main objective of the newly formed company is to continue the development of drugs for chronic inflammatory and autoimmune diseases until they are ready for the market.
Dr. Daniel Vitt, CEO of Immunic AG, says: “Investors such as Bayern Kapital with the Bavarian Growth Fund have given us the opportunity to form, develop and grow as an independent company. The fact that we can now take advantage of the opportunities offered by the capital market to enter the next phase of our corporate development also has to do with the fact that we have been able to count on the continued trust of our investors from the very beginning.”
Bavaria’s Minister of Economic Affairs, Hubert Aiwanger, on Immunic’s stock market listing: “We have endowed the Bavarian Growth Fund with 100 million euros. The example of Immunic shows that this money is well invested. The market is open to innovative and well-managed start-ups — even IPOs are possible in a very short time.”
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective, orally available immunology therapies for the treatment of chronic inflammatory and autoimmune diseases, including ulcerative colitis, Crohn’s disease, relapsing-remitting multiple sclerosis and psoriasis. The company is developing three small molecule products: IMU-838 is a selective immunomodulator that inhibits intracellular metabolism of activated immune cells by blocking the enzyme DHODH; IMU-935 is an inverse agonist of RORγt; and IMU-856 targets restoration of intestinal barrier function. Immunic’s most advanced development program, IMU-838, is in Phase 2 clinical trials for the treatment of ulcerative colitis and relapsing-remitting multiple sclerosis. Another Phase 2 trial in Crohn’s disease is planned for 2019. An investigator-initiated, proof-of-concept clinical trial of IMU-838 in primary sclerosing cholangitis is also planned at Mayo Clinic. For more information: www.immunic-therapeutics.com.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded in 1995 as a wholly owned subsidiary of LfA Förderbank Bayern on the initiative of the Bavarian state government. As the venture capital company of the Free State of Bavaria, Bayern Kapital provides equity capital to the founders of innovative high-tech companies and young, innovative technology companies in Bavaria. Bayern Kapital currently manages eleven investment funds with an investment volume of around 325 million euros. To date, Bayern Kapital has invested around 290 million euros of venture capital in 265 innovative technology-oriented companies from a wide range of sectors, including life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. As a result, more than 5,000 jobs have been permanently created in Bavaria in sustainable companies. www.bayernkapital.de