Immunic closes $103.5 million public offering

Shares of clinical-stage US biotech Immunic (Nasdaq: IMUX) were up nearly 7% at $20.15 in morning trading, after it  announced the closing of an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $18.00 per share, which includes the exercise in full by the underwriters of their option to purchase an additional 750,000 shares.

Immunic received total proceeds from the offering, before deducting the underwriting discounts and other offering expenses, of $103.5 million.

The company intends to use the net proceeds of the offering to fund the ongoing clinical development of its three lead product candidates, IMU-838, IMU-935 and IMU-856, including to investigate IMU-838 in a potential Phase III program in relapsing-remitting multiple sclerosis, and for other general corporate purposes.