Publication date: 05/09/2017
Immunic AG (Immunic Therapeutics), a clinical stage private biotech company in Martinsried near Munich, Germany, today announced that it has completed its Series A round of financing now totaling EUR 31.7 million of preferred stock financing. Omega Funds (Boston, MA, USA) and Fund+ (Leuven, Belgium) joined the existing international group of investors, led by LSP with an additional EUR 10 million in equity financing.
Immunic was founded in 2016 with the aim to bring promising drug development projects to clinical proofof- concept. The company currently has two ongoing drug development programs - IMU-838 and IMU-366 - both in the field of Th17 and Th1 mediated chronic inflammatory and autoimmune diseases like ulcerative colitis, Crohn’s disease and psoriasis.
The increased amount of financing is dedicated to the accelerated phase II development of IMU-838 in inflammatory bowel diseases. The project is currently in advanced phase I tests and start of phase II in patients with ulcerative colitis is planned to commence in early 2018.
“We are very excited that two renowned international life science investment funds join our group of investors and add further ten million Euro of equity financing to our series A,” says Dr. Daniel Vitt, Immunic’s Chief Executive Officer, “this step is substantially accelerating the phase II development of IMU-838 in the field of IBD. The new investment also broadens our investor base and highlights the visibility of Immunic for US-based investors.”
Dr. Jörg Neermann, Partner at LSP and Chairman of Immunic’s supervisory board, also welcomed Omega and Fund+ as new investors and shareholders: "We are very delighted that with Omega and Fund+ two internationally highly renowned Investors joined our syndicate to contribute to the success of Immunic. With Vincent Ossipow and Jan Van den Bossche we welcome two very experienced life science experts in the supervisory board."
“We are convinced that IMU-838 can be a best-in-class DHODH inhibitor and that this drug class will prove to be even more important in the future. We are equally impressed by Immunic’s RORγt program, and therefore are proud to be involved in such an innovative company”, states Vincent Ossipow, PhD, CFA, who will join Immunic’s Supervisory Board.
“We are more than happy to join this strong syndicate of leading life sciences investors”, says Jan Van den Bossche, partner at Fund+ and designated member of the Immunic supervisory board, “We were most attracted by the experienced team of Immunic and the innovative science. This powerful combination will ensure that better treatment options will come available for chronic inflammatory diseases in the future.”
September 27, 2016: Immunic successfully closes 17.5 million Euro Series A financing round
February 1, 2017: Immunic adds EUR 4 million in funding to further boost development
About Immunic AG
Immunic AG is clinical stage biotech company founded in 2016 and focused on the development of immune modulators to block Th17 and Th1-mediated immune and autoimmune responses. The company’s two development programs include orally available, small molecule inhibitors of DHODH (IMU-838 program) and inverse agonists of RORγt (IMU-366 program) relevant to diseases such as ulcerative colitis, Crohn’s disease and psoriasis. The final aim is to develop these drug candidates to clinical proof of concept. Immunic, with headquarters in Planegg-Martinsried near Munich, Germany, is privately held and supported by several renowned sector investors. Further information: www.immunic-therapeutics.com
About Omega Funds
Omega Funds is a leading venture capital and growth equity investor within the broad life sciences sector. Founded in 2004, the firm is based in Boston and has a strategic relationship with NeoMed Management, a Jersey headquartered investment firm, which broadens its capabilities in Europe. Further information: www.omegafunds.net
FUND+ is an open-ended Fund for long term equity investment in innovative life sciences companies with a focus on Belgium. The objective is to create sustainable shareholders value, contribute to the development of a leadership position in the Life Sciences sector for Belgium and generate a tangible, beneficial societal impact. Further information: www.fundplus.be