Immunic, Inc. (NASDAQ:IMUX) saw its shares climb about 20% on Friday morning following the announcement of an oversubscribed private placement that could raise as much as $400 million. The late-stage biotechnology firm said the funds are intended to underwrite its multiple sclerosis drug development programs and to help transition the company into a commercial organization.
The financing is being led by existing investor BVF Partners L.P., and includes commitments from institutional investors Aberdeen Investments, Avidity Partners, OrbiMed, and RA Capital Management. The arrangement provides for $200 million in initial proceeds, with the possibility of an additional $200 million under the terms of the deal.
Immunic specified that the capital will support completion of its ongoing phase 3 ENSURE trials for vidofludimus calcium in relapsing multiple sclerosis. The company reiterated its expectation that top-line data from those trials will be available by the end of 2026. The financing is also intended to enable the company to initiate a phase 3 clinical program in primary progressive multiple sclerosis later this year.
The announcement included changes to the company's leadership. Simona Skerjanec, who previously served as SVP and Global Head of Neuroscience and Rare Diseases at Roche, has been elevated to interim Chairperson of the Board of Directors. Immunic said it will begin a search for a new chief executive officer with commercial experience as current CEO and co-founder Dr. Daniel Vitt prepares to transition into a new senior executive role.
"I could not be prouder of the Immunic team and what we have achieved with vidofludimus calcium," commented Dr. Vitt. "The proceeds from the initial closing are expected to provide sufficient runway through submission of an NDA in the United States in mid-2027 and to start preparations for the potential launch of vidofludimus calcium in RMS."
Immunic said it expects to close the private placement around February 17, 2026, subject to customary closing conditions. Leerink Partners acted as lead placement agent for the financing.
This development affects several segments of the market, including biotechnology companies engaged in neurologic and rare disease drug development, investors focused on late-stage therapeutics, and capital markets that facilitate private placements and crossover financing for companies moving toward commercialization.