LSP portfolio company Immunic announced very positive phase II top-line data



in multiple sclerosis and subsequently raised $ 103.5 million in a public offering

 

 

Munich / Amsterdam, August 14, 2020. Immunic, a Munich and New York based company founded, seed- and growth-funded by LSP through its LSP 5 fund in 2016 and thereafter, now listed on NASDAQ under IMUX, reported very positive top-line data from its phase 2 EMPhASIS trial of IMU-838, the company's selective oral DHODH inhibitor, in patients with relapsing-remitting multiple sclerosis (RRMS) and subsequently raised $ 103.5 million in a public offering. LSP is still the largest shareholder of Immunic.

 

The phase 2 EMPhASIS trial met all primary and key secondary endpoints with high statistical significance, indicating activity for IMU-838 in RRMS patients. In particular, the study met its primary endpoint, demonstrating a statistically significant reduction in the cumulative number of combined unique active (CUA) magnetic resonance imaging (MRI) lesions up to week 24 in patients receiving 45mg of IMU-838 once daily, by 62% (p=0.0002), as compared to placebo. The study also met its key secondary endpoint, showing a statistically significant reduction in the cumulative number of CUA MRI lesions for the 30mg once daily dose, by 70% (p<0.0001), as compared to placebo. All other secondary endpoints, including those based on other MRI parameters and on clinical endpoints such as relapse events, also provided a noticeable signal and numerical benefit for the IMU-838 treatment groups, as compared to placebo. The data further supports the previously observed favorable safety profile of IMU-838 in relapsing-remitting multiple sclerosis patients.

 

On the back of these outstanding clinical results Immunic successfully raised $ 103.5 million fresh capital in an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $18.00 per share, which included the exercise in full by the underwriters of their option to purchase an additional 750,000 shares. 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 3 program in relapsing-remitting multiple sclerosis, and for other general corporate purposes.

 

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, including relapsing-remitting multiple sclerosis, ulcerative colitis, Crohn's disease, and psoriasis. Immunic is developing three small molecule products: its lead development program, IMU-838, is a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect; IMU-935 is an inverse agonist of RORγt; and IMU-856 targets the restoration of the intestinal barrier function. IMU-838 is in phase 2 clinical development for relapsing-remitting multiple sclerosis, ulcerative colitis and COVID-19, with an additional phase 2 trial considered in Crohn's disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. For more information see immunic-therapeutics.com.
 
 
About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. From its offices in Amsterdam, Munich and Boston, LSP manages three distinct investment activities: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. For more information: lspvc.com.
 
 
Contact
Dr. Jörg Neermann
Partner LSP
 

 

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LSP portfolio company Immunic announced very positive phase II top-line data



in multiple sclerosis and subsequently raised $ 103.5 million in a public offering

 

 

Munich / Amsterdam, August 14, 2020. Immunic, a Munich and New York based company founded, seed- and growth-funded by LSP through its LSP 5 fund in 2016 and thereafter, now listed on NASDAQ under IMUX, reported very positive top-line data from its phase 2 EMPhASIS trial of IMU-838, the company's selective oral DHODH inhibitor, in patients with relapsing-remitting multiple sclerosis (RRMS) and subsequently raised $ 103.5 million in a public offering. LSP is still the largest shareholder of Immunic.

 

The phase 2 EMPhASIS trial met all primary and key secondary endpoints with high statistical significance, indicating activity for IMU-838 in RRMS patients. In particular, the study met its primary endpoint, demonstrating a statistically significant reduction in the cumulative number of combined unique active (CUA) magnetic resonance imaging (MRI) lesions up to week 24 in patients receiving 45mg of IMU-838 once daily, by 62% (p=0.0002), as compared to placebo. The study also met its key secondary endpoint, showing a statistically significant reduction in the cumulative number of CUA MRI lesions for the 30mg once daily dose, by 70% (p<0.0001), as compared to placebo. All other secondary endpoints, including those based on other MRI parameters and on clinical endpoints such as relapse events, also provided a noticeable signal and numerical benefit for the IMU-838 treatment groups, as compared to placebo. The data further supports the previously observed favorable safety profile of IMU-838 in relapsing-remitting multiple sclerosis patients.

 

On the back of these outstanding clinical results Immunic successfully raised $ 103.5 million fresh capital in an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $18.00 per share, which included the exercise in full by the underwriters of their option to purchase an additional 750,000 shares. 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 3 program in relapsing-remitting multiple sclerosis, and for other general corporate purposes.

 

About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX) is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies aimed at treating chronic inflammatory and autoimmune diseases, including relapsing-remitting multiple sclerosis, ulcerative colitis, Crohn's disease, and psoriasis. Immunic is developing three small molecule products: its lead development program, IMU-838, is a selective immune modulator that inhibits the intracellular metabolism of activated immune cells by blocking the enzyme DHODH and exhibits a host-based antiviral effect; IMU-935 is an inverse agonist of RORγt; and IMU-856 targets the restoration of the intestinal barrier function. IMU-838 is in phase 2 clinical development for relapsing-remitting multiple sclerosis, ulcerative colitis and COVID-19, with an additional phase 2 trial considered in Crohn's disease. An investigator-sponsored proof-of-concept clinical trial for IMU-838 in primary sclerosing cholangitis is ongoing at the Mayo Clinic. For more information see immunic-therapeutics.com.
 
 
About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €2 billion ($2.3 billion) and developed more than 120 companies since it started to invest in 1988. From its offices in Amsterdam, Munich and Boston, LSP manages three distinct investment activities: LSP 6 invests in private early- to late-stage drug development and medical technology companies; LSP HEF 2 focuses on private late-stage medical technology companies with a health and economic benefit; and LSP Public targets public healthcare companies. Among LSP’s signature deals are argenx, Crucell, KuDOS, Movetis, Neuravi, Okairos, Prosensa, Qiagen and Zealand Pharma. In addition, LSP is an active contributor to the life sciences industry through roles as founder and board member of the Oncode Institute, initiator of the Dutch Venture Initiative (DVI), as well as board member of European venture capital associations, technology transfer institutes and government bodies. For more information: lspvc.com.
 
 
Contact
Dr. Jörg Neermann
Partner LSP
 

 

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