Immunic AG (Immunic Therapeutics), a young biotechnology company based in Martinsried near Munich, has closed its Series A financing round with a total equity volume of €31.7 million. Omega Funds (Boston, MA, USA) and Fund+ (Leuven, Belgium) are participating with a total investment of €10 million. the existing international investor consortium, led by Dutch VC investor LSP.
The Immunic AG was founded in April 2016 with the goal of developing promising pharmaceutical projects through to clinical proof of concept. The company has two ongoing drug development programs. Both products target chronic inflammatory and autoimmune diseases, such as ulcerative colitis, Crohn's disease, and psoriasis.
Drug development is accelerated
The additional funding will be used for the rapid further development of these drugs. The project is currently in an advanced Phase I clinical trial. The start of Phase II clinical trials in patients with ulcerative colitis is planned for early 2018.
“We are extremely pleased that two such renowned, internationally operating life science investment funds have joined our investor group and added a further 10 million euros to our Series A,”
says Dr. Daniel Vitt, Immunic's CEO and Chairman of the Board.
"This step will significantly accelerate the further Phase II development of IMU-838 in the field of inflammatory bowel diseases. This investment strengthens our investor base and underscores our international visibility to US investors."
Dr. Jörg Neermann, Partner at LSP and Chairman of the Supervisory Board of Immunic AG, welcomes Omega and Fund+ as new investors and shareholders:
"We are very pleased that Omega and Fund+, two renowned international investors, are expanding our syndicate and thus contributing to Immunic's continued success. With Vincent Ossipow and Jan Van den Bossche, we welcome two experienced life science experts to Immunic's Supervisory Board."
“We are overjoyed”
Dr. Vincent Ossipow, CFA and partner of Omega Funds, explains:
"We believe IMU-838 has the potential to become the best DHODH inhibitor, and that this class of drugs will continue to grow in importance in the future. We are equally impressed by Immunic's RORγt development program, and are therefore proud to be involved in this innovative company."
Dr. Ossipow will join the Supervisory Board of Immunic AG.
“We are delighted to now be part of this strong consortium of leading life science investors,”
says Jan Van den Bossche, Partner of Fund+ and designated member of the Supervisory Board of Immunic AG.
"We are extremely impressed by Immunic's experienced management team combined with highly innovative research. This powerful combination will ensure that significantly better treatment options for chronic inflammatory diseases will be available in the future."
