- Immunic ( NASDAQ: IMUX ) shares gained as much as 21% premarket on Monday after the clinical-stage biopharmaceutical company announced a $60M oversubscribed private placement equity financing.
- The company entered into a securities purchase agreement with select accredited investors and certain existing investors to issue and sell an ~8.69M shares of its common stock at $4.35/share and pre-funded warrants to purchase up to 5,096,552 common shares at $4.34/pre-funded warrant share.
- The pre-funded warrants will be immediately exercisable at $0.01 per share of common stock and remain exercisable until exercised in full.
- Gross proceeds from the equity financing is estimated to be around $60M.
- The financing is expected to close on Oct 12, 2022.
- Net proceeds will be used to fund Immunic's ( IMUX ) ongoing clinical development of its three lead product candidates, vidofludimus calcium (IMU-838), IMU-935 and IMU-856, and for other general corporate purposes. Proceeds, along with current cash, cash equivalents and marketable securities, is expected to fund operating and capital expenditures into Q4/2024.
For further details see:
Immunic stock gains on $60M oversubscribed PIPE financing