Immunic AG (Immunic) has announced that it has closed its Series A financing round totaling EUR 17.5 million of preferred stock financing. The financing round was led by Life Sciences Partners V Coöperatief U.A. (LSP, The Netherlands) and LifeCare Partners (LCP, Switzerland). Further participating investors were Bayern Kapital (Landshut, Germany), High-Tech Gründerfonds (HTGF, Bonn, Germany) and additional private investors. Immunic was founded in April 2016 with the purpose to advance promising drug development projects to clinical proof-of-concept.
The focus of Immunic is the development of orally available, small molecule immune modulators to treat immune and autoimmune diseases such as inflammatory bowel disease (IBD) or psoriasis. Dr. Manfred Gröppel, Immunic’s co-founder and Chief Operating Officer, says: “This financing is an important validation of the Immunic team. We are excited to have convinced a renowned group of professional investors. Their commitment to provide substantial start-up financing to our venture and their expertise in shaping successful biotech companies will allow us to boost our development activities.”
Dr. Andreas Mühler, Immunic’s co-founder and Chief Medical Officer, adds: “The funds provided enable us to start developing convenient yet powerful new therapies for patients that suffer from debilitating diseases caused by the immune system.” “There are still large unmet medical needs in the field of autoimmune and immunological diseases. This is particularly true for safe and convenient therapies that can be taken as a tablet, a dosage form preferred over intravenous administration by patients and health care systems alike”, states Dr. Jörg Neermann, partner at LSP and member of Immunic’s Supervisory Board. “We are convinced that Immunic’s experienced management team will substantially advance the therapeutic options in this field.”
“I am pleased to see the financing round being completed with the support of the Bavarian Growth Fund. Just as with other start-ups, our focus with Immunic is on creating the best possible environment for the development and implementation of innovative ideas. This is the fundamental idea behind the Growth Fund. Innovation is the seed of products and enterprises, creating the jobs of tomorrow. This benefits businesses and people in the entire region,” commented Ilse Aigner, the Bavarian Minister of Economic Affairs. “I very much look forward to seeing Immunic’s clinical development programs advance and wish its team great success.”