What is Immunic?
Immunic Inc. historically dedicated its resources to the development of cell-based therapy approaches, most notably the ELAD® System, a bio-artificial liver designed to enhance survival rates in patients suffering from severe acute liver failure. The company's operational focus encompassed product development, clinical testing, and pilot manufacturing. However, following the Phase 3 trial results for VTL-308, which did not meet its primary endpoint for statistically significant improvement in overall survival, Immunic faced considerable hurdles in securing further capital for ELAD development. This led to a strategic pivot, including ceasing ELAD development for U.S. and European markets, workforce reductions, and a redirection towards evaluating strategic alternatives such as asset sales.
How much funding has Immunic raised?
Immunic has raised a total of $63.7M across 3 funding rounds:
Series A
$19.7M
Share Placement
$15M
Debt
$29M
Series A (2016): $19.7M with participation from Life Sciences Partners, High-Tech Gru00fcnderfonds, Bayern Kapital, and LifeCarePartners
Share Placement (2020): $15M led by Altium Capital Limited
Debt (2020): $29M supported by The European Investment Bank
Key Investors in Immunic
Altium Capital Limited
Altium Capital Limited is an investor participating in the funding round. Further details on their investment focus are not publicly available.
The European Investment Bank
The European Investment Bank (EIB) is the European Union's nonprofit long-term lending and finance institution, established in 1958 and headquartered in Luxembourg. They provide financing for projects that support EU policy objectives.
Bayern Kapital
Bayern Kapital is a leading venture capital investor in Bavaria, focusing on innovative, technology-oriented startups and companies across various sectors including High-Tech, DeepTech, and Life Sciences. They provide tailored financing solutions ranging from seed funds to growth funds.
What's next for Immunic?
The recent major strategic investment signifies a potential new chapter for Immunic, possibly enabling the company to pursue its redirected strategic focus. While past development faced significant setbacks, this capital could facilitate the identification and evaluation of strategic alternatives, including the potential sale of assets and intellectual property. The nature of this enterprise-level funding suggests a focus on restructuring or exploring new avenues for value realization, rather than a return to large-scale clinical development of previous candidates.
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