HTGF-backed Immunic lists on Nasdaq

Katharine Hidalgo
15 April 2019

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Biotechnology company Immunic Therapeutics has completed a stock-for-stock exchange transaction with Vital Therapies.

Immunic achieved a listing on the Nasdaq stock exchange through the reverse takeover transaction.

A consortium consisting of Life Sciences Partners (LSP), Omega Funds, Fund+, LifeCare Partners, Bayern Kapital, High-Tech Gründerfonds and IBG Beteiligungsgesellschaft Sachsen-Anhalt reinvested €26.7m in the company. Vital Therapies stockholders now own approximately 11.75% of the company.

Trading of the company will commence on 15 April 2019. It will trade under the ticket IMUX.

The company will move its headquarters to Boston, Massachusetts and will retain its research and development activities in Planegg-Martinsried, Germany following the transaction.

Previous funding
LSP and LifeCare Partners led a €17.5m series-A for Immunic in 2016. Other investors included Bayern Kapital and High-Tech Gründerfonds.

LSP led a €31.7m series-A funding round for the company in 2017. Omega and Fund+ also joined the round.

Company
Immunic develops oral drugs intended to treat auto-immune diseases such as ulcerative colitis, Crohn's disease and psoriasis. The company operates a research facility in Planegg-Martinsried and has its headquarters in the US.

People
High-Tech Gründerfonds - Michael Brandkamp (managing director), Lena Krzyzak (senior investment manager).
Immunic – Daniel Vitt (CEO, president)

Advisers
Company - BMO Capital Markets (M&A); Dentons (legal).
Acquirer - Ladenburg Thalmann & Co. (M&A); Pillsbury Winthrop Shaw Pittman (legal).