Immunic, Inc. IMUX shares are holding steady after the company announced a three-tranche private placement of up to $240 million.
Breaking Down the Announcement:
Immunic stated that the first tranche involves an upfront payment of $80 million at $1.43 per share, set to close on Jan. 8, subject to customary closing conditions.
The second tranche is a mandatory purchase of an additional $80 million of shares of common stock at $1.716 per share, representing 120% of the first tranche purchase price, contingent on the announcement of phase 2b topline data for the vidofludimus calcium (IMU-838) progressive multiple sclerosis clinical trial, volume weighted average share price levels, and minimum trading volumes.
A third tranche, scheduled to occur no later than three years after the second tranche, provides for the issuance of $80 million of shares of common stock (or pre-funded warrants in lieu thereof) at the same price per share as the second tranche.
Immunic anticipates total gross proceeds from the offering to be between $160 and $240 million.
The company also offered a business update on Friday, highlighting its recent achievements and upcoming milestones.
“The past year has been an exceptionally productive and successful one for Immunic, with key clinical data releases emphasizing the uniqueness and enormous value potential of each of our two latest-stage clinical assets,” stated Daniel Vitt, Ph.D., CEO of Immunic.
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IMUX Price Action: According to Benzinga Pro, Immunic shares are up 0.64% at $1.44 at the time of publication.
Image: Steve Buissine from Pixabay
