SAN DIEGO and
PLANEGG-MARTINSRIED, Germany,
April 12, 2019 /PRNewswire/
-- Immunic, Inc. (Nasdaq: IMUX), today announced
the completion of its stock-for-stock exchange transaction with
Vital Therapies, Inc. (Nasdaq: VTL, through April 12, 2019). The company has been renamed
Immunic, Inc. and its common stock is expected to commence trading
on The Nasdaq Capital Market under the ticker symbol "IMUX" on
April 15, 2019. Immunic, Inc. is a
clinical-stage biopharmaceutical company focused on developing
best-in-class, oral therapies for the treatment of chronic
inflammatory and autoimmune diseases. The company expects to move
its headquarters to Boston,
Massachusetts, and intends to retain its research and
development activities in Planegg-Martinsried, Germany. Vital Therapies shares will continue
to trade on The Nasdaq Global Market under the ticker symbol "VTL"
until the close of trading on Friday, April
12, 2019, and, during such time, will not reflect the 40:1
reverse split that occurred on April 12,
2019.
Daniel Vitt, Ph.D., serves as the
company's Chief Executive Officer and President. The new board of
directors comprises five members, four of whom are members from
Immunic's board: Dr. Vitt, Dr. Jörg Neermann of LSP, Dr.
Vincent Ossipow of Omega Funds, and
Mr. Jan Van den Bossche of Fund+. In
addition, Dr. Duane Nash, M.D.,
J.D., M.B.A., previously Chief Executive Officer, President and a
director of Vital Therapies, will continue on the company's board
of directors and serve as its Chairman.
Concurrent with the closing of the transaction, an investor
syndicate that comprises LSP, Omega Funds,
Fund+, LifeCare Partners, Bayern Kapital, High-Tech
Gründerfonds and IBG Beteiligungsgesellschaft Sachsen-Anhalt,
invested EUR 26.7 million
(approximately USD 30 million) in the
company, bringing the new company's total cash balance to
approximately USD 46.7 million, which
is expected to be sufficient to fund development into the third
quarter of 2020.
On April 4, 2019, the stockholders
of Vital Therapies approved the stock-for-stock transaction.
Immediately prior to the transaction, the company effectuated a
40:1 reverse stock split of shares of its common stock. Following
the closing of the transaction and the reverse stock split, there
were approximately 10.1 million issued and outstanding shares
of the company's common stock. As a result of a higher company net
cash balance at closing, the final exchange ratio resulted in
pre-closing Vital Therapies stockholders owning approximately
11.75% of the company, instead of the estimated previously
disclosed 11%.
"We look forward to the opportunity to create substantial value
for our stockholders and to continue our promising work in
autoimmune and chronic inflammatory drug development, where our
goal is to bring a series of best-in-class therapies to patients
who have certain highly-prevalent and debilitating medical
conditions," said Dr. Vitt. "Immunic has a diverse pipeline of
drug development programs underway. These programs are being
advanced under the guidance of an experienced management team with
a strong track record in the pharmaceutical industry. Additionally,
as a result of the transaction, we have a strong cash position,
which should allow us to reach a number of important inflection
points in 2020."
The company's innovative pipeline includes three oral compounds
in development, for which a number of key milestones are expected
in the near term:
- Lead product, IMU-838, is an orally available, next-generation
selective immune modulator which inhibits the intracellular
metabolism of activated immune cells by blocking the enzyme
dihydroorotate dehydrogenase (DHODH). Clinical trials include:
-
- Ongoing phase 2 for ulcerative colitis: interim dosing analysis
expected mid-2019 and full data readout expected in Q2 2020;
- Ongoing phase 2 for relapsing-remitting multiple sclerosis:
unblinded data expected to be reported in 2021;
- Planned phase 2 in Crohn's disease: targeted to begin Q3 2019;
and
- Planned investigator-sponsored proof-of-concept clinical trial
in primary sclerosing cholangitis conducted by the Mayo
Clinic.
- Second program, IMU-935, is an orally available small molecule
inverse agonist of RORγt:
-
- A Phase 1 trial for healthy volunteers and psoriasis patients
is expected to begin in Q3 2019.
- Third program, IMU-856, targets the restoration of the
intestinal barrier function, whose disruption is known to be
prominently involved in the initiation of inflammatory bowel
diseases, including ulcerative colitis and Crohn's disease, and
also in disease relapse:
-
- A Phase 1 trial is expected to begin in H1 2020.
BMO Capital Markets acted as exclusive financial advisor to
Immunic for the transaction and Dentons served as legal counsel to
Immunic. Ladenburg Thalmann & Co. Inc. acted as exclusive
financial advisor to Vital Therapies for the transaction and
Pillsbury Winthrop Shaw Pittman LLP served as legal counsel to
Vital Therapies.
About Immunic, Inc.
Immunic, Inc. (Nasdaq: IMUX)
is a clinical-stage biopharmaceutical company developing a
pipeline of selective oral immunology therapies aimed at treating
chronic inflammatory and autoimmune diseases including ulcerative
colitis, Crohn's disease, relapsing-remitting multiple sclerosis,
and psoriasis. The company is developing three small molecule
products: IMU-838 is a selective immune modulator that inhibits the
intracellular metabolism of activated immune cells by blocking the
enzyme DHODH; IMU-935 is an inverse agonist of RORγt; and IMU-856
targets the restoration of the intestinal barrier function.
Immunic's lead development program, IMU-838, is in phase 2 clinical
development for ulcerative colitis and relapsing-remitting multiple
sclerosis, with an additional phase 2 trial in Crohn's disease
planned for 2019. An investigator-sponsored proof-of-concept
clinical trial for IMU-838 in primary sclerosing cholangitis is
planned to start at the Mayo Clinic. For further information,
please visit: www.immunic-therapeutics.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" that involve substantial risks and uncertainties for
purposes of the safe harbor provided by the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this press release
regarding strategy, future operations, future financial position,
future revenue, projected expenses, prospects, plans and objectives
of management are forward-looking statements. Examples of such
statements include, but are not limited to, statements relating to
Immunic's listing on The Nasdaq Capital Market; expectations
regarding the capitalization, resources and ownership structure of
the company; the potential for IMU-838, IMU-935 and IMU-856 to
safely and effectively target diseases; the adequacy of the
company's capital to support its future operations and its ability
to successfully initiate and complete clinical trials; the nature,
strategy and focus of the company; the development and commercial
potential of any product candidates of the company; and the
executive and board structure of the company. Immunic may not
actually achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in the forward-looking
statements and you should not place undue reliance on these
forward-looking statements. Such statements are based on
management's current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, risks
and uncertainties associated with the ability to project future
cash utilization and reserves needed for contingent future
liabilities and business operations, the availability of sufficient
resources of the company to meet its business objectives and
operational requirements, the fact that the results of earlier
studies and trials may not be predictive of future clinical trial
results, the protection and market exclusivity provided by
Immunic's intellectual property, risks related to the drug
development and the regulatory approval process and the impact of
competitive products and technological changes. Immunic disclaims
any intent or obligation to update these forward-looking statements
to reflect events or circumstances that exist after the date on
which they were made.
Contact Information
Immunic, Inc.
Jessica Breu
Manager IR and Communications
+49 89 250 0794 69
jessica.breu@immunic.de
Or
Rx Communications Group
Melody Carey
+1-917-322-2571
immunic@rxir.com
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SOURCE Immunic, Inc.
