Immunic Stock Is Trading Lower After Equity Raise Of $45M To Fund Lead Pipeline Candidates

Immunic Inc IMUX has priced an underwritten public offering of 4.5 million shares at $10 per share, representing a discount of about 16% from the last close price of $11.89 on Wednesday.
The gross proceeds are expected to be approximately $45 million.
Underwriters have an option to purchase up to an additional 675,000 shares.
The offering will close by July 19.
Piper Sandler is acting as the sole book-runner for the offering. Ladenburg Thalmann & Co. Inc., Roth Capital Partners, and Aegis Capital Corp. are acting as co-managers for the offering.
The Company will use the proceeds to fund the ongoing clinical development of its three lead product candidates, IMU-838, IMU-935, and IMU-856, and for other general corporate purposes.
Recently, the FDA signed off two trial applications for IMU-838 in multiple sclerosis.
Price Action: IMUX shares are down 18.1% at $9.70 during the market session on the last check Thursday.