Immunic Raises $400M to Advance MS Drug Plans

Immunic, Inc. announced it has priced a private placement expected to generate up to $400 million in gross proceeds, funding the company’s shift from a research-focused biotech to a commercial-stage organization. The financing was led by BVF Partners and backed by multiple institutional investors including OrbiMed and RA Capital Management.

The capital infusion will primarily support late-stage development and commercialization plans for vidofludimus calcium, an investigational oral therapy targeting multiple sclerosis. The company is currently conducting the phase 3 ENSURE clinical trials in relapsing forms of multiple sclerosis, with top-line data expected by the end of 2026. If successful, Immunic plans to submit a New Drug Application in the United States around mid-2027, potentially positioning the treatment for regulatory approval in 2028.

In parallel, the company is preparing for commercial launch activities, including building medical affairs and commercial teams ahead of a possible market entry. Immunic also plans to initiate a separate phase 3 program later this year in primary progressive multiple sclerosis, a form of the disease with limited treatment options. That study is projected to run approximately three and a half to four years.

Vidofludimus calcium is designed to act through a dual biological mechanism — protecting neurons while reducing inflammation — which the company believes could address both relapse-driven disability and gradual disease progression.

Executives said the financing marks a turning point in Immunic’s evolution, providing resources to advance pivotal trials and potentially establish the company as a commercial player in next-generation oral therapies for multiple sclerosis.