Immunic slides after $65 mln equity raise

Shares of biotech firm Immunic IMUX.O down 9.5% to 82 cents premarket after follow-on priced

New York-based Immunic announces public offering of pre-funded warrants and warrants to purchase shares of common stock

Combined offering price is 75 cents, which compares to stock's last close of 91 cents

Initial gross proceeds are ~$65 mln, and co says it may receive up to $130 mln additional gross proceeds if Series A and B warrants are exercised in full for cash

Co intends to use net proceeds to fund clinical trials and operations and other purposes

Its lead drug, vidofludimus calcium (IMU-838), currently in phase III trials for treatment of relapsing multiple sclerosis, for which top-line data is expected to be available end of 2026, co says

Multiple sclerosis is a chronic autoimmune disease that affects the central nervous system

Co has ~95.8 mln shares outstanding as of May 14, per the SEC prospectus filing

Leerink sole bookrunner for offering

IMUX shares hit 52-week intraday high of $2.11 in Sept and touched record intraday low of 83 cents last month