Business
Immunic Therapeutics and Vital Therapies Complete Transaction Creating Nasdaq-Listed Company Targeting Chronic Inflammatory and Autoimmune Diseases
SAN DIEGO and PLANEGG-MARTINSRIED, Germany, April 12, 2019 /PRNewswire/ -- Immunic, Inc. (Nasdaq: IMUX), today announced the completion of its stock-for-stock
About this update from Immunic, Inc.
[{"type":"text","content":"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.\n\n \nDaniel 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.\nConcurrent 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.\nOn 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 stoc...