Immunic AG, a Planegg-Martinsried near Munich, Germany-based biotech company, raised €17.5m in Series A financing.
The round was led by Life Sciences Partners V Coöperatief U.A. (LSP, The Netherlands) and LifeCare Partners (LCP, Switzerland) with further participation from Bayern Kapital (Landshut, Germany), High-Tech Gründerfonds (HTGF, Bonn, Germany) and additional investors.
The company intends to use the funds to start developing its new therapies for patients who suffer from debilitating diseases caused by the immune system.
Founded in April 2016 by Dr. Manfred Gröppel, Chief Operating Officer, and Dr. Andreas Mühler, Chief Medical Officer, Immunic aims to advance drug development projects to clinical proof-of-concept. The focus of the company is the development of orally available, small molecule immune modulators to treat immune and autoimmune diseases such as inflammatory bowel disease (IBD) or psoriasis.