October 20, 2020 -- Immunic has inked a 24.5 million euro ($29 million U.S.) financing agreement with the European Investment Bank (EIB).
Financed under the European Union's Infectious Disease Finance Facility, the venture loan will be used to support the development of Immunic's IMU-838 lead therapeutic candidate for patients with moderate COVID-19. In addition, the financing will also support the potential expansion of its CALVID-1 trial into a confirmatory phase III trial, as well as commercial-scale manufacturing for IMU-838, according to the company.
Immunic will receive the EIB loan in three tranches after completing predefined milestones for IMU-838, a selective oral dihydroorotate dehydrogenase inhibitor. An orally available small molecule, IMU-838 has demonstrated preclinical activity against SARS-CoV-2 in multiple assays and is currently undergoing a phase II clinical trial in hospitalized COVID-19 patients with moderate disease activity, the firm said.
It's also being evaluated in other phase II trials as a potential treatment for chronic inflammatory and autoimmune diseases such as multiple sclerosis and ulcerative colitis, Immunic said.