Bengaluru: The Biotech startup Immunic announces the closure of Series A Funding with $19.6 million. The financing round was led by Life Sciences Partners V Cooperatief U.A. (LSP, The Netherlands) and LifeCare Partners (LCP, Switzerland). Further participating investors were Bayern Kapital (Landshut, Germany), High-Tech Grunderfonds (HTGF, Bonn, Germany) and additional private investors. The funding will be used to develop convenient yet powerful new therapies for patients who suffer from debilitating diseases caused by the immune system.
Commenting on the funding Manfred Groppel, Co-Founder & COO, Immunic asserts, “This financing is an important validation of the Immunic team. We are excited to have convinced a renowned group of professional investors. Their commitment to provide substantial start-up financing to our venture and their expertise in shaping successful biotech companies will allow us to boost our development activities.”
Founded in 2016 by Manfred Groppel and Andreas Muehler, this Planegg- Martinsried based entity develops pharmaceuticals in the immunology space, in particular for autoimmune diseases or diseases that have an important immunology component in its pathogenesis. The entity intends to the development of orally available, small molecule immune modulators to treat immune and autoimmune diseases such as inflammatory bowel disease (IBD) or psoriasis.
Jorg Neermann, Immunic Supervisory Board member proclaims, “There are still large unmet medical needs in the field of autoimmune and immunological diseases. This is particularly true for safe and convenient therapies that can be taken as a tablet, a dosage form preferred over intravenous administration by patients and health care systems alike. We are convinced that Immunic’s experienced management team will substantially advance the therapeutic options in this field.”