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Immunic Stock Surges 35%

Shares of Immunic, Inc. (IMUX) surged over 35% on Monday morning after the clinical-stage biopharmaceutical company announced a $60.0 million oversubscribed private placement equity financing.

IMUX is currently trading at $5.36, up $1.40 or 35.35%, on the Nasdaq. The stock opened its trading at $3.73 after closing Friday's trading at $3.96. The stock has traded between $2.52 and $14.50 in the 52-week period.

The company announced it has entered into a securities purchase agreement with select accredited investors and certain existing investors to issue and sell 8.7 million shares at a price of $4.35 per share, reflecting a 10% premium to the closing price on October 7, 2022 on NASDAQ.

Immunic anticipates the proceeds from the PIPE to be about $60.0 million, before deducting any offering related expenses. The financing is expected to close on October 12, 2022.

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