Immunic Therapeutics

From Germany to NASDAQ, always with the patient in mind.

The challenge

The innovative biotechnology company is developing a pipeline of immunology therapies for the treatment of chronic inflammatory and autoimmune diseases with a high medical need.

Millions of people worldwide suffer from multiple sclerosis, ulcerative colitis or Crohn’s disease. These are diseases in which the patient’s own immune system does not function as it should.

Immunic Therapeutics specializes in the development of so-called immune modulators which, in contrast to immunosuppressive approaches, specifically intervene in the disease process by directly targeting the immune cells involved.

Why we invested

In addition to a highly compelling biomedical development program that has the potential to improve the lives of countless patients, Immunic’s founders were also able to present a solid investment case. The following aspects were decisive for us:

  • The promising pharmaceutical mode of action as well as an enormous market potential in several clinical indications.
  • The approach to significantly improve the quality of life of patients through oral administration, while having low side effects.
  • A solid scientific data base and preclinical validation.
  • An exceptionally broad-based founding team with many years of relevant industry experience.

Our operational approach

Our first investment in Immunic Therapeutics was in many ways “not your typical early-stage investment”. The original financing round of EUR 21.7 million was expanded to EUR 31.7 million in a second closing, making it one of the largest Series A rounds in the European biotechnology industry to date.

Beautiful science should be translated into a better life for patients, otherwise, it’s still beautiful, but useless”
Dr. Hella Kohlhof Chief Scientific Officer

As an active investor, we supported Immunic as a sparring partner in all entrepreneurial issues. Especially in the establishment of a research site in Halle (Saale), Germany.

We were able to support the management in particular with our many years of experience with IPOs during the reverse merger to NASDAQ.

The results

Immunic Therapeutics is currently on a steep growth trajectory with its sustainable and operationally strong business model.

  • Clinical development: extremely broad drug portfolio with the lead candidate currently in a phase 3 and several phase 2 studies.
  • The company has repeatedly demonstrated its ability to convince renowned international life sciences investors of its vision and bring them on board as supporters.
  • This culminated in a successful going public in 2019 through a reverse merger to NASDAQ.

Developing new pharmaceutical products is a notoriously long, expensive journey. But Immunic Therapeutics has continuously demonstrated that it is one of the most innovative and promising companies in the industry.


Immunic Therapeutics

bmp Ventures Team

Oliver Borrmann





Funding phase



Life Sciences