Immunic Appoints Jason Tardio as Chief Operating Officer and President - Former Novartis and Biogen Executive Brings Extensive Multiple Sclerosis Drug Commercialization Experience to Immunic - - Werner Gladdines, Current

Jason Tardio as Chief Operating Officer and President

- Former Novartis and

Biogen Executive Brings Extensive Multiple Sclerosis Drug Commercialization Experience to Immunic -

- Werner Gladdines, Current

Vice President, Program Management & Clinical Development Operations, Promoted to Chief Development Officer -

NEW YORK, July 9, 2024 -

Immunic, Inc. (Nasdaq: IMUX), a biotechnology company developing a clinical pipeline of

orally administered, small molecule therapies for chronic inflammatory and autoimmune diseases, today announced that seasoned biopharmaceutical

executive, Jason Tardio, will be joining the company as Chief Operating Officer and President, effective July 12, 2024. In the newly created

role, Mr. Tardio will lead internal efforts to prepare for the potential launch of vidofludimus calcium (IMU-838), the company's

orally available nuclear receptor related 1 (Nurr1) activator. Jason will also work closely with Patrick Walsh, Chief Business Officer,

to prepare the company for a range of potential partnership outcomes for vidofludimus calcium, as well as Immunic's other drug candidates.

"Jason's extensive experience,

most notably related to the launch and commercialization of successful multiple sclerosis (MS) drugs for both Novartis and Biogen, as

well as his history of significant out-licensing transactions provide Immunic with an invaluable and proven skill as we draw closer to

completion of vidofludimus calcium's phase 3 ENSURE program," stated Daniel Vitt, Ph.D., Chief Executive Officer of Immunic.

"Jason's appointment reflects our commitment to both commercial and partnership preparedness and comes at a particularly important

and exciting time with the upcoming read-out of our phase 2 CALLIPER trial in progressive MS expected in April 2025 and the completion

of our twin phase 3 ENSURE trials in relapsing MS expected in the second quarter and the second half of 2026, respectively. We warmly

welcome him to Immunic."

Mr. Tardio added, "I am thrilled

to join Immunic's very talented team and am particularly enthusiastic about the potential to bring such a groundbreaking and much-needed

oral treatment option to patients with relapsing and also progressive forms of MS, where patients have few options and there continues

to be a huge unmet need. With its compelling dual mechanism of action, as well as its combined neuroprotective, anti-inflammatory, and

antiviral effects, vidofludimus calcium has the potential to meaningfully enhance therapeutic options and also tap enormous markets. I

look forward to applying my years of experience in this indication to support the drug's ultimate commercial success, assuming future

regulatory approval."

Mr. Tardio most recently served

as Chief Operating Officer of Ovid Therapeutics Inc. since June 2021, after joining the company as Chief Commercial Officer in

November 2019. While there, he led all functions of Ovid's commercial business, with an emphasis in transitioning the company

from a pre-commercial entity into a fully integrated and program-oriented commercial enterprise. Previously, Mr. Tardio served as

Vice President, Head of the Multiple Sclerosis Franchise at Novartis AG from September 2018 to November 2019, a business unit with

annual revenues of more than $3 billion, where he successfully launched MAYZENT (siponimod)* and was responsible for developing

and managing all aspects of the U.S. commercial plan, brand P&L, strategy development and go-to-market modeling for the Novartis

MS franchise. Before Novartis, Mr. Tardio spent nine years in positions of increasing responsibility at Biogen Inc., where he most

recently served as General Manager, Managing Director for Biogen's Latin America South affiliate. Earlier at Biogen, Mr.

Tardio held a wide range of sales and marketing roles, including positions in global commercial strategy, the U.S. business unit and

the international affiliates, where he played a key role in launching both the AVONEX PEN (interferon beta-1a)* and

PLEGRIDY (peginterferon beta-1a)* for relapsing forms of MS. Mr. Tardio's more than two decades of experience in the

biopharmaceutical industry began at Wyeth Pharmaceuticals Inc. and Sepracor, Inc., with various roles in sales, sales training and

marketing. He holds a Bachelor of Science from The College of New Jersey and an MBA in Pharmaceutical Marketing from St.

Joseph's University.

The company also reported that Werner

Gladdines, current Vice President, Program Management & Clinical Development Operations, has been promoted to Chief Development Officer.

Mr. Gladdines joined Immunic in January 2021 as Head of the IMU-838 Program. Since then, he has held positions of increasing responsibility

and was appointed Vice President, Program Management & Clinical Development Operations in February 2023. In his new role as Chief

Development Officer, Mr. Gladdines will take over additional strategic and operational responsibility for Immunic's overall clinical

operations functions.

* MAYZENT is a registered trademark

of Novartis AG; AVONEX and PLEGRIDY are registered trademarks of Biogen

Immunic, Inc. (Nasdaq: IMUX) is a

biotechnology company developing a clinical pipeline of orally administered, small molecule therapies for chronic inflammatory and autoimmune

diseases. The company's lead development program, vidofludimus calcium (IMU-838), is currently in phase 3 and phase 2 clinical trials

for the treatment of relapsing and progressive multiple sclerosis, respectively, and has shown therapeutic activity in phase 2 clinical

trials in patients suffering from relapsing-remitting multiple sclerosis, progressive multiple sclerosis and moderate-to-severe ulcerative

colitis. Vidofludimus calcium combines neuroprotective effects, through its mechanism as a first-in-class nuclear receptor related 1 (Nurr1)

activator, with additional anti-inflammatory and anti-viral effects, by selectively inhibiting the enzyme dihydroorotate dehydrogenase

(DHODH). IMU-856, which targets the protein Sirtuin 6 (SIRT6), is intended to restore intestinal barrier function and regenerate bowel

epithelium, which could potentially be applicable in numerous gastrointestinal diseases, such as celiac disease, for which it is currently

in preparations for a phase 2 clinical trial. IMU-381, which currently is in preclinical testing, is a next generation molecule being

developed to specifically address the needs of gastrointestinal diseases. For further information, please visit: www.imux.com.

Cautionary Statement Regarding Forward-Looking

This press release contains

"forward-looking statements" that involve substantial risks and uncertainties for purposes of the safe harbor provided

by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this

press release regarding new management hires and promotions, strategy, future operations, future financial position, future revenue,

projected expenses, sufficiency of cash, expected timing, development and results of clinical trials, prospects, plans and

objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements

relating to Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and

effectively target diseases; preclinical and clinical data for Immunic's development programs; the timing of current and future

clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect

thereto; the development and commercial potential of any product candidates of the company; expectations regarding the

capitalization, resources and ownership structure of the company; and the executive and board structure of the company. Immunic may

not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward- looking

statements and you should not place undue reliance on these forward-looking statements. Such statements are based on

management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ

materially from those projected in the forward- looking statements as a result of many factors, including, without limitation, the

COVID-19 pandemic, increasing inflation, impacts of the Ukraine - Russia conflict and the conflict in the Middle East on

planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and

reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other

resources to meet business objectives and operational requirements, the fact that the results of earlier preclinical studies and

clinical trials may not be predictive of future clinical trial results, the protection and market exclusivity provided by

Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of

competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can

be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year

ended December 31, 2023, filed with the SEC on February 22, 2024, and in the company's subsequent filings with the Securities

and Exchange Commission. Copies of these filings are available online at www.sec.gov or ir.imux.com/sec-filings. Any forward-looking

statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update

these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic

expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this press

Vice President Investor Relations and Communications

Rx Communications Group