IMMUNE PHARMACEUTICALS ANNOUNCES $11.7 MILLION PRIVATE PLACEMENT FINANCING
Mar 10, 2014
OTC Disclosure News Service
New York, N.Y.
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Pharmaceuticals Announces $11.7 Million Private Placement Financing
New York, N.Y. and
Herzliya, Israel (March 10, 2014) ? Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX First
North Premier: IMNP) announced today that it
has entered into a definitive agreement with investors for
the sale of $11.7 million of preferred stock and warrants in a private
placement transaction (expected to result in approximately $11 million in net
proceeds to Immune, after the subtraction of transaction fees and expenses). Additional details
regarding the material terms of the transaction, which is expected to close on
March 11, 2014, will be disclosed in a Current Report on Form 8-K expected to
be filed this day.
The purchasers in the offering
include biotech specialist institutional investors, existing Immune investors
and members of Immune?s board of directors and management. The proceeds of the offering have been
allocated in priority to the bertilimumab phase II proof of concept trials in ulcerative
colitis and in bullous pemphigoid, an orphan auto-immune dermatological
indication and for general corporate and working capital purposes.
The shares of preferred stock and warrants offered in the offering
and the shares issuable upon conversion of the preferred stock and exercise of
the warrants have not been registered under the Securities Act of 1933, as
amended, or state securities laws, and may not be offered or sold in the United
States without being registered with the SEC or through an applicable exemption
from SEC registration requirements. This news release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of any of the securities referred to in this news release in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.
Immune Pharmaceuticals Inc. applies a personalized approach
to treatment, developing novel, highly targeted antibody therapeutics to
improve the lives of patients with inflammatory diseases and cancer. The Company?s lead product candidate,
bertilimumab, is in clinical development
for moderate to severe ulcerative colitis and Crohn?s Disease as well as
bullous pemphigoid, an orphan auto-immune dermatological condition, Immune licensed worldwide rights for
systemic indications of bertilimumab from iCo Therapeutics (TSX: ICO; OTCQX:
ICOTF) in June 2011, while iCo retained rights to all ophthalmic indications.
iCo originally licensed the exclusive world-wide rights to bertilimumab in 2006
from MedImmune, the Global Research and Development Arm of AstraZeneca. Immune?s
pipeline also includes NanomAbs?, antibody nanoparticle conjugates, for the
targeted delivery of chemotherapeutics. and Amiket?, a Neuropathic Pain drug
candidate ready for Phase III. Amiket has received Fast Track designation for
chemotherapy induced neuropathic pain and Orphan Drug Designation for Post
For more information, visit Immune?s website at www.immunepharmaceuticals.com, the content of which is not a part of this press
Erik Penser Bankaktiebolag is engaged as Immune?s
Certified Adviser on NASDAQ OMX First North Premier.
This news release
and any oral statements made with respect to the information contained in this
news release contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. You
are urged to consider statements that include the words ?may,? ?will,? ?would,?
?could,? ?should,? ?believes,? ?estimates,? ?projects,? ?potential,? ?expects,?
?plans,? ?anticipates,? ?intends,? ?continues,? ?forecast,? ?designed,? ?goal?
or the negative of those words or other comparable words to be uncertain and
forward-looking statements include statements that express plans, anticipation,
intent, contingency, goals, targets, future development and are otherwise not
statements of historical fact. These statements are based on our current
expectations and are subject to risks and uncertainties that could cause actual
results or developments to be materially different from historical results or
from any future results expressed or implied by such forward-looking
statements. Factors that may cause actual results or developments to differ
materially include: the risks associated with the adequacy of our existing cash
resources and our ability to continue as a going concern; the risks associated
with our ability to continue to meet our obligations under our existing debt
agreements; the risk that clinical trials for bertilimumab or AmiKet? will not
be successful; the risk that bertilimumab, AmiKet? or compounds arising from
our NanomAb? program will not receive regulatory approval or achieve
significant commercial success; the risk that we will not be able to find a
partner to help conduct the Phase III trials for AmiKet? on attractive terms, a
timely basis or at all; the risk that our other product candidates that
appeared promising in early research and clinical trials do not demonstrate
safety and/or efficacy in larger-scale or later-stage clinical trials; the risk
that we will not obtain approval to market any of our product candidates; the
risks associated with dependence upon key personnel; the risks associated with
reliance on collaborative partners and others for further clinical trials,
development, manufacturing and commercialization of our product candidates; the
cost, delays and uncertainties associated with our scientific research, product
development, clinical trials and regulatory approval process; our history of
operating losses since our inception; the highly competitive nature of our
business; risks associated with litigation; and risks associated with our
ability to protect our intellectual property. These factors and other material
risks are more fully discussed in our periodic reports, including our reports
on Forms 8-K, 10-Q and 10-K and other filings with the U.S. Securities and
Exchange Commission. You are urged to carefully review and consider the
disclosures found in our filings which are available at www.sec.gov
or at www.immunepharmaceuticals.com.
You are cautioned not to place undue reliance on any forward-looking
statements, any of which could turn out to be wrong due to inaccurate
assumptions, unknown risks or uncertainties or other risk factors.
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