Immune Pharmaceuticals Receives Nasdaq Delisting Determination; Eligible to trade Over-the-Counter July 26, 2018
July 26 2018 - 9:15AM
Immune Pharmaceuticals, Inc. (Nasdaq:IMNP) (“Immune” or the
“Company”), a biopharmaceutical company developing novel
therapeutic agents for the treatment of immunologic and
inflammatory diseases, today announced that it has received written
notification from The Nasdaq Stock Market LLC ("Nasdaq") indicating
that Nasdaq has determined to delist the Company's shares from The
Nasdaq Capital Market due to the Company’s non-compliance with the
minimum bid price requirement. The notification states that Nasdaq
will suspend trading in the Company's shares effective with the
open of business on July 26, 2018. Nasdaq’s notification indicates
that Nasdaq will complete the delisting process by filing a Form 25
- Notification of Delisting with the Securities and Exchange
Commission (“SEC”) after the applicable review periods have
expired. In accordance with Nasdaq’s Listing Rules, the Company has
15 days to decide whether to appeal the delisting determination.
The Company is considering whether to appeal the determination. Any
such appeal would not stay the suspension of trading in the
Company’s securities on Nasdaq.
The Company’s shares will be eligible to trade
“over-the-counter” in the OTC Markets system effective with the
open of business on July 26, 2018 under the current symbol “IMNP.”
The Company has filed an application to have its shares quoted on
the OTCQB® Market tier ("OTCQB"), which is operated by OTC Market
Groups Inc. The Company will continue to be registered with the SEC
under the Exchange Act and will continue to file periodic financial
reports that will be available on the SEC's website,
www.sec.gov.
The transition to the OTCQB does not affect the
Company's business operations, including the Company's clinical
development plans for bertilimumab and NanoCyclo. The Company has
begun working with WuXi Biologics on the technology transfer of the
bertilimumab manufacturing process. Pharmacokinetic and
pharmacodynamic data from the Company’s phase 2a bullous pemphigoid
study should be available in the third quarter of this year and the
Company has begun planning a randomized, controlled phase 2/3
pivotal bullous pemphigoid trial expected to launch in 2019. The
Company is planning to meet with the U.S. Food and Drug
Administration and the European Medicines Agency later this year to
discuss the planned phase 2/3 study, the new bertilimumab
manufacturing process, and other clinical and non-clinical aspects
of the bertilimumab development program. The Company expects to
complete enrollment in the ongoing phase 2 study of bertilimumab in
ulcerative colitis in the third quarter of this year.
Additionally, the Company continues to advance
its NanoCyclo program. The Company completed laboratory and animal
studies in the second quarter of 2018 to select a formulation to
move forward into toxicity and human studies, as planned.
Based on these studies, the Company will test an additional
formulation change to further enhance NanoCyclo’s potency in the
third quarter to further optimize the NanoCyclo profile for a
proof-of-concept clinical trial in 2019.About Immune
Pharmaceuticals, Inc.
Immune Pharmaceuticals, Inc. is a
biopharmaceutical company developing novel therapeutic agents for
the treatment of immunologic and inflammatory diseases. Immune’s
lead program, bertilimumab, is a first-in-class, human monoclonal
antibody that binds eotaxin-1, a chemokine that attracts
eosinophils to the site of inflammation. By blocking eotaxin-1,
bertilimumab may prevent the migration and activation of
eosinophils and other cells, thus blocking an important
inflammatory pathway active in a variety of allergic and immune
diseases. Bertilimumab has shown promising clinical activity in
bullous pemphigoid and has been studied in other conditions
including allergic rhinitis and ulcerative colitis, and may have
application in other diseases, including atopic dermatitis, asthma,
and other diseases. Immune is also developing NanoCyclo, a
nano-encapsulated formulation of cyclosporin, which is in late
stage preclinical development for atopic dermatitis and
psoriasis.
Safe Harbor Statements Regarding Forward
Looking Statements
The statements in this news release made by
representatives of Immune relating to matters that are not
historical facts, including without limitation, those regarding
future performance or financial results, the timing or potential
outcomes of research collaborations or clinical trials, any market
that might develop for any of Immune’s product candidates and the
sufficiency of Immune’s cash and other capital resources, the
continued development by Immune of bertilimumab or its
determination to seek Orphan Drug designation for the
pharmaceutical product of bertilimumab are forward-looking
statements that involve risks and uncertainties, including, but not
limited to, the likelihood that actual performance or results could
materially differ, that future research will prove successful, the
likelihood that any product in the research pipeline will receive
regulatory approval in the United States or abroad, or Immune’s
ability to fund such efforts with or without partners. Immune
undertakes no obligation to update any of these statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as to the date hereof. Accordingly,
any forward-looking statements should be read in conjunction with
the additional risks and uncertainties detailed in Immune’s filings
with the Securities and Exchange Commission, including those
discussed in Immune’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and periodic reports filed on Form 8-K.
Investor
Contact:Investors@immunepharma.com
SOURCE Immune Pharmaceuticals Inc.