NEW YORK and HERZLIYA PITUACH, Israel, Nov. 26, 2014 /PRNewswire/ -- Immune
Pharmaceuticals Inc. (NasdaqCM: IMNP; "Immune" or "the Company"), a
clinical stage biopharmaceutical company that engages in the
development and commercialization of targeted therapeutics for the
treatment of inflammatory diseases and cancer, today completed the
underwriter's exercise of partial over-allotment option of 459,697
units, at a price of $2.50 per unit,
for gross proceeds of approximately $1.06
million, bringing the aggregate gross proceeds of the
Company's previously announced underwritten public offering to
$9.685 million. The Company received
aggregate net proceeds of approximately $8.645 million, after deducting underwriting
discounts and commissions and estimated offering expenses. In
total, the Company issued 3,909,697 units, with each unit
consisting of one share of the Company's common stock, par value
$0.0001 per share, and one warrant to
purchase 0.25 of a share of the Company's common stock, at an
exercise price of $3.75 per a whole
share. Separately, $1.0 million
recently invested in the Company privately by an existing investor
converted into 400,000 units, consisting of 400,000 shares of
common stock and warrants to purchase up to 100,000 shares of
common stock at the same term as the underwritten public offering,
bringing the total gross proceeds raised in November 2014 to $10.685
million.
National Securities Corporation, a wholly owned subsidiary of
National Holdings, Inc. (OTCBB: NHLD), acted as sole book-running
manager for the offering.
The securities described above were offered by Immune pursuant
to a "shelf" registration statement previously declared effective
by the Securities and Exchange Commission (SEC) on October 28, 2014 (File No. 333-198647). Copies of
the final prospectus supplement and the accompanying prospectus
relating to this offering may be obtained by contacting the
book-running manager at the following address:
National Securities Corporation
410 Park Ave, 14th
Floor
New York, NY 10022
Attn: Kim Addarich
Telephone: (212)-417-8164
Email: prospectusrequest@nationalsecurities.com
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Immune
Pharmaceuticals, Inc., and shall not constitute an offer,
solicitation or sale of any security in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Immune Pharmaceuticals Inc.
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 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 Orphan Drug Designation for Post Herpetic Neuralgia. For
more information, visit Immune's website
at www.immunepharmaceuticals.com, the content of which is not
a part of this press release.
Forward-Looking Statements
This press release contains 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. Such 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, but not limited to: 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, on 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. We expressly disclaim any
obligation to publicly update any forward looking statements
contained herein, whether as a result of new information, future
events or otherwise, except as required by law.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/immune-pharmaceuticals-inc-completes-underwriters-exercise-of-partial-over-allotment-option-300001816.html
SOURCE Immune Pharmaceuticals Inc.