Immune Pharmaceuticals Announces Focus on Capital Raising and Primary Listing
in The United States
Company to Transfer Swedish Listing to NASDAQ OMX First North Premier
TARRYTOWN, N.Y., Sept. 30, 2013
TARRYTOWN, N.Y., Sept. 30, 2013 /PRNewswire/ --Immune Pharmaceuticals Inc.
(NASDAQ OMX Stockholm Exchange and OTCQX: IMNP) ("IMMUNE" or the "Company")
announced today that following the recent merger of Immune Pharmaceuticals
Ltd. and EpiCept Corporation, the Company will focus its capital raising
efforts in the United States to support its objective to up-list to a U.S.
national securities exchange (NASDAQ or NYSE MKT), with the intention of that
becoming its primary listing. As a result of the merger, NASDAQ OMX Stockholm
AB has advised, and the Company has agreed, to seek the transition of its
Swedish listing to NASDAQ OMX First North Premier, which maintains access to
Nordic country capital and liquidity for existing shareholders, while
requiring less market specific regulation.
As a result of the merger, the percentage of the Company's outstanding shares
traded on NASDAQ OMX Stockholm has been reduced from more than 80% to
approximately 18%. The Company concluded that maintaining a primary listing
on the OMX Stockholm Exchange was no longer appropriate.
Dr. Daniel Teper, IMMUNE Chairman and Chief Executive Officer explained,
"IMMUNE ispositioned to access capital available for biotech companies amid
the current momentum for financing in the U.S. public markets. We believe a
primary listing on a national exchange in the U.S. will benefit all
shareholders, including our Swedish shareholders. IMMUNE is committed to the
execution of its operational plan to achieve multiple clinical and business
milestones in the next 18 months."
About Immune Pharmaceuticals Inc.
Immune Pharmaceuticals Inc. (NASDAQ OMX Stockholm Exchange and OTCQX: IMNP)
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 entering Phase II clinical studies for moderate-to-severe
ulcerative colitis and bullous pemphigoid, with additional studies planned for
Crohn's disease and severe asthma. The Company is evaluating the use of its
NanomAb® platform, a second generation antibody drug conjugate technology,
with chemotherapeutics in order to enhance their safety and efficacy profiles
by delivering the medicines directly to cancer cells. The Company's growing
oncology pipeline also includes proprietary antibodies and, clinical-stage
small molecules that have been shown activity in a variety of solid tumors.
Immune is headquartered in Tarrytown, New York, with its primary research and
development facilities in Herzliya-Pituach, Israel.
For more information, visit Immune's website at www.immunepharmaceuticals.com.
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. 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: 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, crolibulin or AmiKet™ will not be
successful; the risk that bertilimumab, crolibulin, 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.
SOURCE Immune Pharmaceuticals Inc.
Contact: Immune Pharmaceuticals Inc.: 777 Old Saw Mill River Road, Tarrytown,
NY 10591, Anna Baran, Director of Investor Relations and Corporate
Communications, Tel: (914) 606-3500 or (646) 937-1941,
firstname.lastname@example.org; or Immune Pharmaceuticals Ltd.: 15 Aba Even
Avenue, 2nd Floor, Herzliya-Pituach, 46733, Israel
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