Immune Pharmaceuticals Announces Changes to its Board of Directors
New Members Provide strong financing and operating experience
TARRYTOWN, N.Y. and HERZLIYA-PITUACH, Israel, Oct. 15, 2013
TARRYTOWN, N.Y. and HERZLIYA-PITUACH, Israel, Oct. 15, 2013 /PRNewswire/ --
Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX Stockholm Exchange: IMNP),
announced today that Rene Lerer, M.D., Executive Chairman of Magellan Health
Services (NASDAQ: MGLN), and Daniel Kazado, Senior Advisor to Melini Capital,
have agreed to join the Company's Board of Directors. Dr. Lerer and Mr. Kazado
replace Pierre Albouy and Herve de Kergrohen, who have resigned from the board
but will continue as strategic advisors to the Company. The Company's Board
of Directors will continue to consist of a total of seven members.
Rene Lerer, M.D., is an accomplished health care leader with more than thirty
years of significant, hands- on experience. For the past decade, he has lead
the transformation, diversification, and growth of Magellan Health Services
(NASDAQ: MGLN), serving first as President and Chief Operating Officer before
being named Chairman and Chief Executive Officer. During his tenure, he
operationally and financially transformed Magellan into a leading specialty
health care company with revenue of more than $3 billion and a market cap of
over $1.5 billion. In addition to his accomplishments at Magellan, Dr.
Lerer's extensive experience and expertise includes serving as Founder and
President of the Internet Healthcare Group, serving as the Chief Operating
Officer of Prudential Healthcare, and holding senior executive positions with
Value Health, Value Health Sciences and The Travelers Companies. Dr. Lerer
holds a Bachelor of Science Degree in Psychobiology from Oberlin College, and
a Doctor of Medicine Degree from the School of Medicine of the State
University of New York at Buffalo.
Daniel Kazado is a Senior Advisor to Melini Capital, a family owned private
and public equity firm investing internationally in several industries. Melini
Capital has been an early and significant investor in Immune Pharmaceuticals.
Mr. Kazado built his own management consulting firm over 15 years to 25
professionals advising boards of directors and senior management in multiple
industries, and in 2002 sold the company to Altran Technologies, a global
engineering and management consulting group with revenues of over €1 billion.
Mr. Kazado earned a bachelor's degree in Business Administration and a
master's degree in Management from Lyon University in France.
Daniel Teper, Pharm.D., M.B.A., Immune Pharmaceuticals' Chairman and CEO,
commented, "We are privileged to have an experienced and committed Board of
Directors to provide Immune with corporate governance, and strategic,
financial and operational guidance. Immune's directors have a track record of
helping create significant value for shareholders of fast growing companies in
the biotech and healthcare industries."
"I am very enthusiastic about joining the Board of Directors of Immune
Pharmaceuticals and in helping the Company achieve its objectives," said Dr.
Lerer. "As a doctor and a health care executive, I believe strongly in the
Company's personalized approach to treating and developing therapeutics to
help patients with inflammatory diseases and cancer. These are serious medical
issues and Immune is taking an innovative approach by developing highly
targeted antibodies to improve the lives of patients."
The Company also announced today that the Board of Directors named the
following members to lead roles with respect to its governance and committees:
oDavid Sidransky, M.D., has been named Vice Chairman of the Board of
Directors and Lead Independent Director. Dr. Sidransky is the former Vice
Chairman of the Board of Imclone Systems (acquired by Eli Lilly), the
Chairman of Champions Oncology, a director of Rosetta Genomics and a
Professor of Medicine at John Hopkins University;
oAna Stancic, C.P.A., M.B.A., has been named Chair of the Audit Committee.
Ms. Stancic was Audit Chair at Champions Oncology and held senior
financial executive positions at public and private companies including
Imclone Systems, Omrix (acquired by Johnson & Johnson) and Enzon;
oIsaac Kobrin, M.D., has been named Chair of the Research & Development
Committee. Dr. Kobrin is the former Chief Medical Officer of Actelion;
oRene Lerer, M.D., has been named Chair of the Governance and Nomination
About Immune Pharmaceuticals Inc.
Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX Stockholm Exchange: 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: Anna Baran, Director of Investor Relations and Corporate
Communications, Tel: (914) 606-3500 or (646) 937-1941,
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