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Immune Pharmaceuticals Provides Update on Bertilimumab Commencement of Phase II Clinical Trials

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Friday, August 15, 2014

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 Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX First North Premier, Stockholm: "IMNP"), announced its operating results for the quarter ended June 30, 2014.

Dr. Daniel Teper, Chief Executive Officer of Immune Pharmaceuticals, Inc., stated: "Following the completion of a $10.2 million capital raise in March 2014, in the second quarter, we have been able to advance the preparation of Phase II clinical trials for Bertilimumab. As a result, both trials, in Bullous Pemphigoid, an Orphan Auto-Immune Disease of the skin, and in Ulcerative Colitis trial, are initiating patient screening in the third quarter."

Highlights for the Quarter ended June 30, 2014 and Subsequent Weeks:

  • Finalized preparation for Bertilimumab Phase II clinical trial initiation in Bullous Pemphigoid and Ulcerative Colitis. As a result, on July 30, we commenced patient screening as part of the Bullous Pemphigoid Phase II trial.
  • Significantly strengthened our Executive Management Team with the appointment of Karin Hehenberger, MD, Ph.D., to Senior Vice President, Chief Strategy Officer, who joins Gene Williams, Chief Operating Officer, Elliot Goldstein, MD, Chief Medical Officer and Daniel Teper, PharmD, MBA, Chief Executive Officer.
  • Appointed to the Board of Directors Gad Berdugo, Managing Director at Tegris Advisors and formerly Director, Global Equity at Lazard and Cameron Durrant, MD, MBA, a former Worldwide Vice President at Johnson & Johnson.
  • Initiated a formal partnering process for AmiKet, a phase III ready drug for Neuropathic Pain AmiKet has Orphan Drug Designation for Post Herpetic Neuralgia (PHN).

Operating Results for the Quarter Ended June 30, 2014

  • As of June 30, 2014, we had approximately $3.2 million in cash. In addition, we have $5 million available to us in a revolving line of credit obtained from a related party in April 2014. In addition, in August 2014, we secured a $1 million additional investment. We believe these resources to be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements over the next twelve months.

  • Our loss from operations was approximately $3.0 million for the quarter ended June 30, 2014 (including $1.2 million of non-cash costs).

  • Our non-operating income was approximately $3.3 million for the quarter ended June 30, 2014, mainly due a decrease in the value of our derivative warrants issued in March 2014.

  • In June 2014, we amended certain terms of our Preferred C Convertible Stock. As a result of the amendment, all then outstanding Preferred C Stock, in the total value of $1.9 million, were reclassified from mezzanine equity into the stockholders equity of the Company. In consideration for their consent, a two-year warrant, valued at $0.4 million, was issued to the holders, such warrants were accounted for within our equity.

    On a per share basis, our total net loss was $0.03 per basic share for the quarter ended June 30, 2014, compared to a net loss of $0.65 per basic share for the quarter ended June 30, 2013.

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 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., Crolibulin, a small molecule in Phase II in collaboration with the National Cancer Institute 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.

Erik Penser Bankaktiebolag is engaged as Immune´s Certified Adviser on NASDAQ OMX First North Premier.

Contact:

Anna Baran, Senior Director, Investor Relations

Immune Pharmaceuticals Inc.

(646) 937-1941

anna.baran@immunepharma.com;

or

Sarit Steinberg

Immune Pharmaceuticals Ltd.

+972-9-9662839

 

Source: Immune Pharmaceuticals Inc.
2.625
2.6 from 8 votes
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