Immune Pharmaceuticals Receives Second Tranche of $3 Million from Discover Growth Fund
Company Has Now Secured $16.5 Million Gross Proceeds out of the $21.5 Million July 2015 Financing
Oct 1, 2015
NEW YORK, Oct. 1, 2015 /PRNewswire/ -- Immune Pharmaceuticals, Inc. (IMNP) ("Immune or the "Company") announced today that Immune has received an additional $3 million in gross proceeds from Discover Growth Fund pursuant to the agreement previously disclosed in the Company's Current Report on Form 8K filed on July 29, 2015. This financing was in addition to the gross proceeds of $9 million already received from Discover at the same $2.50 conversion price and terms and the $4.5 million from Hercules Technology Growth Capital. Hercules also provided Immune the option to draw down additional capital under the term loan of up to $5 million in gross proceeds subject to clinical milestones and other conditions. The additional $3 million from Discover was received upon an effective "resale" registration statement pertaining to the Series D Preferred and stockholders approval on Friday, September 25, 2015.
Dr. Daniel Teper, CEO of Immune stated, "Immune has now received $16.5 million gross proceeds of the potential $21.5 million. We believe that the financing provided by Hercules and Discover is a vote of confidence in the Immune pipeline and will allow Immune the ability to execute on its clinical milestones."
About Immune Pharmaceuticals
Immune Pharmaceuticals applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer. Immune's lead product candidate, bertilimumab, is in clinical development for moderate-to-severe ulcerative colitis as well as for bullous pemphigoid, an orphan auto-immune dermatological condition. Other indications being considered for development include atopic dermatitis, Crohn's disease, severe asthma and NASH (inflammatory liver disease). Immune recently expanded its portfolio in immuno-dermatology with topical nano-formulated Cyclosporine A for the treatment of psoriasis and atopic dermatitis. Immune's pipeline also includes NanomAbs®, antibody nano-conjugates, for the targeted delivery of chemotherapeutics. Immune's non-core pipeline includes AmiKet™, a late clinical stage drug candidate for the treatment of neuropathic pain. 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, 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 NanomAbs 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.
SOURCE Immune Pharmaceuticals, Inc.
For further information: Christine J. Petraglia, Director Corporate Communications, Immune Pharmaceuticals, (646) 440-9332