NEW YORK and HERZLIYA
PITUACH, Israel, Nov. 20, 2014 /PRNewswire/
-- Immune Pharmaceuticals Inc. (NASDAQ: 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
announced the pricing of its previously announced underwritten,
registered public offering. The Company is offering 3,450,000
units, with each unit consisting of one share of the Company's
common stock, par value $0.001 per
share, and one warrant to purchase 0.25 of a share of the Company's
common stock, at a price to the public of $2.50 per unit, for an aggregate gross proceeds
of $8,625,000 million. The
warrants will be exercisable for a period of three years following
the issuance thereof at an exercise price of $3.75 per a whole share. In connection with the
offering, the Company has also granted the underwriter a 30-day
option to purchase up to an additional 517,500 units offered in the
public offering to cover over-allotments, if any. The offering is
expected to settle and close on November 25,
2014, subject to the satisfaction or waiver of customary
closing conditions.
National Securities Corporation, a wholly owned subsidiary of
National Holdings, Inc. (OTCBB: NHLD), is acting as sole
book-running manager for the offering.
The securities described above are being offered by Immune
pursuant to its existing "shelf" registration statement (File No.
333-198647) previously declared effective by the Securities and
Exchange Commission ("SEC") on October 28,
2014.
A final prospectus supplement and an accompanying prospectus
describing the terms of the offering will be filed with the SEC.
Before investing, you should read the prospectus supplement and the
accompanying base prospectus, and other documents that the Company
has filed or will file with the SEC, for information about the
Company and this offering. Once filed, copies of the final
prospectus supplement and the accompanying prospectus may be
obtained, when available, 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
Investors may also obtain these documents for no charge by
visiting the SEC's website at www.sec.gov.
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. In
addition, such statements, including, but not limited to, Immune's
expectations regarding the completion, timing and size of its
proposed public offering, whether expressed or implied, are subject
to risks and uncertainties which can cause actual results to differ
materially from those currently anticipated due to a number of
factors. 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.
SOURCE Immune Pharmaceuticals Inc.