CAMBRIDGE, Mass. and
HERZLIYA-PITUACH, Israel,
Aug. 14, 2014 /PRNewswire/
-- Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX First
North Premier, Stockholm: "IMNP"),
announced today 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.
Forward-Looking Statements
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 we will not be
able to find a partner to help conduct the Phase 3 trials for
AmiKet™ on attractive terms, a timely basis or at all the risk that
we will not obtain approval to market and commercialize 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; risks associated with our ability to
protect our intellectual property; risks associate with our ability
to raise additional funds; and our liquidity. 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.