Immunitor Deal Terms Approved by New Board of Directors
17 Enero 2011 - 4:22AM
Immune Network Ltd. (Pink Sheets:IMMFF), advises progress is being
made toward the acquisition of Immunitor Inc., a Canadian
corporation with global rights to V-5 Immunitor (known as V5), with
the establishment of basic terms. In addition, Immune
Network's Board of Directors and its senior management team have
been expanded and new corporate professionals have been
appointed.
A share swap agreement was executed between Immune Network and
Immunitor that, subject to shareholder and regulatory approvals,
will provide Immune Network with global marketing rights for
V5. All potential clinical indications are included in the
Immunitor marketing rights. V5 has been the subject of
numerous clinical trials, most of which are published. V5
effects include significant improvement of clinical outcomes for
hepatitis B treatment, hepatitis C treatment, and recently, for
tuberculosis treatment, including drug resistant tuberculosis
(MDR-TB and XDR-TB) and TB and HIV co-infection. V5 is an
orally delivered formulation, manufactured as a simple
tablet. It has been postulated that V5 effects on hepatitis B,
hepatitis C, and tuberculosis is dependent upon an immunomodulatory
effect of the product. There have been no adverse effects
noted in clinical trials of V5 conducted to date.
The share swap deal will, subject to completion, result in the
issuance of 50 million Immune Network shares in exchange for 50% of
the issued and outstanding shares in Immunitor Inc. Deal
terms are subject to shareholder and regulatory approvals. In
particular, the share swap completion is subject to the existing
Canadian securities cease trade order.
Immune Network's board of directors also welcomes Mr. Donald J
Benard. Mr. Benard has extensive experience in launching both
private and public companies in several countries for over 20
years. Mr Benard has been Board member and operations leader
in several companies he has founded or co-founded. Mr Benard
also has extensive experience in computer-modeling technology to
asses and manage business risks. Mr Benard joins Dr Allen Bain
and Dr Alexander Zolotoy on the board of directors of Immune
Network.
Immune Network is also pleased to announce the appointment of
Gladys Chan as interim CFO and Corporate Secretary. Ms Chan
has over a decade of experience as accountant and CFO at public
companies that trade in Canada and in the USA. Ms Chan is a
Certified General Accountant in Canada.
The Immune Network Ltd. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8008
Safe Harbor Statement
The information in this release, other than historical
information, may be considered forward-looking statements within
the provisions of the Private Securities Litigation Reform Act of
1995. Projection and other forward-looking statements and
management expectations regarding future events and/or financial
performance of the Company -- although given in good faith -- are
inherently uncertain and actual events and/or results may differ
materially.
CONTACT: Immune Network Ltd
IMMFF@yahoo.com
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