NEW YORK and HERZLIYA-PITUACH, Israel, May 21, 2014 (GLOBE NEWSWIRE) -- Immune Pharmaceuticals Inc. (OTCQX:IMNP) and (Nasdaq: IMNP ) ("Immune" or "the Company") announced today its financial results for the three month period ended March 31, 2014.
"Immune has significantly strengthened its balance sheet and management team in the first quarter of 2014," said Dr. Daniel Teper, Chief Executive Officer of Immune Pharmaceuticals. "This provides us with enough cash to advance Bertilimumab, our first-in-class monoclonal antibody into our planned Phase 2 clinical trials in moderate-to-severe ulcerative colitis and bullous pemphigoid, an orphan auto-immune dermatological disease. Additionally, Immune is advancing Phase 3 planning and partnering of AmiKet, a topical Neuropathic Pain drug with Orphan Drug Designation for Post Herpetic Neuralgia (PHN). We believe that partnering of AmiKet will provide us with additional cash to fund further development of Bertilimumab."
Operating Results for the Quarter Ended March 31, 2014:
- Company received approximately $10.2 million in net proceeds in a private placement financing.
- As of March 31, 2014, the Company had cash and cash equivalents of $6.5 million.
- Announced new operational leadership team:
- Elliot Goldstein, MD, appointed Chief Medical Officer.
- Eugene Williams appointed Chief Operating Officer.
- Announced strategy for AmiKet, a topical drug for the treatment of Neuropathic Pain. Immune plans to prioritize Post Herpetic Neuralgia (PHN) as its first indication for the development and commercialization of AmiKet, and is preparing Phase 3 plans in anticipation of a partnership transaction.
- Our net loss from continuing operations was approximately $4.8 million for the quarter ended March 31, 2014, mainly attributable to the following expenses:
- Non-cash expenses of $1.9 million relate to equity-based compensation
- Revaluation of our derivative warrant liabilities, and amortization of our patents in total amount of $1.8 million.
- On a per share basis, our total net loss was $0.35 per basic share, which is lower than the net loss of $0.63 per basic share reported by the Company for the quarter ended March 31, 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.
Immune Pharmaceuticals Inc.: 708 Third Avenue, Suite 210 New York, NY 10017 Anna Baran, Director of Investor Relations and Corporate Communications Tel: (646) 937-1941 Immune Pharmaceuticals Ltd.: 11C Galgale HaPlada Herzliya-Pituach, Israel 46733
