Immune Pharmaceuticals Provides Update on Plans for Oncology Subsidiary, Cytovia, Inc.
07 Mai 2018 - 2:30PM
Immune Pharmaceuticals, Inc. (NASDAQ:IMNP) (“Immune” or the
“Company”), a biopharmaceutical company developing novel
therapeutic agents for the treatment of immunologic and
inflammatory diseases, today announced that the Company’s Board of
Directors (the “Board”) will no longer pursue a spin-off of its
oncology-focused subsidiary, Cytovia Inc. (“Cytovia”) that had been
led by Immune’s founder and former Chief Executive Officer (CEO),
Dr. Daniel Teper. In connection with this decision, Dr. Teper has
resigned as CEO of Cytovia and from the Board of Directors of both
Cytovia and Immune, effective immediately.
As previously disclosed, securing separate
capitalization from third-party sources to pay start-up costs,
expenses of the spin-off, payment of costs related to Ceplene and
other relevant items was a prerequisite set by Immune’s Board to
complete the spin-off process. Given Dr. Teper’s inability to
secure the necessary funding in a timely manner, Immune’s Board and
management have decided to pursue alternate strategic options,
including a sale of Cytovia’s assets.
Accordingly, Immune’s management has initiated
discussions with parties potentially interested in acquiring
certain of Cytovia’s assets. There is no guarantee that these
discussions will result in a sale of Cytovia or any of its assets,
and Immune makes no representation as to the likelihood or timing
of a sale or other transaction. Moving forward, the Company will
provide updates regarding Cytovia in the event of material
developments relating to the disposition of its assets and as
otherwise appropriate. Immune will continue to focus its efforts
and resources on the development of its core programs, bertilimumab
and NanoCyclo.
“My priority since my appointment as CEO has
been to rebuild Immune around a promising clinical-stage pipeline
in the allergy and immunology space, led by bertilimumab, our
promising phase 2 monoclonal antibody,” commented Elliot Maza,
President and CEO of Immune. “Given the time and effort devoted to
securing financial support for Cytovia, which ultimately proved
unsuccessful, the termination of this spin-off process was a
difficult yet necessary decision. However, the results achieved in
the bertilimumab bullous pemphigoid program, some of which will be
presented later this month, strongly support our decision to focus
our efforts on advancing this program as quickly as possible into
what we believe will be a registrational phase 2/3 study in 2019,”
concluded Mr. Maza. About Immune Pharmaceuticals,
Inc.
Immune Pharmaceuticals Inc. is a
biopharmaceutical company developing novel therapeutic agents for
the treatment of immunologic and inflammatory diseases. Immune’s
lead program, bertilimumab, is a first-in-class, fully human
monoclonal antibody that targets and lowers levels of eotaxin-1, a
chemokine that plays a role in immune responses and attracts
eosinophils to the site of inflammation. By neutralizing eotaxin-1,
bertilimumab may prevent the migration of eosinophils and other
cells, thus helping to relieve associated inflammatory conditions.
Currently, Immune is conducting two phase 2 clinical trials to test
bertilimumab in patients suffering from bullous pemphigoid and
ulcerative colitis, respectively. Bertilimumab may have application
in other diseases, including atopic dermatitis, asthma and other
eosinophil-mediated diseases.
Safe Harbor Statements Regarding Forward
Looking Statements
The statements in this news release made by
representatives of Immune relating to matters that are not
historical facts, including without limitation, those regarding
future performance or financial results, the timing or potential
outcomes of research collaborations or clinical trials, any market
that might develop for any of Immune’s product candidates and the
sufficiency of Immune’s cash and other capital resources, the
continued development by Immune of bertilimumab or its
determination to seek Orphan Drug designation for the
pharmaceutical product of bertilimumab are forward-looking
statements that involve risks and uncertainties, including, but not
limited to, the likelihood that actual performance or results could
materially differ, that future research will prove successful, the
likelihood that any product in the research pipeline will receive
regulatory approval in the United States or abroad, or Immune’s
ability to fund such efforts with or without partners. Immune
undertakes no obligation to update any of these statements. In
addition, there can be no assurance that Immune will successfully
complete its anticipated corporate restructuring, filing of the
Form 10, or consummation of the spin-off of Cytovia, or that Immune
will be able to reduce expenses, capitalize on strategic
alternatives, develop its assets, and generate value for
shareholders. Immune may, at any time and for any reason until the
proposed spin-off is complete, abandon the spin-off or modify its
terms and conditions, or consider competing, alternate or
complimentary transactions or offers by third parties at the
discretion of Immune’s board of directors. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as to the date hereof. Accordingly, any
forward-looking statements should be read in conjunction with the
additional risks and uncertainties detailed in Immune’s filings
with the Securities and Exchange Commission, including those
discussed in Immune’s Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and periodic reports filed on Form 8-K.
Investor Contact:
Jenene ThomasJenene Thomas Communications,
LLC(833) 475-8247imnp@jtcir.com
SOURCE Immune Pharmaceuticals Inc.
(USOTC:IMNPQ)
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