Immune Pharmaceuticals Announces Receipt of Nasdaq Listing Determination
08 Juin 2018 - 2:30PM
Company to Request Hearing
Immune Pharmaceuticals, Inc. (Nasdaq:IMNP) (“Immune” or the
“Company”), a biopharmaceutical company developing novel
therapeutic agents for the treatment of immunologic and
inflammatory diseases, announced today that it received a letter
(the "Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market, Inc. ("Nasdaq") indicating that the Company's
failure to regain compliance with the minimum $1.00 bid price
requirement by May 30, 2018, could serve as a basis for the
delisting of the Company's common stock from The Nasdaq Capital
Market unless the Company timely requests a hearing before the
Nasdaq Hearings Panel (the "Panel").
The Company plans to timely request a hearing
before the Panel, which request will stay the suspension of the
Company’s securities and any delisting action by the Staff at least
pending the issuance of the Panel's decision following the hearing
and the expiration of any extension period that may be granted by
the Panel. At the hearing, Immune will present its plan to evidence
compliance with the bid price requirement and request an extension
of time within which to do so.
Immune continues to execute its strategic plan
for the development of its core assets. Further, the Company
continues to actively explore strategic options with respect to its
oncology and other non-core assets. In addition, the Company is
initiating a search for a non-executive Chairman and additional
members of its Board of Directors to provide support, leadership,
expertise and experience as management and the Board work towards
building investor confidence in the Company’s ability to capitalize
on the opportunities inherent in its pipeline.
The Company's common stock will continue to
trade on Nasdaq under the symbol "IMNP" at least pending the
conclusion of the hearing process. Immune intends to provide a
further update when additional relevant information becomes
available.
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, human monoclonal antibody that
binds eotaxin-1, a chemokine that attracts eosinophils to the site
of inflammation. By blocking eotaxin-1, bertilimumab may prevent
the migration and activation of eosinophils and other cells, thus
blocking an important inflammatory pathway active in a variety of
allergic and immune diseases. Bertilimumab has shown promising
clinical activity in bullous pemphigoid and has been studied in
other conditions including allergic rhinitis and ulcerative
colitis, and may have application in other diseases, including
atopic dermatitis, asthma, and other diseases. Immune is also
developing NanoCyclo, a nano-encapsulated formulation of
cyclosporin, which is in late stage preclinical development for
atopic dermatitis and psoriasis.
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. 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+1
(833) 475-8247 imnp@jtcir.com
(USOTC:IMNPQ)
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