Englewood Cliffs, NJ, USA – December 13, 2017 – Immune Pharmaceuticals Inc. (NASDAQ First North: IMNP) (the “Company”) a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases, announced that the Company filed a preliminary proxy statement with the United States Securities and Exchange Commission (“SEC”) on December 8, 2017 in connection with the Company’s 2017 Annual Meeting of Stockholders, which is proposed to be held on January 25, 2018. The SEC review period for filings of this type customarily are ten (10) calendar days, but may be longer in the discretion of the SEC. The formal Notice of Annual Meeting and a definitive proxy statement more fully describing the purposes of the Annual Meeting will be distributed to all stockholders later this month following completion of the SEC approval process.
The matters expected to be acted upon at the 2017 Annual Meeting are as follows:
- Elect each of Daniel Kazado and Jeffrey Paley, M.D., nominees for Class I directors, as members of our Board of Directors;
- Ratify the appointment of Marcum LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2017;
- Approve an amendment to our 2015 Equity Incentive Plan for employees to increase the number of shares issuable under the plan from 750,000 to 3,500,000 and to eliminate the share limit on annual awards to any single participant (whether an employee, director or consultant) in any fiscal year;
- Ratify the filing and effectiveness of the certificate of amendment to our certificate of incorporation filed with the Secretary of State of the State of Delaware on April 12, 2017 and the one for twenty reverse stock split of our common stock that was effected thereby and which became effective on April 13, 2017;
- Hold an advisory vote on our 2017 named executive officer compensation;
- Hold an advisory vote on the frequency of the advisory vote on executive compensation; and
- Authorize the adjournment of the Annual Meeting if necessary or appropriate, including to solicit additional proxies if there are not sufficient votes at the time of the Annual Meeting or adjournment or postponement thereof to approve any of the foregoing proposals.
All of these proposals, including the proposal to increase the number of common shares available in the Company’s Equity Incentive Plan for employees, are subject to shareholder approval at the 2017 Annual Meeting of Shareholders.
The potential dilutive effect of Proposal 3 is the addition of up to approximately 2,750,000 common shares to the total outstanding today (assuming no other issuances or conversion of other outstanding securities) at market prices or fair market value as determined by the Company and Its board of directors at the time of any issuances under the Equity Incentive Plan.
Immune Pharmaceuticals Inc. is listed at Nasdaq First North Stockholm. Erik Penser Bank is the Company’s Certified Adviser.
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, immune and inflammatory hepatitis, and asthma.
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, 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.
SOURCE Immune Pharmaceuticals Inc.
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