Immune Pharmaceuticals Postpones Special Meeting of Stockholders
- Special Meeting of Stockholders scheduled for August 22, 2018 postponed -
- Company plans to appeal Nasdaq delisting determination -
ENGLEWOOD CLIFFS, N.J., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Immune Pharmaceuticals, Inc. (OTCQB: IMNP) (“Immune” or the “Company”), a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases, announced today that it is postponing its Special Meeting of Stockholders scheduled for August 22, 2018, which was called for the purpose of considering and voting on approval of a reverse stock split.
Immune recently announced that a Hearing Panel of The Nasdaq Stock Market LLC ("Nasdaq") had determined to delist the Company's shares from The Nasdaq Capital Market due to the Company’s non-compliance with the minimum bid price requirement. Nasdaq suspended trading in the Company's shares effective with the open of business on July 26, 2018. In accordance with Nasdaq’s Listing Rules, the Company plans to appeal the delisting determination. Immune’s shares will continue to be quoted on the OTCQB® Market tier ("OTCQB"), which is operated by OTC Market Groups Inc., during the Nasdaq appeal process.
The Special Meeting of Stockholders, scheduled for August 22, 2018, has been postponed pending the outcome of the Nasdaq appeal process.
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.
SOURCE Immune Pharmaceuticals Inc.
Released August 2, 2018