Israel’s Immune Pharmaceuticals Inc., a clinical stage biopharmaceutical company that engages in the development and commercialization of targeted therapeutics for the treatment of inflammatory diseases and cancer, has proposed a public offering of more of the company’s common stock.
Immune Pharmaceuticals stated that it intends to use the net proceeds from the offering for general corporate purposes, which may include research and development expenditures, clinical trial expenditures, acquisitions of new technologies, capital expenditures and working capital.
The final terms of the offering will depend on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The Company expects to grant the underwriter of the offering an option to purchase additional shares of common stock and warrants to cover over-allotments, if any. National Securities Corporation, a wholly owned subsidiary of National Holdings, is acting as sole book-running manager for the proposed offering.
It intends to offer and sell these securities pursuant to its existing “shelf” registration statement previously declared effective by the Securities and Exchange Commission on October 28, 2014. A prospectus supplement and an accompanying prospectus will be filed with the SEC in connection with the offering and will be available on the SEC’s website.
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 as well as Bullous Pemphigoid, an orphan auto-immune dermatological condition. Immune licensed worldwide rights for systemic indications of bertilimumab from iCo Therapeutics 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, and Amiket, a Neuropathic Pain drug candidate ready for Phase III. Amiket has received Orphan Drug Designation for Post Herpetic Neuralgia