Immune Provides Update Regarding NASDAQ US Listing and Departure of Officer
Immune Pharmaceuticals Inc. (the "Company") announced today the public disclosure of certain information regarding its continued listing on NASDAQ US and the departure of its VP Finance.
Notice of Compliance with NASDAQ US Listing Rule
On August 23, 2017, the Company received a letter from the Listing Qualifications Department of the NASDAQ Stock Market ("NASDAQ") indicating that the Company was not compliant with the minimum stockholders' equity requirement under NASDAQ Listing Rule 5550(b)(1) for continued listing on The NASDAQ Capital Market because the Company's stockholders' equity, as reported in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2017, was below the required minimum of $2.5 million. Also, the Company did not meet the alternative compliance standards relating to the market value of listed securities of $35 million or net income from continuing operations of $500,000 in its most recently completed fiscal year or in two of the last three most recently completed fiscal years. In accordance with NASDAQ Listing Rules, the Company was provided forty-five (45) calendar days, or until about October 6, 2017, to submit a plan to regain compliance, with an option for an extension to regain compliance with the above-referenced rule.
On November 21, 2017, the NASDAQ Staff concluded that the Company has regained compliance with its Rule 5550(b)(1) for the applicable period based on the Company's disclosures contained in our Form 8-K filing of Nov 17, 2017.
Departure of Vice President, Finance
On November 20, 2017, the Company's management and Mr. John Militello, the Company's VP Finance, Controller and Chief Accounting Officer, mutually agreed that it was in their respective best interests to terminate their employment relationship. Effective November 21, 2017, Mr. Militello relinquished his position and will no longer serve as the Company's Principal Financial Officer and Principal Accounting Officer.
The parties are severing their relationship on amicable terms and there is no disagreement as to accounting policies, financial statements, filings or such other matters over which the Company's VP Finance, Controller and Chief Accounting Officer had been involved.
The Company has appointed Mr. John Clark, formerly assistant controller, to the position of controller. Elliot Maza, JD, CPA (inactive) the Company's Chief Executive Officer, will act as Principal Financial Officer and Principal Accounting Officer until such time as the Company appoints a chief financial officer.
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
Englewood Cliffs, New Jersey, USA - November 27, 2017
For further information contact:
Immune Pharmaceuticals Inc.
Elliot Maza, Chief Executive Officer
Tel: Area Code 201.464.2677
The foregoing information is information which Immune Pharmaceuticals Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the contact person set out above, at 19.00 CET on November 27, 2017.
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 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.
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