Immunotech Completes Merger Acquisition
GLENDALE, Calif., March 30 /PRNewswire-FirstCall/ -- Immunotech Laboratories, Inc. has completed a reverse merger with a public shell company and has restructured its position through a 100 to 1 reverse split of stock. The company has issued 60 million authorized shares bringing the total number of issued and outstanding shares to 60,555,688 shares trading under NASDAQ OTC.PK Exchange ticker symbol IMMB.
Immunotech Laboratories, Inc. has indefinite licensing rights of the Irreversible Pepsin Fraction (IPF) peptide molecule for the specific treatment of the HIV/AIDS indication. IPF has demonstrated to have both fusion inhibitor and immunomodulator capabilities during in vitro studies with no viral resistance. This provides opportunities for patients that have already shown resistance to one or more antiretroviral therapies.
Immunotech Laboratories' core competency is in developing novel therapeutic molecules for the treatment of HIV/AIDS and a research pipeline with potential treatments for pre-natal and pediatric HIV/AIDS patients, subsequently developing a Preventive HIV Vaccine. The U.S. Patent office has granted full patent rights for IPF under patent number 7479538. Efforts are done to complete the pre-clinical studies in order to position the company's regulatory efforts in obtaining approval to initiate clinical phase I studies projected to start the 4th quarter of 2010. The company is in preparation to initiate efforts of acquiring fast track status designation from the FDA.
This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Immunotech Laboratories, Inc. from time to time in its periodic reports filed with the SEC. IPF is not approved by the US Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world. While Immunotech Laboratories believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Immunotech Laboratories to establish the efficacy of IPF in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of IPF in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, Immunotech Laboratories or any other person that the objectives and plans of Immunotech Laboratories will be achieved should not regard the forward-looking statements as a representation.
CONTACT: Ara Ghanime, Chairman of the Board of Immunotech Laboratories,
Inc., +1-818-409-9091
Web site: http://www.immunotechlabs.com/