NEW YORK, NY--(Marketwire - August 22, 2012) -
Immunovative, Inc. ("IMUN" or the "Company") (OTCQB: IMUN
) (OTCBB: IMUN
) announces today that Mr. Seth M. Shaw ("Mr. Shaw") has been appointed as the Chief Executive Officer ("CEO") and as Chairman of the Board of Directors of the Company ("Chairman"). Mr. Shaw replaces Antonio Treminio in his capacity as Chief Executive Officer and as Chairman of the Board of Directors.
Mr. Shaw, age 33, has extensive experience building companies and securing financing from a broad range of both domestic and international institutional investors. Over the past seven years, he has been instrumental in securing more than $60 million in capital, in aggregate, for several small-cap and micro-cap companies. Mr. Shaw started his career at American International Group (AIG) Global Investment Group, after which he gained further experience working at a prestigious Manhattan based hedge fund. In 2005, he founded Novastar Resources Ltd, a natural resources exploration company focused on the exploration and acquisition of mineral properties containing the element thorium. During this period, Mr. Shaw secured more than $17 million in financing from top tier institutional investors and helped complete the merger between Novastar Resources and Thorium Power, holding the position of Director of Strategic Planning until mid-2007. Subsequently, the company changed its name to Lightbridge Inc. and currently trades on the NASDAQ (LTBR). Following the merger, Mr. Shaw has assisted several other companies in securing value added capital from institutional investors as well as providing management consulting services. Among those, Mr. Shaw was instrumental in securing $12,000,000 for NASDAQ listed flat panel display developer Uni-Pixel Inc. (UNXL). In addition Mr. Shaw served as the founding CFO of Los Angeles based Biotech firm Physician Therapeutics LLC ("PTL") in 2004. Subsequently PTL merged with Targeted Medical Pharma ("TMP"), which announced plans for a $118 million NASDAQ IPO in February of 2011. Mr. Shaw graduated from Cornell University in 2001, with a degree in Policy Analysis Management and a concentration in Econometrics. Mr. Shaw currently serves on the Board of Directors of the Jewish Community Center (JCC) of Dutchess County (New York) and has been active in numerous charities and not for profits, including: The Robinhood Foundation (2007-2009), The Cypress Fund for World Peace and Security (2006-2010), and Save A Child's Heart ("SACH").
Outgoing CEO and Chairman Mr. Treminio stated: "I want to personally thank each of the shareholders and investors I have met. Without their support, the Company would not be where it is today; it has been a privilege serving the shareholders. I have known Mr. Shaw for a number of years and I am honored to pass the torch to him. He is extremely hard working, capable, and has established an impeccable rolodex. Moving forward, I will continue to assist the Company as part of the business advisory board and will assist the CEO and Company in securing the requisite capital to conduct the PIVOTAL trials and eventually graduate to a more senior market such as the NASDAQ. I remain extremely confident in IMUN's future under Mr. Shaw's leadership."
Incoming CEO and Chairman Mr. Shaw stated: "Immunovative, Inc. presents an unique opportunity to both capitalize off a cutting edge technology and potentially help numerous cancer patients throughout the world. After personally visiting ITLs Phase I/II human trials in March 2010 and meeting many of the clinical trial volunteers, I personally observed the potential of ITL's technology and the importance this technology has to patients suffering from advanced forms of cancer. I became a strong advocate of ITL at that time and am honored to have the opportunity now to support ITL as CEO of IMUN and to bring its technology to the next stage of development. I would like to sincerely thank Mr. Treminio for his hard work in bringing the company to its current level and look forward to the challenges and opportunities ahead."
Dr. Michael Har-Noy, Founder and CEO of Immunovative Therapies, Ltd., stated: "We are grateful for the support of Mr. Treminio and the shareholders of Immunovative, Inc. toward our mission to develop our new class of anti-cancer drugs. We look forward to working closely with Mr. Shaw as we prepare for launch of our next stage of clinical development designed to provide evidence to support the efficacy of our current products and document any toxic effects."
About Immunovative, Inc.:
On December 12th, 2011, Immunovative, Inc. ("IMUN") signed an exclusive License Agreement (the "License Agreement") with Immunovative Therapies, Ltd. ("ITL"). Under the terms of the License Agreement, IMUN has been granted an exclusive, worldwide license to commercialize any products covered under ITL's current issued and pending patent application portfolio, as well as the rights to any future patent applications, including improvements or modifications to the existing applications and any corresponding improvements or new versions of the existing products. Please visit IMUN's website at www.imun.com
About Immunovative Therapies, Ltd.:
Immunovative Therapies, Ltd. is an Israeli biopharmaceutical company that was founded in May 2004 with financial support from the Israeli Office of the Chief Scientist. ITL is a graduate of the Misgav Venture Accelerator, a member of the world-renowned Israeli technological incubator program. The company was the Misgav Venture Accelerator's candidate for the prize for the outstanding incubator project of 2006, awarded by the Office of the Chief Scientist. ITL specializes in the development of novel immunotherapy drug products that incorporate living immune cells as the active ingredients for treatment of cancer and infectious disease. Please visit ITL's website at: www.immunovative.co.il
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on IMUN's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which IMUN has little or no control. Such forward-looking statements are made only as of the date of this release, and IMUN assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by IMUN with the Securities and Exchange Commission.