NEW YORK, NY--(Marketwire - August 06, 2012) -
Immunovative, Inc. ("IMUN") (OTCBB: IMUN
) ("The Company") has today announced that it has successfully completed a $5,000,000 equity private placement with a combination of institutional and accredited individual investors. The proceeds from this offering will be used for general and administrative purposes ("G & A"), specifically to accelerate several of the Company's key initiatives including providing financial support for Immunovative Therapies, Ltd. ("ITL") to conduct a PIVOTAL Phase II/III clinical trial designed to demonstrate efficacy and safety in support of ITL's lead Licensed Product called "AlloStim™" ("The Pivotal Trial"). The Company is committed to securing a minimum of $10,000,000 in support of The Pivotal Trial, which is to be allocated over a defined period. This period initiated at the date of the execution of the License Agreement on December 12th, 2011 and extends until the applicable date, defined as two years subsequent to receiving notice from a regulatory agency in the US, Canada, EU or Thailand of approval to commence The Pivotal Trial.
Antonio Treminio, CEO of IMUN, stated: "The Company is pleased to have completed this important round of financing. Our investors include high net worth individuals and prominent institutional investors. These proceeds will be used to accelerate the growth of IMUN and its clinical trials. Based upon the success of this initial raise, we believe we are well poised to raise the additional capital which should allow IMUN to merge with ITL and start our application process for NASDAQ listing. On behalf of our employees and affiliates, we wish to thank our investors and shareholders for their support and confidence in helping us build our dynamic company."
The securities offered in this private placement transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
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.