NEW YORK, NY--(Marketwire - August 08, 2012) -
On August 6, 2012, Immunovative, Inc. ("IMUN") (OTCBB: IMUN
) ("the Company") announced that it had successfully completed a $5,000,000 equity private placement with a combination of institutional and accredited individual investors. Today we announce that this offering has been oversubscribed by approximately 20% and we have accepted an additional approximately $1 million in subscriptions bringing the total funds raised in this private placement to approximately $6,000,000. This $6 million will be used to advance the clinical development and research programs of our licensor, Immunovative Therapies, Ltd. (ITL) and for general and administrative purposes ("G & A").
The Company owns the exclusive, worldwide commercialization rights for the current immunotherapy products under development by ITL, as well as rights to any future products or improvements to these existing products ("Licensed Products"). The Company has committed to provide at least $10 million to fund ITL's current efforts aimed primarily to conduct a randomized, controlled Phase II/III clinical trial designed to demonstrate the efficacy and safety of its lead Licensed Product called "AlloStim™" in heavily pre-treated metastatic breast cancer as well as fund other clinical development programs. ITL is currently scaling-up and upgrading its GMP manufacturing facilities in Jerusalem, Israel for greater capacity and for compliance with Phase II/III level product development. ITL has also recently announced the appointments of additional management, Dr. Emmanuel Katsanis, MD as Chief Medical Officer and Dr. Zivile Katiliene, Ph.D. as Director of Regulatory Affairs and Clinical Operations. These managers are now working to build the required infrastructure for conducting worldwide clinical operations. ITL is currently awaiting regulatory clearance to initiate the Phase II/III clinical trial in metastatic breast cancer.
Dr. Michael Har Noy, Founder and CEO of Immunovative Therapies, Ltd. ("ITL"), expressed: "This announcement of the closing of this private placement with 20% oversubscribed is a major milestone in our development history. We are extremely impressed with the work and results achieved by IMUN's management team in raising this capital. We are fortunate to have this dedicated group of professionals supporting us. We are also impressed with the high quality of investors IMUN has brought to support our efforts in this latest private placement. We welcome these new investors and thank them all for their dedicated support of our long-term mission to develop a new class of anti-cancer drugs that can be effective without the devastating side-effects of chemotherapy. The funds from this placement will greatly accelerate our progress toward bringing our lead product into advanced clinical trials. We will now be able to expand our infrastructure in Jerusalem, Israel, Carlsbad, California and Bangkok, Thailand in order to launch our worldwide clinical development programs and continue our new product development and improvement research efforts."
Steve Rhodes, Chairman and CEO of the Misgav Venture Accelerator and member of the ITL Board of Directors, stated: "As the head of an incubator that sponsors only the best of the best of medical start-ups in Israel with many talented entrepreneurs with innovative technology, I am keenly aware how difficult it is to find funds to bring innovative products to patients suffering from a variety of diseases. ITL is very fortunate to have partnered with the professionals at IMUN to assist them in their funding goals. The structure of the partnership between ITL and IMUN is as innovative as the products under development. ITL is poised to be one of the major success stories from our incubator. I extend my congratulations to the talented IMUN team for this great accomplishment. ITL's technology and these new funds will attract additional senior management to ITL which will provide the critical mass of talent necessary for ITL to begin advanced clinical trials and to propel ITL to meet its vision of creating a new biopharmaceutical industry."
Antonio Treminio, CEO of IMUN, stated: "We are proud to be partnered with ITL and support their noble mission. Many of our management team and investors have experienced the horrors of having a loved one suffer through the current treatments for metastatic cancer. Therefore, we are grateful for the chance to support ITL's mission to develop an effective, non-toxic alternative. We were pleasantly surprised by the overwhelming outpouring of support from our investor base to our private placement. We decided to accept subscriptions for a 20% overallotment in order to allow these passionate supporters to be part of the beginning of what we believe will be something special. Our investor group and management look forward with enthusiasm to participate in the growth and progress of ITL and our eventual merger into a single entity."
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.