Immtech International, Inc. Announces Completion Of Financing

VERNON HILLS, Ill., Dec. 14 /PRNewswire-FirstCall/ -- Immtech International, Inc. announced today that it has completed a $3.34 million private placement of its Series E Convertible Preferred Stock which featured a 25% option that could increase the financing, if all options are exercised, to approximately $4.175 million. Investors were also granted a three-year warrant, exercisable at $10 per share, to purchase 2.5 shares of common stock for each $100 invested. The financing was completed with a group of accredited and non-United States Persons investors. The Company sold 133,600 Series E shares at $25 per share and warrants to purchase 83,500 shares of common stock. Each Series E share is convertible into 3.5511 shares of common stock. The funds will be primarily used to finance the Company's upcoming Phase III pivotal trials.

Stephen Thompson, President and CEO of Immtech International, stated, "We are energized by the unwavering support from our investors, who understand Immtech's achievements in getting our first oral drug candidate, DB289, into three advanced-stage clinical trials with a time and cost efficient drug development model. We are focused on the rapid commercialization of our first drug candidate, and we will explore all avenues available to achieve this goal. The Company is supported by capital sources that it may access from time to time to reach stated corporate goals."

About Immtech International

Immtech International, Inc. is a pharmaceutical company working to commercialize oral drugs to treat infectious diseases and aims to expand the targeted markets by applying its proprietary aromatic cation technology platform to the treatment of infectious diseases, cancer, diabetes and other disorders. Immtech has advanced clinical programs that include new treatments for malaria, Pneumocystis pneumonia ("PCP") and African sleeping sickness (trypanosomiasis), and drug development programs for fungal infections and tuberculosis. The Company has worldwide licensing and exclusive commercialization rights to an aromatic cationic pharmaceutical technology platform and is developing drugs intended for commercial use based on that technology. For additional information, please go to http://www.immtech-international.com.

"Safe Harbor" Statement under the Private Securities Reform Act of 1995: Statements in this press release regarding Immtech International, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.

Immtech International, Inc.

CONTACT: F. C. Thompson of Immtech International, Inc., +1-877-898-8038

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