VERNON HILLS, Ill., Feb. 13 /PRNewswire-FirstCall/ -- Immtech International, Inc. announced that it closed the firm-commitment underwritten public offering of 2,000,000 shares of the Company's common stock on February 13, 2006. Gross proceeds to the Company were approximately $16 million, and net proceeds, deducting underwriter discounts, fees and expenses, were approximately $14.8 million.
Ferris, Baker Watts, Incorporated acted as the sole underwriter of this offering. The offering of the shares was made only by means of a prospectus, a copy of which can be obtained from Ferris, Baker Watts, Incorporated, 100 Light Street, Baltimore, MD 21202.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Eric L. Sorkin, Chairman and Chief Executive Officer of Immtech said, "We are pleased to announce this significant capital transaction. The funds will enable our company to pursue pivotal Phase III clinical trials and commercialization for our first oral drug candidate, DB289, which is well tolerated and has shown good activity in human clinical trials involving patients with Malaria, Pneumocystis pneumonia and Africa sleeping sickness. Immtech is committed to creating shareholder value and to developing novel treatments that will bring profound, positive changes to the world."
About Immtech International
Immtech International, Inc. is a pharmaceutical company developing and commercializing drugs to treat infectious diseases, and the Company is expanding targeted markets by applying its proprietary pharmaceutical platform to treat other disorders. Immtech has advanced clinical programs that include new treatments for malaria, Pneumocystis pneumonia and African sleeping sickness (Trypanosomiasis) and drug development programs for tuberculosis and fungal infections. The Company has worldwide licensing and exclusive commercialization rights to a large library of well-defined compounds from which a pipeline of therapeutic products could be developed. 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
