NEW YORK, Aug. 17, 2015 /PRNewswire/ -- Immune Pharmaceuticals, Inc. (NASDAQ: IMNP) ("Immune" or the "Company") announces corporate update and financial results for second quarter and six months ended June 30, 2015.
Second Quarter 2015; Recent Highlights and Upcoming Milestones
The Company made progress during the second quarter of 2015 in executing its business plan as well as closing, after the end of the quarter, on a significant financing of up to $21.5 million in gross proceeds, as previously announced on July 29, 2015.
"We believe that Immune's recent announcement on securing these financings will provide the resources needed to allow completion of our recently initiated Phase II clinical trials of Bertilimumab, a first in class monoclonal antibody, for the treatment of Bullous Pemphigoid and Ulcerative Colitis, and the initiation of pilot studies for additional indications such as Crohn's disease, NASH, and severe asthma," stated Dr. Daniel Teper, chief executive officer of Immune.
"We anticipate that these financings will cover the next 18 months of operating costs and help execute our strategy to expand our immuno-dermatology franchise with the topical nano-formulated Cyclosporine A for the treatment of atopic dermatitis and psoriasis," continued Dr. Teper.
Recent Highlights
- Immune Pharmaceuticals secures financings of up to $21.5 million in gross proceeds from institutional investors
- Immune Initiates Phase II clinical trials with Bertilimumab in Ulcerative Colitis and Bullous Pemphigoid
- Immune expands immuno-dermatology development portfolio with topical nano-formulated Cyclosporine A
- Immune announced a partnership with STC Biologics for the development of an HER-2 targeted NanomAb towards the submission of Investigational New Drug (IND) application to the U.S. FDA
- Immune Pharmaceuticals Signs License & Research Agreement for AmiKet Nano
Upcoming Milestones and 2015 Priorities
Immune expects to build shareholder value by achieving key strategic objectives including:
- Ongoing patient enrollment process for Phase II in Bullous Pemphigoid (BP) and Ulcerative Colitis (UC) with Bertilimumab
- Top line results and Orphan Designation for Bertilimumab
in BP - Continuing partnering activities of non-core assets with focus on Amiket
- Submission of Investigational New Drug (IND) application to the U.S. FDA for Bertilimumab in multiple indications
Second Quarter 2015 Financial Results
Immune reported a net loss attributable to common stockholders of $2.9 million or $0.12 per share, for the second quarter of 2015 compared to a loss attributable to common stockholders of $0.4 million or $0.03 per share, for the second quarter of 2014. The increase in the net loss was due to a non-recurring derivative liability income of $3.5 million that was recorded in the second quarter of 2014, which offset the loss from operations. Excluding the impact of the non-operating income of $3.5 million, the net loss would have been $3.9 million in the second quarter of 2014.
Research and development expenses increased by $0.1 million during the three-month period ended June 30, 2015 to $1.1 million compared with $1.0 million during the three month period ended June 30, 2014.
General and administrative expenses decreased by $0.4 million during the three month period ended June 30, 2015 to $1.7 million, compared with $2.0 million during the three month period ended June 30, 2014.
As of June 30, 2015, the Company had 25.2 million common shares outstanding.
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