ORLANDO, Fla. and DUBLIN, Dec. 1, 2014 /PRNewswire/ -- TNI BioTech, Inc. (OTC-TNIB) (the “Company”) received a number of calls from shareholders and brokerage firms requesting that the Company extend the deadline for the delivery of share certificates, by shareholders of record, or beneficial holder lists, by brokerage firms, to the Company’s transfer agent. Based on these requests, the Company has agreed to extend the delivery date deadline, which was October 30, 2014, until December 8, 2014.
Although the record date for the Cytocom Inc. spin-off was September 30, 2014, the Company provided a grace period until the 30th of October 2014 for shareholders to deliver share certificates and brokers to deliver beneficial holder lists to the Company’s transfer agent, Guardian Registrar & Transfer, Inc. To receive the Cytocom Inc. share dividend, the Company required the delivery of shares to the Company’s transfer agent by shareholders or their brokers.
Thirty-one brokerage firms, which is over half of the brokerage firms holding the Company’s shares, have failed to deliver their beneficial holder lists to the transfer agent and a few brokerage firms delivered their beneficial holder lists after the October 30th deadline.
If the Company does not extend the deadline, this failure to deliver or late delivery would result in a large number of the Company’s shareholders not being eligible to receive the Cytocom Inc. share dividend. The Company decided to extend the deadline, as management did not want to penalize shareholders due to the failure to deliver or late delivery of information from their brokerage firms, which is not the fault of shareholders.
Management hopes extending the deadline will allow those shareholders that have either not presented their share certificates or the brokerage firms that have not provided beneficial holder lists to the transfer agent to do so during the next week.
If you have any questions please do not hesitate to get in touch with Kirsten Bartholomew at Kirsten.Bartholomew@tnibiotech.com.
About the Company
The Company is a biotechnology company working to combat chronic, life-threatening diseases through the activation and modulation of the body’s immune system using our patented immunotherapy. Our products and immunotherapy technologies are designed to harness the power of the immune system to improve the treatment of cancer, infections such as HIV/AIDS, chronic inflammatory diseases, and autoimmune diseases.
Our proprietary technology, therapies and patents include the treatment of a wide range of cancers. Our most advanced clinical programs involve immunotherapy with met-enkephalin (“MENK”) (sometimes referred to as opioid growth factor) and our Low Dose Naltrexone product (“LDN”) or Lodonal, which have been shown to stimulate the immune system even in patients with advanced cancer.
Even though Management considers any condition that results in altered-immune response a target for investigation, the Company will most likely pursue additional investigations for MENK and LDN as valuable candidates in the treatment of autoimmune states such as rheumatoid arthritis and multiple sclerosis; as an adjunct in cancer patients undergoing chemotherapy, radiation treatments or surgery; and as a complement to antibiotics in the treatment of a variety of infectious diseases, including patients with HIV/AIDS, in combination with retroviral drug therapy.
About Airmed Biopharma Limited
Airmed Biopharma Limited, a wholly owned Irish company, is the pharmaceutical sales division of the Company. Airmed Biopharma Limited is responsible for servicing sales orders for Lodonal where the Company has received sales approval in Latin America and Africa.
About Cytocom Inc.
Cytocom Inc. is a biotechnology company that will initially focus on developing LDN (Lodonal) and MENK in the investigation of unmet medical needs in the areas of oncological and inflammatory diseases.
Cautionary Note Regarding Forward-Looking Statements
This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about the plans, objectives, expectations and intentions of the Company, including the benefits of the spin-off of Cytocom Inc. from the Company, and other statements that are not historical facts. These statements are based on the current expectations and beliefs of our management and are subject to uncertainty and changes in circumstances. We caution readers that any forward-looking information is not a guarantee of future performance and that actual results may vary materially from those expressed or implied by the statements herein due to the conditions to the consummation of the spin-off of Cytocom Inc. from the Company, and changes in economic, business, competitive, technological, strategic and/or regulatory factors, as well as other factors affecting the operation of the other businesses of the Company and Cytocom Inc. More detailed information about these factors may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K in the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors.” Various other factors could cause actual results to differ from those set forth in the forward-looking statements, including, without limitation, the risk that the anticipated benefits from the spin-off may not be fully realized or may take longer to realize than expected. We are under no obligation to, and expressly disclaim any such obligation to, update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise. The Company undertakes no obligation to publicly release any revisions to such forward-looking statements to reflect events or circumstances after the date hereof. For further information, please see http://www.tnibiotech.com.
Contact: Dennis S. Dobson, 203-258-0159
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SOURCE TNI BioTech, Inc.
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