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Immune Pharma inks convertible debt deal at $1.75; shares slump 45%
Aug. 24, 2017 9:38 AM ET|About: Immune Pharmaceuticals... (IMNP)|By: Douglas W. House, SA News Editor
•Immune Pharmaceuticals (IMNP -45%) enters into an agreement with institutional investors for the sale of $858K aggregate principal amount of convertible debentures. The conversion price will be $1.75 per common share but could drop as low as $1.00 under certain conditions.
•Net proceeds should be $660K.
•The company has also lowered the conversion price of an earlier (May 4) convertible debt deal to $1.30 from $2.89 in order to secure investors' support for the new transaction.
•Yesterday's close was $2.20.
Story in BioWorld by Michael Fitzhugh.
Preliminary data on three additional patients enrolled in a small open-label study of Immune Pharmaceuticals Inc.s bertilimumab, an experimental treatment for the rare blistering disease bullous pemphigoid (BP), continued to suggest it may offer an effective alternative to systemic corticosteroids, a standard but imperfect therapy for the condition. Immune, which is seeking an FDA orphan designation for the candidate, expects to complete the proof-of-concept study and report final results in early 2018. Company shares (NASDAQ:IMNP) rose 16.7 percent to $1.40 by Wednesdays close.
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