Immune Pharmaceuticals Completes Merger With EpiCept Corporation
TARRYTOWN, N.Y., Aug. 26, 2013 /PRNewswire/ -- Immune Pharmaceuticals Inc. (Nasdaq OMX Stockholm Exchange: IMNP and OTCQX: EPCTD) (the "Company") announced today the completion of the merger of Immune Pharmaceuticals Ltd. and EpiCept Corporation. The merger combines Immune's antibody therapeutic platform focused on the treatment of inflammatory diseases and cancer with EpiCept's early stage cancer program and its late-stage topical pain product, AmiKet™.
Daniel G. Teper, the Company's Chairman and Chief Executive Officer, commented, "It is very gratifying to witness the culmination of our work over the past several months. Not only have we successfully completed our merger with EpiCept, but our common stock has also commenced trading in the United States and Sweden. Although we are thrilled to reach these two major milestones in our company's history, we understand that our work is just beginning as we prepare for the start of the Phase II clinical trials of bertilimumab in ulcerative colitis and bullous pemphigoid, and continue the ongoing research in our NanomAb® program. We are looking forward to executing on these initiatives and to achieving the numerous milestones we have set for ourselves in 2014 and beyond."
In connection with the merger, the Company has issued approximately 9.8 million shares of its common stock in exchange for 100% of the outstanding shares of Immune Pharmaceuticals Ltd, and will exchange the outstanding common stock warrants and options of Immune Pharmaceuticals Ltd. for warrants and options of the Company exercisable for an aggregate of approximately 4.0 million shares of the Company's common stock. The Company's total outstanding common stock was approximately 12.6 million shares immediately following the closing of the merger. The Company's common stock commenced trading on August 21, 2013 on the Nasdaq OMX Stockholm Exchange under the symbol IMNP and on the OTCQX under the symbol EPCTD. The Company's trading symbol on the OTCQX will revert to IMNP on September 19, 2013.
The Company also announced today that, in connection with the closing of the merger, the composition of the Company's board of directors has changed and increased to seven persons. Daniel Teper, the Company's Chief Executive Officer, has joined the board of directors as Chairman. David Sidransky, Professor of Oncology at the Johns Hopkins School of Medicine, has been appointed Vice Chairman. Ana Stancic has been named the chairperson of the Company's audit committee. Isaac Kobrin, Herve de Kergrohen, and Pierre Albouy have also been named to the Company's board. Robert Cook, EpiCept's previous interim President and CEO, retains his position on the board and has become the Company's Chief Financial Officer. Alan Dunton, previous non-executive chairman of EpiCept, Robert Savage, and Keith Brownlie have resigned their positions, effective as of the closing date of the merger.Immune has initiated its Phase II program with bertilimumab and plans to begin enrolling patients into a multi-national clinical trial for the treatment of moderate-to-severe ulcerative colitis. The Company expects to begin trials in late 2013 for the treatment of bullous pemphigoid, a rare auto-immune condition that affects the skin and causes the formation of blisters. The Company anticipates data from these Phase II trials in 2014.
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