BETHESDA, Md., May 4, 2017 /PRNewswire/ -- ImMAGE Biotherapeutics (OTCMKTS: IMMG), an early-stage biotechnology company, announced today that it has initiated a repeat toxicology study for lead candidate, IMT-001. The company is harnessing the power of the immune system to target a specific protein, MAGE A, in an effort to find a treatment for triple negative breast cancer (TNBC).
ImMAGE Biotherapeutics has reinitiated the Toxicology studies to verify the results from the previously conducted toxicology experiments. With a new design, the Company plans to focus on specific variables and dosages to identify the best parameters to conduct the efficacy studies and the IND-enabling Toxicology studies planned for later this year. "The goal of this study is to verify our previous results but also determine what the best combination and dosages are going to be as we move towards efficacy studies," said Mahesh Narayanan, COO of ImMAGE Biotherapeutics. "Once we finalize these parameters, we can confidently move toward IND-enabling studies with our final product."
After the resumption of trading in the Company's common stock following the Securities and Exchange Commission's ("SEC") suspension, the Company learned that the SEC is pursuing an asset freeze and a civil case for violations of securities laws against two individual minority shareholders of IMMG that reside in Hong Kong. Both individuals apparently obtained their stock over two years ago from the predecessor entity to the Company, in connection with the reverse-merger of the Company in 2015. The Company's current management team, headquartered in Maryland, was not involved with and had no knowledge of the alleged trading activities of these two individuals. The Company encourages and reminds those interested in the Company to rely solely on information included in its press releases combined with its filings and disclosures made with the Securities and Exchange Commission.
About ImMAGE Biotherapeutics
ImMAGE Biotherapeutics Corp. (OTCMKTS: IMMG) was founded in 2015 to harness the power of the human immune system to treat cancer. The company, which has a presence in the Washington, DC and Philadelphia regions, is developing multiple viable candidates to treat triple-negative breast cancer (TNBC) and has progressed from in-vitro trials to animal testing. The immunotherapy market is expected to grow to $9 billion by 2022 and may be used in up to 60% of cases of advanced cancer. Learn more at www.immagebio.com.
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SOURCE ImMAGE Biotherapeutics