TNI BioTech, Inc. Cancels Proposed Reverse Split of its Common Stock
ORLANDO, Fla., June 24, 2014 /PRNewswire/ -- TNI BioTech, Inc. (OTC: TNIB) ("TNI" or the "Company") a biotechnology company pioneering the development of innovative therapies for autoimmune diseases by combating these fatal diseases through the activation and modulation of the body's immune system, announced today that its Board of Directors had passed a resolution cancelling the previously announced 9:10 reverse split of its common stock, as per the 14A Information Statement filed with the Securities and Exchange Commission on June 18, 2014, and accordingly will notify all appropriate regulatory authorities that the reverse split is withdrawn.
Noreen Griffin, President and CEO, said, "We have become increasingly aware that putting into effect the 9:10 reverse split of our common stock has had a mixed reaction from our shareholders. Therefore, the Board of Directors has decided that, for the benefit of our shareholders, we should cancel the reverse split and let the stock rise on its own merit while we continue to focus on increasing the value of our stock by the growth of our business."
About TNI BioTech, Inc.
TNI BioTech, Inc. is a biotech 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 ("OGF")) and our Low Dose Naltrexone product ("LDN"), 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 certain autoimmune states such as rheumatoid arthritis and multiple sclerosis; as an adjunct in cancer patients undergoing chemotherapy, radiation treatments or surgery; and as an adjunct to antibiotics in the treatment of a variety of infectious diseases, including patients with HIV/AIDS, in combination with retroviral drug therapy.
About Cytocom, Inc.
Cytocom, Inc. is a biotechnology company that will initially focus on developing Low Dose Naltrexone and met-enkephalin in the investigation of unmet medical needs in the areas of oncological and inflammatory diseases.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release and the statements of representatives and partners of TNI BioTech, Inc. and its subsidiaries (the "Company") related thereto include various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. Statements containing expressions such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" used in the Company's press releases and in the Company's filings with the Securities and Exchange Commission as well as Disclosure Statements and Reports filed with the Over The Counter Markets through the OTC Disclosure and News Service are intended to identify forward-looking statements. All forward-looking statements involve assumptions and significant risks and uncertainties. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release, and thus readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. Actual results may differ significantly from those set forth in the forward-looking statements. 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
SOURCE TNI BioTech, Inc.