Immune Pharmaceuticals Announces Corporate Update; Second Quarter 2015 Financial Results and Highlights and Conference Call Details
NEW YORK, Aug. 17, 2015 /PRNewswire/ -- Immune Pharmaceuticals, Inc. (NASDAQ: IMNP) ("Immune" or the "Company") announces corporate update and financial results for second quarter and six months ended June 30, 2015.
Second Quarter 2015; Recent Highlights and Upcoming Milestones
The Company made progress during the second quarter of 2015 in executing its business plan as well as closing, after the end of the quarter, on a significant financing of up to $21.5 million in gross proceeds, as previously announced on July 29, 2015.
"We believe that Immune's recent announcement on securing these financings will provide the resources needed to allow completion of our recently initiated Phase II clinical trials of Bertilimumab, a first in class monoclonal antibody, for the treatment of Bullous Pemphigoid and Ulcerative Colitis, and the initiation of pilot studies for additional indications such as Crohn's disease, NASH, and severe asthma," stated Dr. Daniel Teper, chief executive officer of Immune.
"We anticipate that these financings will cover the next 18 months of operating costs and help execute our strategy to expand our immuno-dermatology franchise with the topical nano-formulated Cyclosporine A for the treatment of atopic dermatitis and psoriasis," continued Dr. Teper.
Recent Highlights
- Immune Pharmaceuticals secures financings of up to $21.5 million in gross proceeds from institutional investors
- Immune Initiates Phase II clinical trials with Bertilimumab in Ulcerative Colitis and Bullous Pemphigoid
- Immune expands immuno-dermatology development portfolio with topical nano-formulated Cyclosporine A
- Immune announced a partnership with STC Biologics for the development of an HER-2 targeted NanomAb towards the submission of Investigational New Drug (IND) application to the U.S. FDA
- Immune Pharmaceuticals Signs License & Research Agreement for AmiKet™ Nano
Upcoming Milestones and 2015 Priorities
Immune expects to build shareholder value by achieving key strategic objectives including:
- Ongoing patient enrollment process for Phase II in Bullous Pemphigoid (BP) and Ulcerative Colitis (UC) with Bertilimumab
- Top line results and Orphan Designation for Bertilimumab
in BP - Continuing partnering activities of non-core assets with focus on Amiket
- Submission of Investigational New Drug (IND) application to the U.S. FDA for Bertilimumab in multiple indications
Second Quarter 2015 Financial Results
Immune reported a net loss attributable to common stockholders of $2.9 million or $0.12 per share, for the second quarter of 2015 compared to a loss attributable to common stockholders of $0.4 million or $0.03 per share, for the second quarter of 2014. The increase in the net loss was due to a non-recurring derivative liability income of $3.5 million that was recorded in the second quarter of 2014, which offset the loss from operations. Excluding the impact of the non-operating income of $3.5 million, the net loss would have been $3.9 million in the second quarter of 2014.
Research and development expenses increased by $0.1 million during the three-month period ended June 30, 2015 to $1.1 million compared with $1.0 million during the three month period ended June 30, 2014.
General and administrative expenses decreased by $0.4 million during the three month period ended June 30, 2015 to $1.7 million, compared with $2.0 million during the three month period ended June 30, 2014.
As of June 30, 2015, the Company had 25.2 million common shares outstanding. Following the exchange and conversion of the preferred equity in July 2015, the Company had 27.1 million common shares outstanding.
The Company's Quarterly Report on Form 10-Q for the second quarter ended June 30, 2015 has been filed with the SEC.
Conference Call
Immune will host its first quarterly conference call and corporate update this morning, Monday, August 17, 2015 at 8am EDT. Domestic callers (toll-free US and Canada) may dial (866) 373-3402 and International callers dial (201) 689-7825. A live and recorded audio webcast will be available by visiting the Company's website at www.immunepharmaceuticals.com
IMMUNE PHARMACEUTICALS INC. CONSOLIDATED FINANCIAL STATEMENTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 2015
(in thousands, except per share amounts)
| Immune Pharmaceuticals Inc. |
||||||||
| June 30, 2015 (Unaudited) |
December 31, 2014 |
|||||||
| ASSETS |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ |
1,397 |
$ |
6,767 |
||||
| Restricted cash |
61 |
21 |
||||||
| Other current assets |
161 |
99 |
||||||
| Total current assets |
1,619 |
6,887 |
||||||
| Property and equipment, net |
60 |
41 |
||||||
| In-process research and development acquired |
27,500 |
27,500 |
||||||
| Intangible assets, net |
3,263 |
3,415 |
||||||
| Security deposits |
132 |
21 |
||||||
| Total assets |
$ |
32,574 |
$ |
37,864 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ |
2,984 |
$ |
1,243 |
||||
| Accrued expenses |
2,096 |
4,133 |
||||||
| Due to related parties |
30 |
30 |
||||||
| Notes and loans payable, current portion |
2,443 |
2,011 |
||||||
| Total current liabilities |
7,553 |
7,417 |
||||||
| Grants payable |
469 |
469 |
||||||
| Notes and loans payable, net of current portion |
164 |
1,564 |
||||||
| Deferred tax liability |
10,870 |
10,870 |
||||||
| Total liabilities |
19,056 |
20,320 |
||||||
| Commitments and contingencies |
||||||||
| Stockholders' Equity |
||||||||
| Series C Preferred stock, par value $0.0001; 15,000 shares authorized, 4,320 shares available for issuance, 2,318 and 2,832 shares issued and outstanding, as of June 30, 2015 and December 31, 2014, respectively |
672 |
821 |
||||||
| Undesignated preferred stock, par value $0.0001; 4,985,000 shares authorized, 4,981,935 shares available for issuance, none issued and outstanding, as of June 30, 2015 and December 31, 2014, respectively |
- |
- |
||||||
| Common stock, $0.0001 par value; authorized 225,000,000 shares; 25,201,672 and 23,975,358 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively |
3 |
2 |
||||||
| Additional paid-in capital |
65,105 |
62,550 |
||||||
| Accumulated deficit |
(52,262) |
(45,829) |
||||||
| Total stockholders' equity |
13,518 |
17,544 |
||||||
| Total liabilities and stockholders' equity |
$ |
32,574 |
$ |
37,864 |
||||
| Immune Pharmaceuticals Inc. and Subsidiaries |
|||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
| 2015 |
2014 |
2015 |
2014 |
||||||||||
| Revenue: |
|||||||||||||
| Licensing and other revenue |
$ |
- |
$ |
- |
- |
2 |
|||||||
| Costs and expenses: |
|||||||||||||
| Research and development |
1,126 |
986 |
2,277 |
1,324 |
|||||||||
| General and administrative |
1,682 |
2,035 |
3,984 |
4,576 |
|||||||||
| Total costs and expenses |
2,808 |
3,021 |
6,261 |
5,900 |
|||||||||
| Loss from operations |
(2,808) |
(3,021) |
(6,261) |
(5,898) |
|||||||||
| Non-operating income (expense): |
|||||||||||||
| Interest expense |
(65) |
(116) |
(166) |
(268) |
|||||||||
| Derivative liability income |
- |
3,527 |
- |
1,844 |
|||||||||
| Other expense, net |
(3) |
(130) |
(6) |
(197) |
|||||||||
| Total non-operating income (expense) |
(68) |
3,281 |
(172) |
1,379 |
|||||||||
| Net income (loss) before income taxes |
(2,876) |
260 |
(6,433) |
(4,519) |
|||||||||
| Income tax expense |
- |
- |
- |
— |
|||||||||
| Net income (loss) |
$ |
(2,876) |
$ |
260 |
(6,433) |
(4,519) |
|||||||
| Series C Preferred dividend |
(55) |
- |
(114) |
- |
|||||||||
| Deemed dividend |
- |
(672) |
(1,701) |
(720) |
|||||||||
| Net loss attributable to common stockholders |
$ |
(2,931) |
$ |
(412) |
(8,248) |
(5,239) |
|||||||
| Basic and diluted net loss per common share |
$ |
(0.12) |
$ |
(0.03) |
(0.34) |
(0.37) |
|||||||
| Weighted average number of common stock outstanding used in computing net loss per common share: |
|||||||||||||
| Basic and diluted net loss per common share: |
24,722,980 |
14,470,523 |
24,522,788 |
14,108,675 |
|||||||||
About Immune Pharmaceuticals
Immune Pharmaceuticals Inc. applies a personalized approach to treating and, developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer. The Company's lead product candidate, Bertilimumab, is in clinical development for moderate to severe ulcerative colitis as well as for bullous pemphigoid, an orphan auto-immune dermatological condition. The Company recently expanded its portfolio in immuno-dermatology, topical nano-formulated Cyclosporine A (CsA) for the treatment of psoriasis and atopic dermatitis. Immune's pipeline also includes NanomAbs®, antibody nanoparticle conjugates, for the targeted delivery of chemotherapeutics. Other indications planned for development include Crohn's disease, severe asthma and NASH (liver disease).
For more information, visit Immune's website at www.immunepharmaceuticals.com
Forward-Looking Statements
This news release and any oral statements made with respect to the information contained in this news release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal" or the negative of those words or other comparable words to be uncertain and forward-looking. Such forward-looking statements include statements that express plans, anticipation, intent, contingency, goals, targets, future development and are otherwise not statements of historical fact. These statements are based on our current expectations and are subject to risks and uncertainties that could cause actual results or developments to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Factors that may cause actual results or developments to differ materially include, but not limited to: the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern; the risks associated with our ability to continue to meet our obligations under our existing debt agreements; the risk that clinical trials for Bertilimumab or AmiKet will not be successful; the risk that Bertilimumab, AmiKet or compounds arising from our NanomAbs program will not receive regulatory approval or achieve significant commercial success; the risk that we will not be able to find a partner to help conduct the Phase III trials for AmiKet on attractive terms, on a timely basis or at all; the risk that our other product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger- scale or later-stage clinical trials; the risk that we will not obtain approval to market any of our product candidates; the risks associated with dependence upon key personnel; the risks associated with reliance on collaborative partners and others for further clinical trials, development, manufacturing and commercialization of our product candidates; the cost, delays and uncertainties associated with our scientific research, product development, clinical trials and regulatory approval process; our history of operating losses since our inception; the highly competitive nature of our business; risks associated with litigation; and risks associated with our ability to protect our intellectual property. These factors and other material risks are more fully discussed in our periodic reports, including our reports on Forms 8-K, 10-Q and 10-K and other filings with the U.S. Securities and Exchange Commission. You are urged to carefully review and consider the disclosures found in our filings, which are available at www.sec.gov or at www.immunepharmaceuticals.com. You are cautioned not to place undue reliance on any forward-looking statements, any of which could turn out to be wrong due to inaccurate assumptions, unknown risks or uncertainties or other risk factors. We expressly disclaim any obligation to publicly update any forward looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Immune Pharmaceuticals, Inc.
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