Immune Pharma (IMNP) Board Approves Dedicated Subsidiary to Develop AmiKet; Enters Funding Arrangement
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Immune Pharmaceuticals Inc. (Nasdaq: IMNP) announced that the Board of Directors has approved to designate Maxim Pharmaceuticals Inc. ("Maxim"), one of the Company's existing subsidiaries, as the dedicated entity to develop and commercialize, and hold the intellectual property related to, AmiKet and other related pain and neurology assets. In addition, the Company has entered into a binding agreement with NPT (the "Binding Agreement"), a syndicate of experienced healthcare investors, pursuant to which NPT or its designees have agreed to purchase up to $20 million of the capital stock of Maxim, with an initial funding of $5 million to occur within thirty days. Previously, the Company entered into an option agreement with NPT, dated May 15, 2016, as amended on July 18, 2016. Pursuant to the Binding Agreement, immediately following the $5 million initial funding by NPT, Immune will expand the Board of Directors of Maxim, to five members which will include one NPT representative, and a newly hired Chief Executive Officer of Maxim.
For full disclosure please refer to the Form 8-K filed on September 16, 2016
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- NeuroDerm (NDRM) Announces Top-Line Data from ND0701 PK Trial; Results Comparable to Reference Drug
- Shire's (SHPG) Phase 3 Investigational Study of VONVENDI Meets Primary Endpoint in Controlling Bleeding in Adults with VWD
- Allergan (AGN) Enters DELZICOL Patent Settlement Agreement
Create E-mail Alert Related CategoriesCorporate News, FDA, Hot Corp. News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!