Immune Pharma (IMNP) Enters Agreement to Form Maxim Pharma Management, Advisory Boards

October 17, 2016 9:25 AM EDT
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Immune Pharmaceuticals Inc. (Nasdaq: IMNP) announced that it has entered into a consulting agreement with Joseph V. Pergolizzi Jr., MD. Dr. Pergolizzi will form an operational management team, a Scientific Advisory Board, and a Board of Directors for Maxim Pharmaceuticals ("Maxim"), Immune's pain and neurology subsidiary, in order to advance the development of AmiketĀ®. Maxim holds the rights to AmiKet, AmiKet NanoTM, and LidoPainĀ® and will seek additional pain and neurology assets, preferably with 505(b)(2) development path possibilities.

Dr. Pergolizzi commented: "There is a significant unmet medical need in the treatment of peripheral neuropathic pain. AmiKet, a topical, may be able to match the efficacy of certain oral drugs, with a convenient and potentially safer administration. I intend to bring to Maxim, with the active support of Immune's CEO, Dr. Daniel Teper, a world class management team with experience in development and commercialization of pain and neurology drugs."

Dr. Pergolizzi is the co-founder and Chief Operating Officer of NEMA Research, a Clinical Research Organization, and president of Naples Anesthesia and Pain Associates of Naples, Florida. He has also held Chief Medical Officer positions at several pharmaceutical companies.

Dr. Pergolizzi's research interests focus on acute and chronic pain in adults with a particular focus on pain in the elderly. Dr. Pergolizzi has held positions including the co- founder and chairman of the board for the Association of Chronic Pain Patients, a member of the board of directors and treasurer for the Coalition for Pain Education (COPE), co- founder and director of research at the International Pain Research and Treatment Foundation, and a member of the board of directors of the National Institute of Pain. He is also chairman of the Abstract and Poster Selection Committee for PAINWeek and a member of the CHANGE PAIN Board.

AmiKet has completed phase 2 clinical trials in over 1,000 patients. In those studies, it has demonstrated comparable efficacy to oral gabapentin, the standard of care in the treatment of post herpetic neuralgia, a form of neuropathic pain. AmiKet is also developed for diabetic peripheral neuropathic pain and chemotherapy-induced neuropathic pain. A novel formulation, AmiKet Nano, may provide additional clinical benefits as well as extended patent exclusivity.

Immune has transferred AmiKet to Maxim in exchange for an equity position valued initially $15 Million and milestones of up to $145 Million as well as royalties on future sales.

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