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Immune Therapeutics, Inc. Provides Updates and Guidance on Reverse Stock Split and Name Change
Immune Therapeutics, Inc. Files Amendment on 1000 to 1 Reverse and Name Change with the State of Florida Division of Corporations. Awaiting Completion of FINRA Approval Process
March 09, 2020 10:00 AM EDT | Source: Immune Therapeutics, Inc.
Orlando, Florida--(Newsfile Corp. - March 9, 2020) - Immune Therapeutics, Inc. (OTC Pink: IMUN) ("Immune" "IMUN" or the "Company"), a late-stage clinical biopharmaceutical company focused on the development of therapies for the treatment of autoimmune diseases, inflammatory diseases and cancer today announced an update on the pending 1000-to-1 reverse stock split and name change of Immune Therapeutics.
Immune Therapeutics originally submitted the reverse and name change request for a corporate action to FINRA and paid the applicable fees on November 27, 2019. Since then, the company has responded in a timely fashion to all of FINRA's requests for further information, and we continue in our efforts to work diligently and cooperatively with FINRA to process the reverse and name change. FINRA requested a copy of the File-stamped articles of amendment from the state of incorporation approving the name change and reverse split which can be found by clicking on the following link.
The Company approved the amended Articles of Incorporation and filed them with the State of Florida Division of Corporation, on February 20, 2020; the State of Florida accepted and approved the 1000-to-1 reverse split leaving 458,019 shares issued and outstanding. Please note that the Company has no control of the FINRA approval process and as such the timing of any decisions our not in the Company's control.
Michael K. Handley, CEO of Immune, said, "We had hoped the process of implementing the reverse and name change would have occurred sooner, but we are confident and fully committed to seeing the reverse and name change through. Furthermore, I would personally like to thank all of our shareholders for their patience in this process. We realize this delay may have eroded shareholder confidence, however, based on the extensive review by FINRA, we are optimistic that their approval may be given soon, at which time we will inform shareholders immediately. I would like to thank our shareholders on behalf of Immune and myself for standing behind us as we continue to work in your interests with a commitment to improving shareholder value and bringing lifesaving drugs to the market."
In regard to Immune's drug programs, the Company has made great progress to the restructuring and advancement of its Lodonal and MENK programs, and will release detailed updates shortly on both these and its business development activities. In the interim, Immune would like to announce it has assisted Cytocom in with the advancement of their Crohn's therapy program with Lodonal by requesting a Type C meeting with the FDA. Immune and Cytocom expect to have the Type C meeting in the next several months and plan to receive guidance on the final steps to approving the drug for Crohn's disease.
ABOUT Immune Therapeutics Inc.:
Immune Therapeutics, Inc. is a late-stage clinical biopharmaceutical company focused on the development and commercialization of highly innovative therapies for use in oncology, immunology and anti-inflammatory disease. Immune Therapeutics is actively developing T-cell activation immunotherapies in combination with other drug candidates to achieve immunomodulation in patients with cancer, auto-immune disease and inflammatory diseases.
FORWARD LOOKING STATEMENTS
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.
Contact:
Immune Therapeutics:
Michael K. Handley
(888) 613-8802 Ext. 100
www.immunetherapeutics.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53267