Business & Finance
Immune Pharmaceuticals Out of Compliance with NASDAQ Listing Rule
30 August 2017 - - US-based antibody therapeutics developer Immune Pharmaceuticals Inc. (NASDAQ: IMNP) has received written notice from the Listing Qualifications Department of The NASDAQ Stock Market LLC that the company no longer complies with the minimum stockholders' equity requirement under NASDAQ rules, the company said.

Specifically, the company is not in compliance with NASDAQ Listing Rule 5550(b) (1) for continued listing on The NASDAQ Capital Market because the company's stockholders' equity as reported in the company's Quarterly Report on form 10-Q for the period ended June 30, 2017 is below the required minimum of USD 2.5m.

The company also does not meet the alternative compliance standards relating to the market value of listed securities of USD 35m or net income from continuing operations of USD 500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.

In accordance with NASDAQ Listing Rules, the company has 45 calendar days, or until about October 6, 2017, to submit a plan to regain compliance.

If the company's plan is accepted, NASDAQ may grant the company an extension of up to 180 calendar days from the date of the notification letter to evidence compliance.

The company intends to promptly evaluate various courses of action to regain compliance and to timely submit a plan to NASDAQ to regain compliance with the NASDAQ minimum stockholders' equity standard.

However, there can be no assurance that the company's plan will be accepted or that if it is, the company will be able to regain compliance.

Immune Pharmaceuticals Inc. (NASDAQ: IMNP) 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 Phase II clinical development for moderate-to-severe ulcerative colitis as well as for bullous pemphigoid, an orphan autoimmune dermatological condition.

Other indications being considered for development include atopic dermatitis, Crohn's disease, severe asthma and Non-Alcoholic Steato-Hepatitis, an inflammatory liver disease.

Immune recently expanded its portfolio in immuno-dermatology with topical nano-formulated cyclosporine-A for the treatment of psoriasis and atopic dermatitis. Immune's oncology subsidiary, Cytovia, plans to develop Ceplene for maintenance remission in AML in combination with IL-2.

Additional oncology pipeline products include Azixa and crolibulin, Phase II clinical stage vascular disrupting agents, and novel technology platforms; bispecific antibodies and NanomAbs. Maxim Pharmaceuticals Inc., Immune's pain and neurology subsidiary, houses AmiKet and AmiKet Nano, pipeline products for the treatment of neuropathic pain.