Immune Pharmaceuticals raises $11.7m on Nasdaq

The money raised will fund a Phase II trial of ulcerative colitis drug bertilmumab.

<Immune Pharmaceuticals Ltd. (Nasdaq: IMNP); OMX: IMNP), which specializes in developing treatments for inflammatory diseases, has raised $11.7 million from private investors. Sources inform "Globes" that the price per share in the Nasdaq offering was $3.40, a 15% discount on the price per share today before the opening on Nasdaq.

The company had planned to combine a private and public offering but following relatively high demand for the private offering, it decided to suffice with that with most of the money from institutional investors including specialist biomed funds and previous investors, and Immune's directors and management.

Immune was founded by CEO and Chairman Daniel Teper a former senior consultant and marketing expert in US pharmaceuticals. Teper based the company on bertilimumab, which is in clinical development for treating ulcerative colitis and Crohn's Disease as well as bullous pemphigoid, an orphan auto-immune dermatological condition. He acquired the drug from US company iCO Therapeutics.

The funds raised will be used for a Phase II clinical trial of bertilmumab.

Published by Globes [online], Israel business news - - on March 10, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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