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Immtech Announces Sale of Property Subsidiary in China
Date:1/16/2009

NEW YORK, Jan. 16 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (NYSE Alternext US: IMM.BC) today announced that the Company has entered into an agreement to sell Immtech Life Science Limited, a subsidiary of the Company which owns land use rights and property in Shenzhen, China, to a third party. Under the agreement, the total purchase price for Immtech Life Science is $2 million in cash. The Company received 30% of the total purchase price following the signing of the agreement, and the buyer shall provide the remaining funds by March 19, 2009.

"The sale of Immtech Life Science represents an important step in our ongoing efforts to ensure that we will have the resources to further develop targeted businesses that could generate revenues in the near term. These businesses include drug development and clinical work and other healthcare related services," said Eric L. Sorkin, Chairman and CEO of Immtech.

About Immtech Pharmaceuticals, Inc.

Immtech Pharmaceuticals, Inc. and subsidiaries (a development stage enterprise) is focused on global opportunities in the healthcare sector and opportunities in China. Immtech aims to leverage its established expertise and other assets in both new drug sales and enhanced healthcare-related services, including research and information-providing services, for developed and developing countries. For additional information, please visit the Company's website at http://www.immtechpharma.com.

"Safe Harbor" Statement under the Private Securities Reform Act of 1995: Statements in this press release regarding Immtech Pharmaceuticals, Inc.'s business which are not historical facts, are "forward-looking statements" that involve risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such diff
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SOURCE Immtech Pharmaceuticals, Inc.
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