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Immune Pharmaceuticals Announces Second Quarter 2014 Financial Results and Provides Update on Bertilimumab Commencement of Phase II Clinical Trials
Date:8/14/2014

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Operating Results for the Quarter Ended June 30, 2014

  • As of June 30, 2014, we had approximately $3.2 million in cash. In addition, we have $5 million available to us in a revolving line of credit obtained from a related party in April 2014. In addition, in August 2014, we secured a $1 million additional investment. We believe these resources to be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements over the next twelve months.

  • Our loss from operations was approximately $3.0 million for the quarter ended June 30, 2014 (including $1.2 million of non-cash costs).

  • Our non-operating income was approximately $3.3 million for the quarter ended June 30, 2014, mainly due a decrease in the value of our derivative warrants issued in March 2014.

  • In June 2014, we amended certain terms of our Preferred C Convertible Stock. As a result of the amendment, all then outstanding Preferred C Stock, in the total value of $1.9 million, were reclassified from mezzanine equity into the stockholders equity of the Company. In consideration for their consent, a two-year warrant, valued at $0.4 million, was issued to the holders, such warrants were accounted for within our equity.

    On a per share basis, our total net loss was $0.03 per basic share for the quarter ended June 30, 2014, compared to a net loss of $0.65 per basic share for the quarter ended June 30, 2013.

About Immune Pharmaceuticals Inc.

Immune Pharmaceuticals Inc. applies a personalized approach to treatment, 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 clinical development   for moderat
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SOURCE Immune Pharmaceuticals Inc.
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