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Immune Pharmaceuticals Reports Third Quarter 2013 Financial Results
Date:11/19/2013

TARRYTOWN, N.Y. and HERZLIYA-PITUACH, Israel, Nov. 20, 2013 /PRNewswire/ -- Immune Pharmaceuticals Inc. (OTCQX and NASDAQ OMX Stockholm Exchange: IMNP) ("Immune" or the "Company") announced today its financial results for the three and nine month periods ended September 30, 2013.  During the third quarter of 2013, Immune recorded net income attributable to common stockholders of $1.2 million, or $0.11 per diluted share compared with a net loss attributable to common stockholders of $3.1 million, or $1.11 per share, during the third quarter of 2012.  The Company recorded net income during the 2013 period as a result of the recent merger between Immune Pharmaceuticals Ltd. ("Immune Ltd.") and the Company from which the Company recorded other income of $6.4 million representing the excess of fair value of the assets acquired over the purchase price. Total stockholders' equity increased from $14,000 at December 31, 2012 to $7.8 million at September 30, 2013 primarily as a result of this gain.

For the nine months ended September 30, 2013, the Company recorded a net loss attributable to common stockholders of $3.2 million, or $0.65 per share, compared with a loss $9.9 million, or $1.81 a share, for the nine month period ended September 30, 2012.

Dr. Daniel G. Teper, Chairman and CEO of Immune, commented, "Immune Pharmaceuticals' improved balance sheet as a result of the merger supports our plans to raise sufficient capital to realize the value of our innovative drug portfolio including the funding in 2014 of two Phase II clinical trials in ulcerative colitis and bullous pemphigoid – a dermatological orphan auto-immune indication- with our lead monoclonal antibody bertilimumab."

Details of Merger TransactionOn August 25, 2013, the planned merger between the Company and Immune Ltd. closed. After giving effect to the acquisition and the issuance of the Company's common stock to the former shareholders of Immune Ltd., the Company
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SOURCE Immune Pharmaceuticals Inc.
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