Immune Pharmaceuticals Provides Update on Plans for Oncology Subsidiary, Cytovia, Inc.
IMMUNE PHARMACEUTICALS INC NE (IMNP)
US:NASDAQ Investor Relations:
immunepharma.com/investor-relations
Company Research
Source: GlobeNewswire
ENGLEWOOD CLIFFS, New Jersey, May 07, 2018 (GLOBE NEWSWIRE) -- Immune Pharmaceuticals, Inc. (NASDAQ:IMNP) (“Immune” or the “Company”), a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases, today announced that the Company’s Board of Directors (the “Board”) will no longer pursue a spin-off of its oncology-focused subsidiary, Cytovia Inc. (“Cytovia”) that had been led by Immune’s founder and former Chief Executive Officer (CEO), Dr. Daniel Teper. In connection with this decision, Dr. Teper has resigned as CEO of Cytovia and from the Board of Directors of both Cytovia and Immune, effective immediately. As previously disclosed, securing separate capitalization from third-party sources to pay start-up costs, expenses of the spin-off, payment of costs related to Ceplene and other relevant items was a prerequisite set by Immune’s Board to complete the spin-off process. Given Dr. Teper’s inability to secure the necessary
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