Immune Pharmaceuticals Files for Chapter 11 Protection

Immune Pharmaceuticals has filed for chapter 11 bankruptcy in the Federal Bankruptcy Court in New Jersey.

Despite making progress towards a bertilimumab strategic transaction, with the partnering process already yielding term sheets, Immune was unable to negotiate terms for additional funding to provide the several month’s runway necessary to complete a transaction. The Company had expected to receive $3 million in financing and to sign a Ceplene partnership with an initial payment of $2.5 million, but neither transaction closed. Accordingly, in order to prevent the loss of the Company’s assets, the Company undertook the difficult decision to seek the protection of the bankruptcy court. Immune will have minimal ongoing operations during this reorganization period while it pursues transactions to monetize its assets.

Immune Pharmaceuticals is a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases. Immune's lead program, bertilimumab, is a first-in-class, human monoclonal antibody that targets eotaxin-1, a chemokine that plays a role in immune responses and attracts eosinophils to the site of inflammation. By blocking eotaxin-1, bertilimumab may prevent the migration and activation of eosinophils and other cells, thus blocking an important inflammatory pathway active in a variety of allergic and immune diseases. Bertilimumab has shown promising clinical activity in bullous pemphigoid and has been studied in other conditions including allergic rhinitis and ulcerative colitis, and may have application in other diseases, including atopic dermatitis, asthma, and other diseases. Immune is also developing NanoCyclo, a nano-encapsulated formulation of cyclosporin, which is in late stage preclinical development for atopic dermatitis and psoriasis.

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