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Immune Pharma Files For Chapter 11 Bankruptcy

Immune Pharmaceuticals Inc. (IMNP.OB) said that it has filed for chapter 11 bankruptcy in the Federal Bankruptcy Court in New Jersey.

Immune said it was unable to negotiate terms for additional funding to provide the several month's runway necessary to complete a transaction, despite making significant progress towards a bertilimumab strategic 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.

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