Immune Pharmaceuticals Inc (NASDAQ:IMNP) reported that it plans to request an appeal before the NASDAQ that its stock is subject to delisting from the renowned exchange platform. The company will present its strategy at the imminent hearing to re-claim compliance with the required bid price set forth in Nasdaq Listing Rule.
On January 4, 2017, the company obtained a letter from the Nasdaq stating that they have noted that IMNP common stock has not kept the $1 minimum bid requirement for uninterrupted listing on the NASDAQ platform. At the hearing, the firm will present its strategy to regain compliance, which comprises a discussion of underway business events, and will reveal its plans for reverse stock split, if required.
Although there is no assurance that the staff of Nasdaq will permit Immune’s request for persistent listing on the NASDAQ platform, the delisting processes will be stayed and IMNP’s shares will continue to trade on the Nasdaq awaiting resolution of the appeal.
Immune Pharmaceuticals uses a personalized approach to curing and developing unique, highly targeted antibody treatments to improve the patients’ lives with cancer and inflammatory diseases. Its lead product candidate, named as bertilimumab, is in Phase 2 clinical advancement for moderate-to-severe ulcerative colitis and also for bullous pemphigoid, which is an orphan autoimmune dermatological state.
Other indications being measured for advancement comprise Crohn’s disease, severe asthma, atopic dermatitis and Non-Alcoholic Steato-Hepatitis, an inflammatory liver problem. Immune recently expanded its product portfolio in immuno-dermatology after including topical nano-formulated cyclosporine. It is a treatment of atopic dermatitis and psoriasis. The company’s oncology pipeline comprises Ceplene® which is in clinical advancement for maintenance remission in AML in combination with IL-2.
Other candidates in oncology pipeline are crolibulin and Azixa®, Phase 2 clinical stage vascular unsettling agents, and unique technology platforms; NanomAbs™ and bispecific antibodies.