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Immune Pharmaceuticals nets $9mm through the private sale of preferred shares

Executive Summary

Immune Pharmaceuticals Inc. (antibodies) netted $9mm through the private placement of preferred shares to undisclosed investors. The company sold 11.65k units at $1k each, with each unit consisting of the following: one share of Series C 8% convertible preferred stock, with a conversion price equal to the lower of $3.40 or 85% of the offering price in a future public stock sale of at least $10mm; and two warrants, each to buy up to a number of shares equal to 50% of the shares issuable upon conversion of the preferred stock, with exercise prices of $4.25 and $5.10 apiece. Funds will go towards Phase II trials of bertilimumab in ulcerative colitis and bullous pemphigoid.
Deal Industry
  • Biotechnology
    • Large Molecule
      • Antibodies
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Other
    • Private Placement

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