Someone gave them $750 grand at 2% interest no stock to buy out this note.
Immune Therapeutics Redeems $656,250 Convertible Note; Company Actively Working to Strengthen Balance Sheet by Year End
Nov 15, 2016
OTC Disclosure & News Service
-
ORLANDO, Fla., Nov. 15, 2016 (GLOBE NEWSWIRE) -- Immune Therapeutics, Inc. (OTCQB:IMUN) a clinical-stage biotech company providing immunotherapy solutions for the treatment of autoimmune disease and cancer, today announced it has redeemed its $656,250 convertible note issued to JMJ Financial.
With stronger market confidence in the Company’s fundamentals based on its recent progress in licensing, producing and obtaining regulatory approvals for LodonalTM and other drugs in its portfolio in Africa, Immune Therapeutics reports its cost of capital is decreasing and is actively working to restructure and strengthen its balance sheet by year end.
This effort includes a recent capital raise of $750,000 in a straight, non-convertible debt instrument, from a long-term investor, at a simple interest rate of 2% for one year. Those funds were allocated, in part, to pay off the JMJ convertible debenture. The Company is also in active discussions to restructure approximately $1.7 million in liabilities by year end so it may enter 2017 with a stronger financial foundation.
“In 2016, Immune Therapeutics achieved several important company milestones in collaboration with our joint venture and strategic industry partners here in the U.S., Latin America and Africa,” said Noreen Griffin, Chief Executive Officer of Immune Therapeutics. “With several important portfolio drugs in various stages of application, clinical trial, registration and commercialization, I am confident we are turning the corner both financially and operationally and believe that 2017 could be a breakout year for Immune Therapeutics and its shareholders,” concluded Ms. Griffin.
