Immune Pharmaceuticals Inc (fka IMNPQ)

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Immune Pharmaceuticals Files 8K - Entry Into Definitive Agreement >IMNP
1:37 pm ET July 12, 2017 (Dow Jones) Print

Immune Pharmaceuticals Inc. (IMNP) filed a Form 8K - Entry Into a Definitive Agreement - with the U.S Securities and Exchange Commission on July 10, 2017.

On July 10, 2017, Immune Pharmaceuticals Inc.'s (the "Company") subsidiary, Cytovia Inc. ("Cytovia"), entered into an exclusive licensing agreement (the "Licensing Agreement") with Pint Pharma International S.A. ("Pint"), a specialty pharmaceutical company focused on Latin America and other markets, for the marketing, commercialization and distribution of Ceplene throughout Latin America (the "Territory", as more fully defined in the Licensing Agreement) through Pint and one or more of its affiliates. Pursuant to the Licensing Agreement, Pint will also pay Cytovia (i) 35% of net sales in the territory (ii) a milestone payment of $500,000 when net sales of Ceplene in the Territory first reach $10,000,000 in any calendar year and (iii) a milestone payment of $1,250,000 when net sales of Ceplene in the Territory first reach $25,000,000 in any calendar year. Cytovia further granted Pint and its affiliates certain sublicensing rights to Ceplene, and a right of first refusal on any new products of Cytovia within the Territory during the term of the Licensing Agreement.

With regard to any regulatory approvals and filings related to the commercialization of Ceplene within the Territory, Pint shall be the applicant, holder of such regulatory approvals and will be responsible for the content of such regulatory submissions, as well as all costs and expenses related to, among other items delineated in the Licensing Agreement, the fees, filings, compliance, registration and maintenance of such required regulatory approval matters. Cytovia shall be responsible for providing (or if in the control of a third party, to ensure such third party provides) all appropriate documentation, samples and other information in support of Pint in connection with its regulatory submissions, compliance and maintenance matters in the Territory concerning the Ceplene product(s).

Additionally, in connection with the Licensing Agreement, the parties thereto agreed that Pint Gmbh, an affiliate of Pint, will separately enter into an investment agreement, pursuant to which Pint Gmbh will make to an investment of $4 million USD at series A valuation into Cytovia in exchange for an equity interest in Cytovia. Dr. Massimo Radaelli, Executive Chairman of Pint, will also join the board of Cytovia upon completion of the investment and an effective spin off of Cytovia from the Company, if and as consummated.

The foregoing descriptions of the terms of the Licensing Agreement and the transactions contemplated thereby do not purport to be complete and, therefore, are subject to, and qualified in their entirety by such document attached hereto as Exhibits 10.1, and incorporated herein by reference. The Licensing Agreement contains certain representations and warranties that the respective parties made to, and solely for the benefit of, the other parties thereto in the context of all of the terms and conditions of that agreement and in the context of the specific relationship between the parties, and are not for the benefit of any party other than the parties to such agreements or as stated therein and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the parties to such document and agreements.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1208261/000114420417036526/v470683_8k.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1208261/000114420417036526/0001144204-17-036526-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

(END) Dow Jones Newswires

July 12, 2017 13:37 ET (17:37 GMT)

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