Immune Pharmaceuticals Inc (fka IMNPQ)

[Skier1231]

I just read the transcript from the hearing. Teper didn't have the money to close the deal at the hearing and of course Discover also took issue that there hadn't been a proper bidding process anyway. So that's why they all agreed to give it some more time and have the sale on April 29th. It sounded like Teper will have the money by then or probably sooner, but will need to wait until then to give anyone else a chance to bid.

Immune was trying to license Ceplene to Vector for a couple weeks to give them the time they needed to get the rest of the money to close, but prevent Discover from being able to secure against Ceplene which was to occur if a "transaction" didn't close by March 31st. So they thought the licensing agreement would count as a "transcation" and prevent that from happening. It's really a non issue at this point anyway because the bottom line is they will sell it to the highest bidder on April 29th either way.

Unbelievable that Teper still didn't have the funds ready. Unfortunately I don't think any one else will bid because they have had Ceplene out in the market for a very long time trying to sell or license it and couldn't do a deal. But Immune is going to send out another round of notices to everyone who might have an interest anyway to satisfy the Court.