On August 16, 2020, Immune Therapeutics, Inc. (the “Company” or “Immune”) and Cytocom, Inc. (“Cytocom”) closed on an agreement for the Company to sublicense Lodonal (“LDN”) and Methionine Enkephalin (“MENK”) for emerging markets. Under the terms of the agreement, Cytocom will assume approximately $5,200,000 in the Company’s note, loan and other financial obligations. Separate from the sublicensing agreement, the Company owns an equity stake of approximately 15% in Cytocom.
Pursuant to the sublicensing agreement, Cytocom will assume the following approximate obligations of the Company: $1,051,000 in accrued liabilities and accounts payable, $3,038,000 in notes and loans payable, and $1,111,000 in obligations owed to former Immune employees.
The Company’s Board of Directors believes that despite the difficulty of the decision to take these actions, they are in the clear best interest of the Company and its shareholders and consistent with the Company’s forward-looking transition strategy of improving Immune’s financial position.
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