Immune Pharmaceuticals Inc. (NASDAQ: IMNP) ("Immune") announced financial results for the first quarter ended March 31, 2015. Immune filed its Quarterly Report on Form 10-Q for the first quarter of 2015 on Friday, May 15, 2015.
"In the past quarter, we relocated our leadership team to New York City and accelerated our focus on operational execution. We are now ready to commence patient enrollment in our Phase II clinical trials with bertilimumab, a first in class monoclonal antibody, for the treatment of ulcerative colitis and bullous pemphigoid," said Dr. Daniel Teper, Chief Executive Officer of Immune. "Additionally, we have received strong interest and are now in the negotiation stage for a partnering agreement for Phase III development and commercialization of AmiKet™."
On March 31, 2015, the Company had available funding of $9.0 million, including cash and cash equivalents of $4.0 million, plus a $5.0 million revolving line of credit, which is sufficient to finance its operations, anticipated capital expenditures, working capital and other financing requirements over the next twelve months under the current business plan.
Recent Business Highlights and Upcoming Milestones
STC Biologics Partnership: On May 4, 2015, the Company announced the entry into a strategic partnership with STC Biologics to accelerate the development of NanomAbs®, a new generation of Antibody Nanoparticle Conjugates allowing the targeted delivery of chemo-therapeutics.
Partnering of AmiKet may provide out-licensing revenues in 2015: Following a comprehensive review of clinical safety and efficacy of AmiKet in trials totaling 1,700 patients, meetings with regulatory agencies and a third party commercial assessment validating the significant market potential, the Company initiated a partnering process for AmiKet in the first quarter of 2015 and is now in the negotiation stage of partnering terms.
AmiKet addresses a potential market of over $3.5 billion in the treatment of Neuropathic Pain according to Global Data.
Immune also licensed a topical nanoparticle formulation technology, which has the potential to enhance the performance of AmiKet, prolong patent exclusivity up to 2036, and support development in additional pain indications.
IMMUNE PHARMACEUTICALS INC. FIRST QUARTER 2015 FINANCIAL HIGHLIGHTS
Immune reported a loss attributable to stockholders of $3.6 million or $0.15 per share, for the first quarter of 2015 compared to a loss attributable to common stockholders of $4.8 million or $0.35 per share, for the first quarter of 2014.
Research and development expenses increased by $0.8 million during the three-month period ended March 31, 2015 to $1.2 million compared with $0.3 million during the three month period ended March 31, 2014. The increase was mainly due to an increase in outsourced manufacturing and consulting costs of $0.8 million, related to our planned Phase II clinical trials for bertilimumab.
General and administrative expenses decreased by $0.2 million during the three month period ended March 31, 2015 to $2.3 million, compared with $2.5 million during the three month period ended March 31, 2014. The decrease was primarily attributable to a decrease in stock compensation expenses of $0.8 million, offset by an increase in salaries of $0.2 million.
As of March 31, 2015, the Company had 24.6 million common shares outstanding.
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