Immune Pharmaceuticals arranges $11.7 million placement of preferreds

Deal funds concept trials, general corporate, working capital purposes

By Devika Patel

Knoxville, Tenn., March 10 - Immune Pharmaceuticals Inc. said it plans an $11.7 million private placement of convertible preferred stock.

The deal will include warrants.

Settlement is expected March 11.

Proceeds will be used for the bertilimumab phase 2 proof of concept trials in ulcerative colitis and in bullous pemphigoid, an orphan auto-immune dermatological indication, and for general corporate and working capital purposes.

The specialty pharmaceutical company is based in Tarrytown, N.Y.

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