ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Immune Pharmaceuticals Inc.  (NASDAQ: IMNP) a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases, today announced the closing of its previously announced public offering of units for gross proceeds of $18,000,000, which excludes underwriting discounts and commissions and offering expenses payable by Immune.

The offering was comprised of units, priced at a public offering price of $1,000 per unit. Each unit consists of one share of Series E Convertible Preferred Stock and 982 warrants (the “Warrants”), each of which entitles the holder to purchase one share of Immune’s common stock. The Warrants are initially exercisable at an exercise price of $1.10 per share and expire 7 years from the date of issuance.

The Series E Preferred Stock is convertible into shares of common stock by dividing the stated value of the Series E Preferred Stock ($1,080) by the Conversion Price. The “Conversion Price” is as follows: (i) for the first 40 trading days following the closing of this offering, $1.10 per share of common stock (the “Set Price”), and (ii) after such 40 trading days, the lesser of (a) the Set Price and (b) 87.5% of the lowest volume weighted average price for Immune’s common stock during the five trading days prior to the date of the notice of conversion, subject to further adjustments.

Maxim Group LLC acted as sole book-running manager in connection with the offering.

About Immune Pharmaceuticals

Immune Pharmaceuticals is a biopharmaceutical company developing novel therapeutic agents for the treatment of immunologic and inflammatory diseases. Immune’s lead program, bertilimumab, is a first-in-class, fully human monoclonal antibody that targets and lowers levels of eotaxin-1, a chemokine that plays a role in immune responses and attracts eosinophils to the site of inflammation. By neutralizing eotaxin-1, bertilimumab may prevent the migration of eosinophils and other cells, thus helping to relieve associated inflammatory conditions. Currently, Immune is conducting two phase 2 clinical trials to test bertilimumab in patients suffering from bullous pemphigoid and ulcerative colitis, respectively. Bertilimumab may have application in other diseases, including atopic dermatitis, immune and inflammatory hepatitis, and asthma.