ORLANDO, Fla., Sept. 10, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – Immune Therapeutics, Inc. (OTC: IMUN) ("Immune," “IMUN” or the "Company"), a clinical late stage biopharmaceutical company focused on the development of two immunomodulating therapies for the treatment of autoimmune diseases, inflammatory diseases, cancer and HIV/AIDS, has filed a Revised Definitive Proxy Statement (the “Revised Proxy Statement”) due to the discovery that, as a result of an error outside of the Company’s control, shareholders of IMUN holding their shares through a broker in “street name” did not receive copies of the Company’s proxy materials mailed on or around April 30, 2019.
The proxy materials, and more specifically the proxy statement filed with the Securities and Exchange Commission on Schedule 14A on April 30, 2019 (the “Proxy Statement”), request that the Company’s shareholders vote on proposed corporate actions including authorizing new shares of preferred stock, a reverse split of IMUN’s common stock, and a name change of the Company (collectively, the “Actions”).
In light of its discovery, the Company has elected to revise the Proxy Statement to set a new record date, extend the timeframe shareholders have to consent to the Actions, to set the ratio of the proposed reverse stock split at 1,000-to-1 and to disclose the Company’s election to round down fractional shares following the reverse split. The Revised Proxy Statement was mailed to shareholders on or around August 26, 2019 and has been filed with the SEC.
Written consent will be taken until October 15, 2019 or until the number of shareholder consents needed to approve the Actions have been received by the Company, whichever occurs first. Shareholders holding shares in Street Name need to contact their brokers to assure their vote is counted.
Over the past year, the company has added members to the board of directors with extensive biotech experience, such as Dr. Roscoe Moore and Kevin Phelps. The company will continue replacing existing board members and appointing new management in the coming weeks. This includes adding more members to the Scientific Advisory Board (SAB), and replacing the current CEO, Noreen Griffin, who plans to step down as CEO and Director.
ABOUT IMMUNE THERAPEUTICS, INC.
Immune Therapeutics Inc. is a late stage clinical stage biopharmaceutical company focused on the development and commercialization of our highly innovative immunotherapies. IMUN is a biotechnology company developing T-Activation immunotherapies to achieve immunomodulation in patients with autoimmune and inflammatory disease and cancer and infectious diseases.
Stimulating the body’s immune system remains one of the most promising approaches in the treatment of Cancers, HIV, Autoimmune Diseases, inflammatory conditions and other chronic infectious diseases.
Forward-Looking Statements
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company’s filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company’s filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.