VANCOUVER, British Columbia, Jan. 17, 2011 (GLOBE NEWSWIRE) -- Immune Network Ltd. (Pink Sheets:IMMFF), advises progress is being made toward the acquisition of Immunitor Inc., a Canadian corporation with global rights to V-5 Immunitor (known as V5), with the establishment of basic terms. In addition, Immune Network's Board of Directors and its senior management team have been expanded and new corporate professionals have been appointed.
A share swap agreement was executed between Immune Network and Immunitor that, subject to shareholder and regulatory approvals, will provide Immune Network with global marketing rights for V5. All potential clinical indications are included in the Immunitor marketing rights. V5 has been the subject of numerous clinical trials, most of which are published. V5 effects include significant improvement of clinical outcomes for hepatitis B treatment, hepatitis C treatment, and recently, for tuberculosis treatment, including drug resistant tuberculosis (MDR-TB and XDR-TB) and TB and HIV co-infection. V5 is an orally delivered formulation, manufactured as a simple tablet. It has been postulated that V5 effects on hepatitis B, hepatitis C, and tuberculosis is dependent upon an immunomodulatory effect of the product. There have been no adverse effects noted in clinical trials of V5 conducted to date.
The share swap deal will, subject to completion, result in the issuance of 50 million Immune Network shares in exchange for 50% of the issued and outstanding shares in Immunitor Inc. Deal terms are subject to shareholder and regulatory approvals. In particular, the share swap completion is subject to the existing Canadian securities cease trade order.
Immune Network's board of directors also welcomes Mr. Donald J Benard. Mr. Benard has extensive experience in launching both private and public companies in several countries for over 20 years. Mr Benard has been Board member and operations leader in several companies he has founded or co-founded. Mr Benard also has extensive experience in computer-modeling technology to asses and manage business risks. Mr Benard joins Dr Allen Bain and Dr Alexander Zolotoy on the board of directors of Immune Network.
Immune Network is also pleased to announce the appointment of Gladys Chan as interim CFO and Corporate Secretary. Ms Chan has over a decade of experience as accountant and CFO at public companies that trade in Canada and in the USA. Ms Chan is a Certified General Accountant in Canada.
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Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projection and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.