Immune Pharmaceuticals Inc (NASDAQ:IMNP) is having an incredibly strong day in the pre-market this morning, and for good reason. The company has signed a letter of intent, exciting investors and sending the stock skyward. As is nearly always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:02), IMNP is trading at $4.27 per share after a gain of $1.83 per share (75.00%) thus far today.
IMNP Gains On Letter Of Intent
As mentioned above, Immune Pharmaceuticals is having an incredible time in the pre-market hours after announcing that it has signed a letter of intent. The letter of intent was signed with Pint Pharma, under which the parties seek agreement with regard to an exclusive license by Pint Pharma of rights to commercialize Ceplene throughout Latin America. According to the letter of intent, Pint Pharma will invest $4 million into Cytova, the IMNP oncology subsidiary, to be used for oncology related activities. In a statement, Dr. Daniel Teper, CEO at IMNP, had the following to offer:
“We are excited about the possibility of partnering with Pint Pharma, a market leader in Latin America with strong commercialization capabilities in the field of oncology. Pint Pharma's desire to bring Ceplene/IL-2 Immunotherapy to patients in Latin America complements our strategy...”
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IMNP. In particular, we're interested in following the company's efforts in oncology as well as their relationship with Pint Pharma. We'll continue to follow the story closely and bring the news to you as it breaks!
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[Image Courtesy of Max Pixel]