Business
Immune Therapeutics Acquires 10% Stake in Cytocom; Obtains Exclusive Rights to Lodonal™ for Pets in United States
Immune Therapeutics Acquires 10% Stake in Cytocom; Obtains Exclusive Rights to Lodonal™ for Pets in United States.
About this update from Biostax Corp.
[{"type":"text","content":"\nORLANDO, Fla., June 05, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Immune Therapeutics, Inc. (OTCQB: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 is pleased to announce a modification of the Company’s 2014 exclusive licensing agreement with Cytocom, Inc., a late stage biotechnology company that specializes in T-Cell activation immunotherapies.\n In addition to the rights granted in the 2014 agreement to make products containing Lodonal™ and Met-Enkelphline in Africa, Central America, South American and the Caribbean and to market and distribute the same for human use in certain emerging markets, the newly amended and restated license agreement also grants the Company the exclusive marketing and distribution rights for products containing Lodonal™ and Met-Enkelphline for treatment of animals in the United States.  According to Global Industry Analysts, Inc., the global market for animal medication is projected to reach US $44.4 billion by 2022, driven by increasing investments in animal drug development in response to unmet animal health needs and developments in veterinary diagnostics and services. The Company is developing its strategy to capture a portion of this market.   The Company’s CEO, Noreen Griffin, stated that: “We are confident in our ability to fast track our development program for companion animals in several qualified OMUMS (The Office of Minor Use and Minor Species) indications. Once approved, the company will receive seven years of exclusive marketing rights, which means we should face no competition from another sponsor marketing the same drug in the same dosage form for the same intended use for that time frame.” The amended and restated license agreement was entered in conjunction with a stock purchase agreement where the Company agreed to acquire 10% of Cytocom’s issued and outstanding common stock in exchange for cancelation of approximately $4,100,000 of debt owed by Cytocom to the Company.  Under the original spin-out of Cytocom from the Company, IMUN was required to return all Cytocom shares to Treasury upon the funding of Cytocom, leav...