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Immune Therapeutics, Inc. Further Strengthens Balance Sheet as it Prepares for Commercialization
Immune Therapeutics, Inc. Further Strengthens Balance Sheet as it Prepares for Commercialization.
About this update from Biostax Corp.
[{"type":"text","content":"\n\n Highlights:\n Company Redeems Nearly All Outstanding Convertible DebenturesReplaces Nearly $650,000 of Long-Term Debt with Financing on Significantly Better Terms from a Strategic Long-Term Institutional InvestorCompany’s Latest Strategic Financial and Operational Initiatives Prepares Immune for Commercialization of its Blockbuster Drug Lodonal™Company On-Track Towards Achieving Cash Flow Positive Status in First Half 2017 and Profitability by Fiscal Year-EndFollowing Launch of Lodonal, Management to Provide Greater Detail Over Pipeline of its Various Drugs in the Approval Process both with the FDA and InternationallyManagement to Update Shareholders on Better than Expected Progress Shortly MIAMI, March 15, 2017 (GLOBE NEWSWIRE) -- Immune Therapeutics, Inc. (OTCQB:IMUN), a clinical-stage biopharmaceutical company developing therapies for a range of conditions using LodonalTM, its proprietary formulation of lower-dose naltrexone, today announced it has redeemed nearly all of its outstanding convertible debentures through a financing on significantly better terms from a long-term investor.  The investor, who is a hedge fund also based in Miami, Florida, provided the financing only after a series of due diligence meetings with both the Company and, more importantly, patients that have undergone treatment with Lodonal, which has the potential to help alleviate various ailments suffered by millions of people globally. It is important to note the funds used to replace the former convertible debentures does not include any warrants and is designed purely to support the Company’s long-term growth strategy. The Company believes post-commercialization, it could become a self-sustaining operation based on the earnings it expects to generate from its drug portfolio. “Immune Therapeutics is pleased to have finally been able to replace our existing convertible debt with financing with significantly better terms from a local institutional investor,” said Noreen Griffin, Chief Executive Officer of Immune Therapeutics, Inc.  “We believe this transaction will not only mitigate investor concerns over the potentially adverse variable terms of our previous debt arrangements but also provide comfort that we have uncovered a source of growth capital that not only is local to our corporate headquarters...