Business
Immune Therapeutics Redeems $656,250 Convertible Note; Company Actively Working to Strengthen Balance Sheet by Year End
Immune Therapeutics Redeems $656,250 Convertible Note; Company Actively Working to Strengthen Balance Sheet by Year End.
About this update from Biostax Corp.
[{"type":"text","content":"\n\n ORLANDO, Fla., Nov. 15, 2016 (GLOBE NEWSWIRE) -- Immune Therapeutics, Inc. (OTCQB:IMUN) a clinical-stage biotech company providing immunotherapy solutions for the treatment of autoimmune disease and cancer, today announced it has redeemed its $656,250 convertible note issued to JMJ Financial.\n With stronger market confidence in the Company’s fundamentals based on its recent progress in licensing, producing and obtaining regulatory approvals for LodonalTM and other drugs in its portfolio in Africa, Immune Therapeutics reports its cost of capital is decreasing and is actively working to restructure and strengthen its balance sheet by year end. This effort includes a recent capital raise of $750,000 in a straight, non-convertible debt instrument, from a long-term investor, at a simple interest rate of 2% for one year. Those funds were allocated, in part, to pay off the JMJ convertible debenture.  The Company is also in active discussions to restructure approximately $1.7 million in liabilities by year end so it may enter 2017 with a stronger financial foundation. “In 2016, Immune Therapeutics achieved several important company milestones in collaboration with our joint venture and strategic industry partners here in the U.S., Latin America and Africa,” said Noreen Griffin, Chief Executive Officer of Immune Therapeutics. “With several important portfolio drugs in various stages of application, clinical trial, registration and commercialization, I am confident we are turning the corner both financially and operationally and believe that 2017 could be a breakout year for Immune Therapeutics and its shareholders,” concluded Ms. Griffin. About Immune Therapeutics, Inc. Immune Therapeutics, Inc. (OTCQB:IMUN) is a biotechnology company working to combat chronic, life-threatening diseases through the activation and modulation of the body's immune system using its patented immunotherapies with a focus of providing such therapies in emerging nations. Its products and immunotherapy technologies are designed to harness the power of the immune system to improve the treatment of cancer, infections such as HIV/AIDS, chronic inflammatory and autoimmune diseases. The Company's proprietary technology, therapies and patents include the treatment of a wide range of cancers.  Its most advanced clinical...