INmune Bio Closes Private Placement of Approximately $4.1 Million of Common Stock, Led by Insiders and Existing Shareholders
LA JOLLA, Calif., May 07, 2019 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB ), an immunology company focused on developing treatments that harness the patient’s innate immune system to fight disease, today announced that it has closed an offering of 460,545 shares of its common stock priced at $9.00 per share for proceeds of $4,144,900. The investment was led by existing investors including RJ Tesi, Chief Executive Officer, and David Moss, Chief Financial Officer, with the majority of the participation from an early investor in the Company.
“This financing provides INmune Bio with immediate access to capital that continues with our goal of keeping our capital structure simple. The funding, led by insiders and existing shareholders at a higher valuation to our IPO price, will help advance our three clinical programs into 2020,” said David Moss, Chief Financial Officer and Co-Founder of INmune.
No placement agent fees were paid in connection with the common stock sale.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About INmune Bio, Inc. INmune Bio, Inc. is a publicly traded (NASDAQ: INMB) clinical-stage biotechnology company developing therapies targeting the innate immune system to fight disease. INmune Bio is developing three product platforms: two products that reengineer the patient’s innate immune system’s response to cancer and one product to treat neuroinflammation that is currently focused on Alzheimer’s disease. INKmune is a natural killer (NK) cell therapeutic that primes the patient’s NK cells to attack minimal residual disease, the remaining cancer cells that are difficult to detect, which often cause relapse. INB03 inhibits myeloid derived suppressor cells (MDSC), which often cause resistance to immunotherapy, such as anti-PD-1 checkpoint inhibitors. XPro1595 targets neuroinflammation, which causes microglial activation and neuronal cell death. INmune Bio’s product platforms utilize a precision medicine approach for the treatment of a wide variety of hematologic malignancies, solid tumors and chronic inflammation. To learn more, please visit www.inmunebio.com.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
INmune Bio Contact: David Moss, CFO (858) 964-3720 DMoss@INmuneBio.com
Media Contact: Antenna Group Sharon Golubchik (201) 465-8008 INmuneBio@AntennaGroup.com
Investor Contact: KCSA Strategic Communications Valter Pinto / Scott Eckstein PH: (212) 896-1254 / (212) 896-1210 INmune@KCSA.com