Immune Pharmaceuticals closes underwriter's exercise of partial over-allotment option of 459,697 units

Immune Pharmaceuticals Inc. (NasdaqCM: IMNP; "Immune" or "the Company"), a clinical stage biopharmaceutical company that engages in the development and commercialization of targeted therapeutics for the treatment of inflammatory diseases and cancer, today completed the underwriter's exercise of partial over-allotment option of 459,697 units, at a price of $2.50 per unit, for gross proceeds of approximately $1.06 million, bringing the aggregate gross proceeds of the Company's previously announced underwritten public offering to $9.685 million.

The Company received aggregate net proceeds of approximately $8.645 million, after deducting underwriting discounts and commissions and estimated offering expenses. In total, the Company issued 3,909,697 units, with each unit consisting of one share of the Company's common stock, par value $0.0001 per share, and one warrant to purchase 0.25 of a share of the Company's common stock, at an exercise price of $3.75 per a whole share. Separately, $1.0 million recently invested in the Company privately by an existing investor converted into 400,000 units, consisting of 400,000 shares of common stock and warrants to purchase up to 100,000 shares of common stock at the same term as the underwritten public offering, bringing the total gross proceeds raised in November 2014 to $10.685 million.

National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), acted as sole book-running manager for the offering.

The securities described above were offered by Immune pursuant to a "shelf" registration statement previously declared effective by the Securities and Exchange Commission (SEC) on October 28, 2014 (File No. 333-198647).


Immune Pharmaceuticals Inc.


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