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Immune Therapeutics (OTC Pink: IMUN) appointed Dr. Stephen Wilson as CEO, President, and interim CFO, effective July 19, 2022. Dr. Wilson, a trained immunologist with over 20 years of experience, aims to drive the company's growth by focusing on regulatory approvals and commercialization of treatments for inflammatory diseases. He replaces Kevin Phelps, who steps down as CEO but remains on the board. The strategy emphasizes affordable therapeutics and a measured portfolio approach, targeting effective and capital-efficient development of existing assets.
Immune Therapeutics, Inc. (OTC:BB IMUN) announced the expansion of its Board of Directors from two to five members, effective May 31, 2022. New appointees include Dr. Stephen Wilson, Dr. Clifford Selsky, and Mr. Robert Wilson, who will serve interim terms until a formal shareholder vote. Dr. Wilson, an immunologist, brings extensive experience from Statera Biopharma; Dr. Selsky is a pediatrician and founder of a cancer center; Mr. Wilson has over 25 years in business strategy. CEO Kevin Phelps expressed confidence in their contributions during a critical phase for the company.
Immune Therapeutics (OTC-PINK: IMUN) announced a non-binding term sheet to secure $700,000 to $1,500,000 from existing shareholders to restructure its debt. The funding will come through non-convertible promissory notes at 5% interest. The company aims to settle other debts with former employees and management while restructuring prior toxic debt totaling $697,000. A 14A Proxy will be filed within 30 days for a new slate of directors. CEO Kevin Phelps emphasized that this restructuring is crucial for the company's growth and improving its balance sheet.
Immune Therapeutics Inc. (OTC-PINK: IMUND) announced a non-binding term sheet that aims to restructure its debt and secure working capital through existing shareholders. The terms involve a loan of $700,000 to $1,500,000 at a 5% interest rate, with provisions for noteholders to exercise warrants. The company is also negotiating debt settlements with past employees and aims to improve its financial standing. A 14A Proxy will be filed for a new slate of directors. CEO Kevin Phelps emphasized that this restructuring is crucial for the company's growth and advocates for the value of their biotech prospects.
Immune Therapeutics Inc. (OTC-PINK: IMUN) has announced the completion of a 1-for-1,000 reverse stock split, processed by FINRA, effective May 6, 2021. This action combines every 1,000 pre-split shares into one share, with no fractional shares issued. The reverse split, approved by shareholders in October 2019, aims to adjust the capital structure and potentially enhance the stock's marketability. A 'D' will be added to the stock symbol for 20 business days post-split. The company emphasizes that future performance predictions are subject to various risks and uncertainties.