Shares of Immune Pharmaceuticals Inc. (NASDAQ: IMNP) saw an incredible gain in Thursday’s session following a key announcement. The company says that it has entered into a letter of intent with Pint Pharma for an exclusive license by Pint of the rights to commercialize Ceplene throughout Latin America.
Immune and Pint are expecting to close a final agreement within 30 days. According to the anticipated agreement, Pint will be responsible for registration of Ceplene in Latin American countries based on the existing European marketing authorization and will carry out the full commercialization of the licensed product in the territory, including Ceplene registration, pricing and reimbursement, and sales and marketing activities.
Also as part of the agreement, Pint will make an investment of $4 million into Immune’s oncology subsidiary, Cytovia, to be used exclusively for oncology related activities.
The drug Ceplene has been approved in Europe for the maintenance of first remission in patients with acute myeloid leukemia.
Dr. Daniel Teper, CEO of Immune, commented:
We are excited about the possibility of partnering with Pint Pharma, a market leader in Latin America with strong commercialization capabilities in the field of oncology. Pint Pharma’s desire to bring Ceplene/IL-2 immunotherapy to patients in Latin America complements our strategy.
David Munoz, CEO at Pint, added:
Adding Ceplene to our portfolio of products will further leverage our experience and presence in the oncology field in Latin America. We are delighted to potentially have Immune as a committed partner to help strengthen our product portfolio.
Shares of Immune were last seen up nearly 60% at $3.89 on Thursday, with a consensus analyst price target of $60.00 and a 52-week trading range of $0.12 to $5.02.