Shares of Immune Pharmaceuticals Inc.
slid 9% in premarket trade Monday, after the company unveiled a restructuring and said it has received notice from the Nasdaq that it is not in compliance with listing requirements after the delay of a key regulatory filing. Immune Pharma said it has not yet filed its 10-K for 2016, but will do so as soon as practicable. Meanwhile, the company is making inflammatory disease and dermatology its key areas of focus. Its oncology business will be folded into its Cytovia Inc. unit, which may be spun off to Immune shareholders. Chief Executive Dr. Daniel Teper will step down from that role to run Cytovia’s cancer research and development effort, but will remain on the Immune board. Elliot Maza, currently a board member, will become interim CEO of Immune. Shares are down 3% in 2017 through Friday, while the S&P 500
has gained 5%.
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