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November 8, 2012
05:47 EDTEPCTEpiCept and Immune Pharmaceuticals agree to merge
Immune Pharmaceuticals, a privately held Israeli company, and EpiCept announced that they have entered into a definitive merger agreement. The transaction is anticipated to close during Q1 of 2013 and is subject to satisfaction of certain customary closing conditions, including the approval of a majority of EpiCept shareholders. The combined company, to be named Immune Pharmaceuticals, will be primarily focused on developing antibody therapeutics and other targeted drugs for the treatment of inflammatory diseases and cancer. EpiCept will issue shares of its common stock to Immune shareholders in exchange for all of the outstanding shares of Immune, with EpiCept shareholders retaining approximately 22.5% ownership of the combined company and Immune shareholders receiving approximately 77.5%, calculated on an adjusted fully diluted basis.
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