Shares of Immune Pharmaceuticals Inc. (NASDAQ:IMNP) leaped through the charts by 48.70% to $3.63 midday on April 20, after announcing its entry into a letter of intent with pharma company Pint Pharma GmnH to give the latter exclusive rights to commercialize Ceplene throughout Latin America. “Adding Ceplene to our portfolio of products will further leverage our experience and presence in the oncology field in Latin America,” Pint CEO David Munoz said. “We are delighted to potentially have Immune as a committed partner to help strengthen our product portfolio.”
In conjunction with the anticipated final agreement, Pint will make an investment of $4 million into Immune Pharma’s oncology subsidiary, Cytovi, Inc. to be used by Cytovia exclusively for oncology related activities. Ceplene has been approved in Europe for the maintenance of first remission in patients with Acute Myeloid Leukemia (AML) in combination with interleukin-2 (IL-2). According to Pint, there are approximately 10,000 new cases of AML diagnosed per year in Latin America and there is currently no approved treatment for the maintenance of AML remission.
Traders flocked the company’s shares today as we saw trading volume at 16.7 million shares traded, compared to its average volume of $2.8 million as of press time.
What Does The Smart Money Sentiment Say?
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None of the 742 funds we track hold shares if Immune Pharmaceuticals Inc. (NASDAQ:IMNP). The company has a market capitalization of $34.41 million, and it currently stands on the upper end of its 52-week range high.
The Bottom Line
Traders are flocking Immune Pharmaceuticals Inc. (NASDAQ:IMNP) after entering into a letter of intent pharma company Pint Pharma GmnH to give the latter exclusive rights to commercialize Ceplene throughout Latin America. For further reading, here are the 10 least competitive pharmacy schools in America.