Immune Therapeutics, Inc. (CVE:ICO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On December 21, 2016, Immune Therapeutics, Inc. (the Company)
entered into an exchange agreement (the Agreement) with St.
George Investments, LLC (St. George), whereby the Company agreed
to exchange that certain promissory note issued by the Company to
St. George on May 5, 2016 (the Note) for a substantially similar
promissory note (the Exchange Note) and 700,000 free-trading
shares of the Companys common stock to 3(a)(9) of the Securities
Act of 1933.
The terms of the Note and the Exchange Note are substantially
similar except that, to the Exchange Note, interest is 25% per
annum without a default rate and St. George may not convert into
common shares of the Company until February 10, 2017, whereas it
was previously entitled to convert the entire Note in accordance
with its terms. The unadjusted conversion rate under the Exchange
Note remains unchanged at $0.20. The principal amount of the
Exchange Note is $311,081.81, the amount of principal, accrued
interest and fees due under the Note, less amounts previously
converted by St. George. to the Exchange Agreement, St. George
may not own more than 4.9% of the Companys voting stock at any
time, unless waived by St. George with 61 days notice. The
Exchange Agreement otherwise contains standard representations
and warranties.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant
See disclosures in Item 1.01, which are incorporated by
reference.
About Immune Therapeutics, Inc. (CVE:ICO)
iCo Therapeutics Inc. (iCo) is a Canada-based biotechnology company principally focused on the identification, development and commercialization of drug candidates to treat sight-and life-threatening diseases. The Company principally focuses on in-licensing drug candidates with a clinical history, and re-dose, reformulate and develop drug candidates for the treatment of sight-and life-threatening diseases. The Company’s product candidates include iCo-007, iCo-008 and an Oral AmpB Delivery System. The Company has initiated Phase II clinical trial for iCo-007. iCo-008 is a human monoclonal antibody that is offered to treat sight threatening forms of allergic conjunctivitis by neutralizing eotaxin-1, a ligand to the chemokine receptor CCR3. Oral AmpB Delivery System is a toxic option for the treatment of serious systemic fungal infections. The Company has completed pre-clinical studies for iCo’s Oral AmpB Delivery System. Immune Therapeutics, Inc. (CVE:ICO) Recent Trading Information
Immune Therapeutics, Inc. (CVE:ICO) closed its last trading session up +0.0050 at 0.0500 with 1,794,700 shares trading hands.