Immune Therapeutics, Inc. (OTCMKTS:IMUN) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 16, 2020, Immune Therapeutics, Inc. (the “Company” or “Immune”) and Cytocom, Inc. (“Cytocom”) closed on an agreement for the Company to sublicense Lodonal (“LDN”) and Methionine Enkephalin (“MENK”) for emerging markets. Under the terms of the agreement, Cytocom will assume approximately $5,200,000 in the Company’s note, loan and other financial obligations. Separate from the sublicensing agreement, the Company owns an equity stake of approximately 15% in Cytocom.
to the sublicensing agreement, Cytocom will assume the following approximate obligations of the Company: $1,051,000 in accrued liabilities and accounts payable, $3,038,000 in notes and loans payable, and $1,111,000 in obligations owed to former Immune employees.
The Company’s Board of Directors believes that despite the difficulty of the decision to take these actions, they are in the clear best interest of the Company and its shareholders and consistent with the Company’s forward-looking transition strategy of improving Immune’s financial position.
About Immune Therapeutics, Inc. (OTCMKTS:IMUN)
Immune Therapeutics, Inc. is a biotechnology company. The Company is involved in the manufacturing, distribution and marketing of therapies to combat chronic, life-threatening diseases through the activation and modulation of the body’s immune system using its patented immunotherapy. The Company’s products and immunotherapy technologies are designed to improve the treatment of cancer, infections, such as human immunodeficiency virus (HIV)/acquired immuno deficiency syndrome (AIDS), chronic inflammatory diseases and autoimmune diseases. Its technology platform is built on various immunotherapies, such as Low Dose Naltrexone (LDN) and Methionine-Enkephalin (MENK). Its technology offers treatment for a range of cancers. The Company’s clinical programs involve immunotherapy with Methionine-Enkephalin (MENK) (sometimes referred to as opioid growth factor) and its Low Dose Naltrexone (LDN) product or LodonalTM, which stimulates the immune system even in patients with advanced cancer.