Immune Pharmaceuticals, a New Jersey-based biopharmaceutical company specializing in the development of treatments for immunologic and inflammatory diseases, filed for Chapter 11 bankruptcy Feb. 19.
The drugmaker was unable to secure additional funding to keep the company afloat, prompting its decision to file for bankruptcy protection.
Despite making significant progress toward the strategic transaction of its lead drug, expected to generate $3 million for the company, it was unable to negotiate terms of an agreement. In addition, Immune expected to finalize a deal with Vector Therapeutics, which was in talks to acquire Immune's Ceplene with an upfront payment of $2.5 million but the transaction never closed.
During the bankruptcy process the company will wind down operations as it works to sell off its assets.