During Friday’s Morning trade, Shares of Immune Pharmaceuticals Inc (NASDAQ:IMNP), gained 4.95% to $1.06.
Immune Pharmaceuticals, declares corporate update and three months and nine months ended September 30, 2015 financial results.
Recent Highlights, Forthcoming Milestones and Third Quarter 2015 Financial Results
Dr. Daniel Teper, CEO of Immune stated, “Over the past few months we have made decisive progress in the clinical development of our lead product candidate and first–in-class monoclonal antibody, bertilimumab, which targets eotaxin-1, a key regulator of immuno-inflammation. We recently declared the acceptance of an Investigational New Drug (IND) application for bullous pemphigoid (BP) by the U.S. FDA. This will allow us to add U.S. clinical sites, counting Mount Sinai for our Phase 2 clinical trial and EU sites, upon regulatory clearance there. We intend to follow the same regulatory approach for the ulcerative colitis (UC) clinical trial and believe this clearance may allow us to complete our BP clinical trial in the first half of 2016 and UC clinical trial by the end of 2016. We expect our recent July financing will allow for the completion of both studies which are noteworthy clinical milestones for bertilimumab.”
Recent Highlights
- IND application for bertilimumab in BP accepted by the U.S. FDA
- Daniel Teper, CEO, initiated up to $250,000 10b5-1 stock purchase plan
- Boris Shor joins Immune from Pfizer as executive director of R&D and scientific partnerships
- Received guidance from a liver disease scientific advisory board for a preclinical and clinical plan to evaluate the relevance of bertilimumab for inflammatory liver diseases such as NASH and PSC
- Received guidance from a pain scientific advisory board to support AmiKet/AmiKet Nano partnering based on a streamlined Phase 3 clinical trial program, and improved target product profile with a broad neuropathic pain label and a novel AmiKet Nano formulation
- Received gross proceeds of $16.5 million with access to an additional $5.0 million in gross proceeds preceding to June 15, 2016, subject to certain clinical milestones and other conditions
Immune Pharmaceuticals, Inc., a clinical stage biopharmaceutical company, develops and commercializes targeted therapeutics for the treatment of inflammatory diseases and cancer. The company’s lead product candidate is Bertilimumab, a human monoclonal antibody, which is under Phase II clinical trial for the treatment of ulcerative colitis, bullous pemphigoid, and Crohn’s disease.
Shares of KLX Inc (NASDAQ:KLXI), declined -2.13% to $31.42, during its current trading session.
KLX Inc., declared that the Company anticipates to recognize a non-cash, after-tax asset impairment charge of about $435 million related to its Energy Services Group (“ESG”). The impairment charge is subject to the finalization of the Company’s interim goodwill impairment analysis, and reflects a decline in the imputed valuation of the Company’s ESG assets.
Commenting on the impairment charge, Mr. Khoury stated, “During the third quarter of 2015, the Company performed an interim asset impairment test. The ongoing downturn in the oil and gas industry, counting the approximate 60 percent decrease in the price of oil, the more than 60 percent decrease in the number of onshore drilling rigs, and the resulting noteworthy cutbacks in capital expenditures by our oil and gas customers, has resulted in a decrease in both volume and pricing for oil field services. As a result, during the third quarter of 2015, the Company determined that the carrying value of ESG’s assets has been impaired. KLX therefore anticipates to record a non-cash, after-tax impairment charge of about $435 million.”
Commenting on the Company’s outlook, Mr. Khoury stated, “We expect to report that third quarter revenues at our Aerospace Solutions Group (“ASG”) declined about 4.3 percent on a constant currency basis, driven by a decrease in sales to our military and business jet customers. Sales to our commercial aerospace OEM and aftermarket customers were essentially flat on a constant currency basis. Counting currency headwinds, ASG’s third quarter sales were down about 6.0 percent.” Mr. Khoury continued, “The Company continues to expect a full year 2015 constant currency single digit improvement in revenues, and an improvement in operating margin as contrast to the preceding year.”
KLX Inc., together with its auxiliaries, distributes aerospace fasteners and consumables, and provides logistics services for the commercial, business jet, and military markets worldwide. It operates through two segments, Aerospace Solutions Group (ASG) and Energy Services Group (ESG).
Finally, Shares of CNH Industrial NV (NYSE:CNHI), gained 0.15%, and is now trading at $6.76.
The Association of Equipment Manufactures (AEM) has named Jim Walker, NAFTA Vice President of Case IH, an agricultural machinery brand of CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) as its 2016 AG Chair. In addition to this distinction, Mr. Walker also serves as an AEM Director.
The AEM is a North American-based international trade group for the off-road equipment manufacturing industry, which comprises of the agriculture, construction, forestry, mining and utility sectors. Its membership comprises more than 850 companies and more than 200 product lines. AEM officers and directors work on behalf of all AEM member companies, giving their time and talent to provide planned direction and guidance for Association services, activities and programs, in areas counting public policy, equipment statistics and market information, and exhibitions, in addition to technical, safety and regulatory issues, global business development, and education/training.
CNH Industrial recently achieved a ‘Pillar of the Industry Award’ from AEM for the fourth successive year. This recognition reflects the Company’s work to promote the improvement of American manufacturing policies to create jobs and expand the economy.
CNH Industrial N.V. designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles, engines, transmissions, and axles worldwide. The Agricultural Equipment segment provides farm machinery and implements, counting two-wheel and four-wheel drive tractors, crawler tractors, combines, cotton pickers, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment.