Shares of Immune Pharmaceuticals Inc (NASDAQ:IMNP) ended Friday session in red amid volatile trading. The shares closed down -0.035 points or -10.34% at $0.305 with 8.62 million shares getting traded. Post opening the session at $0.34, the shares hit an intraday low of $0.30 and an intraday high of $0.34 and the price vacillated in this range throughout the day. The company has a market cap of $27.81 million and the numbers of outstanding shares have been calculated to be 101.58 million shares.
Immune Pharmaceuticals Inc (IMNP) on Sept. 16, 2016 announced that the Board of Directors has approved to designate Maxim Pharmaceuticals Inc. (“Maxim”), one of the Company’s existing subsidiaries, as the dedicated entity to develop and commercialize, and hold the intellectual property related to, AmiKet® and other related pain and neurology assets. In addition, the Company has entered into a binding agreement with NPT (the “Binding Agreement”), a syndicate of experienced healthcare investors, pursuant to which NPT or its designees have agreed to purchase up to $20 million of the capital stock of Maxim, with an initial funding of $5 million to occur within thirty days. Previously, the Company entered into an option agreement with NPT, dated May 15, 2016, as amended on July 18, 2016. Pursuant to the Binding Agreement, immediately following the $5 million initial funding by NPT, Immune will expand the Board of Directors of Maxim, to five members which will include one NPT representative, and a newly hired Chief Executive Officer of Maxim.
Shares of Depomed Inc (NASDAQ:DEPO) ended Friday session in green amid volatile trading. The shares closed up +3.10 points or 14.60% at $24.34 with 8.54 million shares getting traded. Post opening the session at $23.99, the shares hit an intraday low of $22.66 and an intraday high of $24.45 and the price vacillated in this range throughout the day. The company has a market cap of $1.71 billion and the numbers of outstanding shares have been calculated to be 61.37 million shares.
Depomed Inc (DEPO) on Sept. 16, 2016 announced that Starboard Value LP (together with its affiliates, “Starboard”) has delivered to Depomed a written request calling for a special meeting of Depomed shareholders to be held on Tuesday, November 15, 2016. The request was signed on behalf of holders of 14% of Depomed’s outstanding shares, including Starboard’s ownership interest of approximately 9.9%. Depomed did not oppose Starboard’s request or solicit proxies from shareholders with respect to Starboard’s solicitation to call the special meeting.
At the special meeting, Starboard has indicated it intends to have Depomed shareholders vote on proposals to remove and replace the entire Board of Directors of Depomed. Depomed will announce additional details regarding the special meeting, including the record date, in the near term. Depomed shareholders are not required to take any action at this time.