ORLANDO, March 01, 2023 (GLOBE NEWSWIRE) -- Immune Therapeutics, Inc. (OTC Pink: IMUN) ("Immune" or "IMUN"), a specialty pharmaceutical company involved in the acquisition, development and commercialization of pharmaceutical and biotechnology products that have a short and well-defined path to market, today announced the majority of its stockholders have approved a name change to Biostax Corp. as detailed in the Form PRE 14C that was filed with the SEC yesterday, February 28, 2023. Coinciding with the name change, the company has also unveiled their new website https://biostaxcorp.com that details their upcoming plans and new business strategies.
The new website introduces the initial phase of the Biostax Corp. strategic plan where the company will operate as a hub-and-spoke development engine powering efficient, small-scale med-tech, pharmaceutical and biotechnology programs. Phase 1 of the new strategic plan will focus on:
- Ex-US and emerging market commercial development
- Development of recently licensed JKB-122, a small molecule long-acting TLR4 antagonist for the treatment of autoimmune hepatitis, NASH, and chronic liver disease
- Continuing negotiations for the license of a late-stage Hyperphosphatemia treatment
- Internal development of two health-tech platforms: BiostaxRx, a telehealth and inflammaging platform and a smart contract / Healthcare 4.0 electronic records and prescription platform
- Supporting the development of Forte Animal Health
The Board of Directors believes that the new direction and strategic plan will position the company to better reward patients, investors, and shareholders through its new corporate strategy and by reinitiating entry into emerging markets.
"We believe it is perfect timing for this corporate shift and are excited about the opportunities this evolution will bring to potential patients, long-term shareholders, and the investment community. We have reinitiated commercial efforts in the emerging Ex-US marketplace, are evaluating our US capabilities as pertaining to JKB-122, and hope to see a value translation in the coming year. Furthermore, we are enthusiastic about our anticipated subsidiary and investment expansions in the telehealth and animal therapies markets and look forward to communicating their developments and achievements," stated CEO Kelly Wilson.
The company has already registered Biostax Corp as a "Fictitious Name," with Florida allowing them to "do business as" (d/b/a) Biostax Corp. The name change will take effect after the DEF 14-C is filed and once state and federal agencies approve and process the change. Once the change goes into effect, both the ticker symbol and CUSIP number will be updated. The company expects this process to take approximately sixty days.
Forward Looking Statement
This press release may contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on management's beliefs, assumptions, and expectations of the company's future economic performance, considering the information available. These statements are not statements of historical fact. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. No assurances can be made that we will successfully acquire its acquisition targets. Forward-looking statements are subject to several factors, risks, and uncertainties, some of which are not currently known to us, that may cause the company's actual results, performance, or financial condition to be materially different from the expectations of future results, performance, or financial position. Actual results may differ materially from the expectations discussed in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in "Risk Factors" included in our filings with the Securities and Exchange Commission.
Disclaimer
The information provided in this press release is intended for general knowledge only and is not a substitute for professional medical advice or treatment for specific medical conditions. Always seek the advice of your physician or other qualified health care provider with any questions you may have regarding a medical condition. This information is not intended to diagnose, treat, cure, or prevent any disease.
Contact Data:
Kelly Wilson
CEO
ir@immunetherapeutics.com
1-888-391-9355
