An anonymous director of Immune reports

IMMUNE PHARMACEUTICALS INC. COMPLETES UNDERWRITER'S EXERCISE OF PARTIAL OVER-ALLOTMENT OPTIONIMMUNE HAS RAISED NOW TOTAL GROSS PROCEEDS OF $10.685 MILLION IN NOVEMBER 2014

iCo Therapeutics Inc. licensor Immune Pharmaceuticals Inc., a clinical-stage biopharmaceutical company that engages in the development and commercialization of targeted therapeutics for the treatment of inflammatory diseases and cancer, has completed the underwriter's exercise of a partial overallotment option of 459,697 units, at a price of $2.50 per unit, for gross proceeds of approximately $1.06-million, bringing the aggregate gross proceeds of the company's previously announced underwritten public offering to $9,685,000. The company received aggregate net proceeds of approximately $8,645,000, after deducting underwriting discounts and commissions, and estimated offering expenses. In total, the company issued 3,909,697 units, with each unit consisting of one share of the company's common stock, par value 0.01 cent per share, and one warrant to purchase 0.25 of a share of the company's common stock, at an exercise price of $3.75 per whole share. Separately, $1.0-million recently invested in the company privately by an existing investor converted into 400,000 units, consisting of 400,000 shares of common stock and warrants to purchase up to 100,000 shares of common stock at the same term as the underwritten public offering, bringing the total gross proceeds raised in November, 2014, to $10,685,000.

National Securities Corp., a wholly owned subsidiary of National Holdings Inc., acted as sole book-running manager for the offering.

The securities described above were offered by Immune pursuant to a shelf registration statement previously declared effective by the Securities and Exchange Commission (SEC) on Oct. 28, 2014 (file No. 333-198647). Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained by contacting the book-running manager at the following address of National Securities: 410 Park Ave., 14th floor, New York, N.Y., 10022; attention: Kim Addarich; telephone: 212-417-8164.

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