PRESS RELEASE
OF
IMMTECH INTERNATIONAL, INC.
---------------------------
IMMTECH INTERNATIONAL, INC., SECURES FINANCING
VERNON HILLS, IL, DECEMBER 8, 2000 -- Immtech International, Inc.,
(NASDAQ NMS: IMMT) ("Immtech") announced today that it has completed private
placements for the sale, in the aggregate, of 584,250 restricted shares of its
common stock for gross proceeds of $4,674,000. The Shares were sold only to
certain accredited investors in the United States in reliance on Regulation D
under the Securities Act of 1933, as amended (the "Securities Act") and to
certain non-U.S. persons in reliance on Regulation S under the Securities Act.
Immtech intends to use the proceeds of the offerings for the development,
testing and commercialization of pharmaceutical products and for general working
capital purposes.
The Shares sold under Regulation D have not been registered under
the Securities Act or any state securities laws and may not be transferred
except pursuant to an exemption from the Securities Act, or in a transaction not
subject to the registration requirements of the Securities Act and applicable
state securities laws. The Shares sold under Regulation S have also not been
registered under the Securities Act or any state securities laws and may not be
transferred except in compliance with Regulation S. Immtech is required to file
a registration statement for the Shares with the Securities and Exchange
Commission no later than forty-five days from closing, for the purpose of
permitting such Shares to be sold to the public within six months after such
filing.
Immtech is a biopharmaceutical company focused on the discovery and
commercialization of drugs for the treatment of fungal and other infectious
diseases (including tuberculosis, pneumonia and diarrhea) and for the treatment
of cancer. Immtech has rights to an anti-microbial pharmaceutical class of
compounds from which it is possible that many drugs may be developed. These
compounds are designed in a manner which is intended to kill the infectious
organisms that cause fungal, parasitic, protozoan, bacterial and viral diseases
by preventing such organisms from obtaining certain life-sustaining enzymes.
Immtech has one drug presently in human clinical trials which is targeted
against (a) Pnuemocystis carinii pneumonia, an opportunistic fungal lung
infection which may be fatal in immune-suppressed patients (such as those with
cancer, organ transplants, or HIV), and (b) Trypanosomiasis, also known as
African Sleeping Sickness, an infectious parasitic disease which is usually
fatal without treatment and which was recently reported by the World Health
Organization as a disease in epidemic proportions in parts of Africa. For
further information, please visit Immtech's web site at
www.immtech-international.com.
This press release contains forward-looking statements that express
the beliefs and expectations of Immtech's management. Such statements are based
on current expectations and involve a number of known and unknown risks and
uncertainties that could cause Immtech's future results, performance or
achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements. The
foward-looking statements contained within this release, in any oral statements
made by representatives of Immtech, and in Immtech's reports on Forms 10-QSB and
10-KSB are identified by words such as "believes," "anticipates," "expects,"
"intends," "may" and other similar expressions. In addition, any statements that
refer to expectations, projections, or other characterizations of future events
or circumstances are forward-looking statements. Immtech disclaims any
obligation to publicly release the results of any revisions to these
forward-looking statements which may be made to reflect events or circumstances
occurring subsequent to this news release, or otherwise to revise or update any
oral or written forward-looking statements that may be made from time to time on
behalf of Immtech. Readers are urged to carefully review and consider the
various disclosures made by Immtech in its filings with the SEC, including its
Quarterly Reports on Form 10-QSB and its Annual Report on Form 10-KSB for the
year ended March 31, 2000, that attempt to advise interested parties of certain
risks, uncertainties and other factors that may affect Immtech's business. These
risks include, but may not be limited to, (a) difficulties or delays in the
development, testing, regulatory approval, production or marketing of any of
Immtech's drug candidates, (b) the failure to attract or retain qualified
scientific or management personnel, (c) any unexpected adverse side effects or
inadequate therapeutic efficacy of any of Immtech's drug candidates which may
slow or prevent further product development efforts, (d) competition within
Immtech's anticipated product markets, (e) the uncertainty of product
development in the pharmaceutical industry, (f) the inability to obtain
sufficient funds through future grants, collaborative arrangements, equity or
debt financings, or other sources to continue Immtech's business, (g) Immtech's
reliance or dependence on corporate partners or third parties with respect to
research and development funding, regulatory filings, and manufacturing and
marketing expertise, and its inexperience in manufacturing and lack of internal
manufacturing capabilities and sales and marketing capabilities, (h) the risk
that patents and confidentiality agreements may not adequately protect Immtech's
intellectual property or trade secrets, and (i) potential unavailability or
inadequacy of medical insurance or other third-party funds with which potential
customers might pay for the purchase of Immtech's future products.
