ImMAGE Biotherapeutics (OTCMKTS: IMMG) announces that it will be terminating operations effective today, due to Company's inability to raise funds for day-to-day expenses and continued product development.
Since the SEC's temporary suspension of trading in the securities of IMMG over concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in IMMG's common stock in the secondary market, the Company was delisted from OTCQB and moved to the Grey Sheets. The delisting of the Common Stock from OTCQB has adversely affected the Company's access to capital markets. The Board of the Company has voted to discontinue operations after considering the options available to the Company.
The Board of ImMAGE Biotherapeutics, shared this statement on the closure:
"After serving the advancement of cancer research for the past two years, it is with a heavy heart that we have to decided to close ImMAGE Biotherapeutics.
"Our primary concern was to continue moving our research forward with our current funding. However, once that funding ran out, we were unable to secure further funding to support our operations and move our research to the next phase of testing.
"The decision to close our doors has been extraordinarily difficult. We postponed it for as long as possible and arrive at this conclusion only after immense consideration. However, due to several factors, it's no longer financially viable for ImMAGE Biotherapeutics to operate.
"We would like to express our deepest gratitude to all of our shareholders, partners, researchers, and others who have supported the Company over the past few years, and who continue to support us now. Employees were made aware of the decision earlier this week, and have been compensated through the end of this month. A limited number of employees will stay on through the next few weeks as the Company winds down all operations."