Full Press Release Details
INmune Bio Inc. Raises Approximately $4.8 Million in Gross Proceeds
Through Registered Direct Offering with Officers, Employees and Directors Purchasing Approximately 20% of the Offering
Raton, Florida, April 22, 2024 (GLOBE NEWSWIRE) -- INmune Bio, Inc. (NASDAQ: INMB) (the "Company"), a
clinical-stage immunology company focused on developing treatments that harness the patient's innate immune system to fight
disease, today announced today that it has entered into definitive agreements for the sale and purchase of 571,592 shares of
its common stock with above market warrant exercise price that include an acceleration clause upon positive top-line data in
the Company's Phase 2 Alzhzimer's Disease program (as further described below). The warrants give the
investor the right to purchase 571,592 additional shares of its common stock in a registered direct offering. The offering was
priced at the market based on the Friday, April 19th Nasdaq consolidated closing bid price of $8.32 per share. The
exercise price of the warrants is $9.152, which represents a 10% premium to the price at which the common shares were offered. The
warrants terminate on the earlier of (1) the two (2) year anniversary of the initial exercise date of the warrant or (2) thirty (30)
trading days following the reporting of top line data (EMACC) in the Phase 2 Alzheimer's program of XPro1595, (the
"Termination Date"). The gross proceeds of this offering are approximately $4.8 million before deducting placement agent
fees and expenses. The closing of the offering is expected to occur on or about April 24, 2024, subject to the satisfaction of
customary closing conditions. Members of management and the Company's board of directors and certain key employees
participated in the offering and will pay a combined offering price for the common stock and warrants of $8.445 per share and
warrant, and in the case of officers and directors that participated in the offering, if the warrant termination date is on a
blackout date then the officers and directors will have an additional 60 days from the termination of the blackout date to exercise
The Company intends to use the net proceeds for completing the ongoing
Phase 2 trial (AD02) in patients with Early Alzheimer's Disease (AD) using XPro and the metastatic castration-resistant prostate
cancer (mCRPC) Phase 1 trial using the INKmune technology.
LifeSci Capital is acting as sole placement agent for this offering.
This offering is being made pursuant to an effective shelf registration
statement on Form S-3 (File No. 333-254221) previously filed with the U.S. Securities and Exchange Commission (the "SEC").
A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's
website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from LifeSci Capital
LLC 250 West 55th Street, Suite 3401, New York, New York 10019 or by telephone at (646) 876-5059 or by email at ddepalma@lifescicapital.com.
Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the Company and such offering.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About INmune Bio, Inc.
INmune Bio Inc. is a publicly traded (NASDAQ: INMB), clinical-stage
biotechnology company focused on developing treatments that target the innate immune system to fight disease. INmune Bio has two product
platforms that are both in clinical trials: The Dominant-Negative Tumor Necrosis Factor (DN-TNF) product platform utilizes dominant-negative
technology to selectively neutralize soluble TNF, a key driver of innate immune dysfunction and a mechanistic driver of many diseases.
DN-TNF product candidates are in clinical trials to determine if they can treat cancer (INB03 ), Early Alzheimer's disease,
and treatment-resistant depression (XPro ). The Natural Killer Cell Priming Platform includes INKmune developed to prime
a patient's NK cells to eliminate minimal residual disease in patients with cancer. INmune Bio's product platforms utilize
a precision medicine approach for the treatment of a wide variety of hematologic and solid tumor malignancies, and chronic inflammation.
To learn more, please visit www.inmunebio.com.
Forward Looking Statements
Clinical trials are in the early stages and there is no assurance that
any specific outcome will be achieved. Any statements contained in this press release that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any statements contained in
this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations but are subject
to a number of risks and uncertainties. Actual results and the timing of certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these risks and uncertainties. INB03 , XPro1595 (XPro ), and INKmune
are still in clinical trials or preparing to start clinical trials and have not been approved by the US Food and Drug Administration (FDA)
or any regulatory body and there cannot be any assurance that they will be approved by the FDA or any regulatory body or that any specific
results will be achieved. The factors that could cause actual future results to differ materially from current expectations include, but
are not limited to, risks and uncertainties relating to the Company's ability to produce more drug for clinical trials; the availability
of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies
and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing
and distribution plans and strategies. These and other factors are identified and described in more detail in the Company's filings
with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, the Company's Quarterly Reports
on Form 10-Q and the Company's Current Reports on Form 8-K. The Company assumes no obligation to update any forward-looking statements
in order to reflect any event or circumstance that may arise after the date of this release.
David Moss, CFO (858) 964-3720
(516) 842-9614 x-823