ImMAGE Biotherapeutics Comments on the Filing of Form 15

BETHESDA, Md., July 11, 2017 /PRNewswire/ -- ImMAGE Biotherapeutics (OTCMKTS: IMMG). The board of directors (the "Board") of ImMAGE Biotherapeutics (the "Company") has voted to terminate registration of the Company from filing with the Securities and Exchange Commission (the "SEC").  On June 22, 2017, the Company filed Form 15 with the SEC to suspend and terminate its reporting obligations under Sections 13(a) and 15(d) of the Exchange Act and the deregistration of its Common Stock under Section 12(g) of the Exchange Act.

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 Board made the decision following the Company's review and careful consideration of several factors, including the ongoing listing, legal, administrative and additional accounting costs associated with being a publicly listed company, the inordinate amount of executive time and Company resources consumed in regulatory compliance obligations and the lack of investor interest as shown in the low daily trading volumes of the Common Stock on the Grey Sheets.

The delisting of the Common Stock from OTCQB has adversely affected the Company's access to capital markets, and any limitation on market liquidity or reduction in the price of the Common Stock as a result of that delisting could adversely affect the Company's ability to raise capital on terms acceptable to the Company, or at all. The Company has filed Form 15 prior to the due date for its next periodic report, and so the Company is no longer required to file annual, periodic and current reports with the SEC.

The Company encourages those interested in the Company to rely solely on information included in its press releases moving forward.

About ImMAGE Biotherapeutics

ImMAGE Biotherapeutics Corp. (OTCMKTS: IMMG) was founded in 2015 to harness the power of the human immune system to treat cancer. The company, which has a presence in the Washington, DC and Philadelphia regions, is developing multiple viable candidates to treat triple-negative breast cancer (TNBC) and has progressed from in-vitro trials to animal testing. The immunotherapy market is expected to grow to $9 billion by 2022 and may be used in up to 60% of cases of advanced cancer. Learn more at www.immagebio.com.

SOURCE ImMAGE Biotherapeutics