Orlando, FL, Nov. 09, 2022 (GLOBE NEWSWIRE) — Immune Therapeutics, Inc. (OTC PINK:IMUN) today announced that its Chief Executive Officer, President, and Director, Stephen Wilson, PhD, resigned from his positions with Immune on November 3, 2022, citing a lack of Director and Officer insurance. In addition, Dr. Clifford Selsky resigned from his position as a Director of Immune on November 4, 2022. Dr. Selsky’s resignation was not the result of any material dispute or disagreement with Immune, Immune’s management, or Immune’s board of directors on any matter relating to the operations, policies, or practices of Immune. The Board has commenced a search for a replacement CEO and is considering several candidates.
Kevin Phelps, a long-standing Immune Director stated, “We wish Dr. Wilson and Dr. Selsky success in their endeavors and appreciate their efforts in support of Immune and its employees.”
For the remainder of this year, Kelly O. Wilson, the current Chief Operating Officer, will fill the roles of Interim Chief Executive Officer and Interim President. Glen Farmer, Chief Financial Officer, is continuing in his position with the Company.
The Company believes that the management changes will not affect its ability to realize its strategic goals, including the development of the long-acting TLR4 (Toll Like Receptor 4) Antagonist JKB-122.
Louis Salomonsky, a member of Immune’s board of directors, stated, “I am confident that Mr. Farmer and Ms. Wilson can move forward in initiating the buildout of what we expect to be an outstanding executive team that will have the strategic, scientific, and operational experience capable of delivering the company’s future goals and milestones in a timely and effective manner, including the development of JKB-122.”
About Immune Therapeutics, Inc.
Immune Therapeutics, Inc. is a pioneering pharmaceutical company involved in the acquisition, development, and commercialization of pharmaceutical and biotechnology products that have a well-defined path to market. By utilizing a biotech portfolio hub-and-spoke engine, we plan to advance focused and efficient small-scale biotechnology and pharmaceutical programs through subsidiaries, investment vehicles or partnerships, and deploy products from those programs in markets both in the U.S. and internationally for initial commercialization.
