Immune Therapeutics Inc. said its CEO, Noreen Griffin, will join Cytocom Inc., a spinout of the Orlando, Fla.-based company.
The company, which has hired Ruderfer & Associates Inc. to search for a new CEO, also agreed to buy a 10% stake in Cytocom and expand an exclusive licensing agreement with the biopharmaceutical company relating to its potential cancer treatments.
Immune Therapeutics is acquiring the stake in exchange for the cancellation of about $4.1 million of debt owed by Cytocom to the company.
Under the original spinout agreement, Immune Therapeutics was required to return all Cytocom shares to treasury after the funding of Cytocom.
Immune Therapeutics in 2014 gained licensing rights to make products containing Lodonal and Met-Enkelphline in Africa, Central America, South American and the Caribbean and to sell those products for human use in certain emerging markets.
The company has filed six patents pending applications in the last 18 months. The newest two patents include the use of Lodonal as a combination therapy for inflammation, autoimmune disease and cancer in both humans and animals, and the use of Met-Enkelphline as a combination immunotherapy in the treatment of cancer.
Under the amended agreement, the company will get exclusive rights to market products containing Lodonal and Met-Enkelphline for treating animals in the U.S.