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Executive Summary

IMMUNOTHERAPEUTICS' IMMTHER MACROPHAGE ACTIVATOR IN PHASE II for adjunctive cancer therapy, with a focus on patients with lung cancer, colorectal cancer metastatic to the liver, and metastatic breast cancer. Fargo, N.D.-based Immunotherapeutics, a cancer drug start-up firm, said Phase I studies showed improvement in three of 12 patients. Phase II efficacy studies have begun; however the company says it cannot complete the trials without a new infusion of cash. Immunotherapeutics noted its urgent need for new capital in a June 15 filing with the Securities and Exchange Commission. The company proposed to raise $3 mil. in new funds through the sale of 3,000 units (common shares plus Class C warrants). D.H. Blair is underwriting the offering, which has not yet received SEC clearance. As of April 30, the company had working capital of $19,232, down from a high of $478,832 immediately after its initial public offering in April 1987. Since the firm's inception, the cumulative net loss has amounted to $3.2 mil. The start-up's independent auditor, KPMG Peat Marwick, highlighted the importance of the proposed offering, noting in the filing that "the company's recurring losses from operations and net capital deficiency raise substantial doubt about the entity's ability to continue as a going concern." Immunotherapeutics' first public offering raised $2 mil., of which approximately $1.8 mil. went toward research and development activities and clinical trials related to ImmTher. In April 1989 a rights offering through existing shareholders yielded another $1 mil. Prior to going public, Immunotherapeutics (and its predecessor company Biological Therapeutics) had raised$600,000. In addition to continued support for ImmTher, Immunotherapeutics intends to use a portion of the proceeds from the current offering to back further R&D for a second disaccharide peptide-based compound for macrophage activation in cancer treatment. Immunotherapeutics also has developed a technology that permits the prolonged use of cytokines through the immobilization of these proteins in liposomes. Immunotherapeutics has ties to the University of North Dakota. The company leases 2,900 square feet of space and the use of certain major scientific equipment from the university. Company principal, President and Scientific Director Gerald Vosika, MD, founded the company in February 1985. Currently chief of oncology for the University of North Dakota, Vosika previously worked for the Veterans' Administration from July 1980 to May 1987 and as chief of hematology for the university and chief of oncology for the Fargo V-A Hospital from 1980 to March 1988.

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