The Securities and Exchange Commission suspended trade in four over-the-counter Ebola-related stocks: Bravo Enterprises (OGNG), Immunotech Laboratories (IMMB), Myriad Interactive Media (MYRY) and Wholehealth Products (GWPC). The SEC cited a lack of publicly available information about the companies’ operations. The SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.
The Issuer is a Nevada corporation with its principal business location in Monrovia, California. The Issuer’s common equity securities are traded on the OTC Link (“Pink Sheets”) under the ticker “IMMB”. The Issuer is not subject to reporting obligations found under Section 13 of the Exchange Act. However, the Issuer discloses “current public information” as provided for by Rule 10b-5 promulgated under the Exchange Act, and Rule 144(c)(2) promulgated under the Securities Act of 1933 (the “Act”). Accordingly, the Issuer publishes periodic reports via the “alternative reporting standard” provided by OTC Link. The Issuer is remained current with regards to its periodic reports filed with OTC Link.
The Issuer is actively engaged in the development and commercialization of proprietary proteins for use in treating infectious diseases such as Human Immunodeficiency Virus (“HIV”), Acquired Immune Deficiency Syndrome (“AIDS”) and Hepatitis. The Issuer’s primary asset is an exclusive license to utilize these pharmaceutical compositions in connection with its HIV/AIDS drug development efforts. A true and accurate copy of the license is attached as
Annex A hereto. These proprietary compositions are covered by two (2) patents and three (3) patent applications, to wit:
1. U.S. Patent No. US 7479538 B2: Improved in Vitro Binding Affinity for HIV-1 gp 120 and gp41 and Human CD4 Cells;
1. PCT/US05/45515: European Union counterpart to US Patent No. US 7479538 B2;
1. U.S. Patent Application No. US 200902857767 A1: Irreversibly-Inactivated Pepsinogen Fragments for Modulating Immune Function;
1. U.S. Patent Application No. US 8067531 B2: Inactivated Pepsin Fragments for Modulating Immune System Activity Against Human Malignant Tumor Cells; and
1. U.S. Patent Application No. US 8066982 B2: Irreversibly-Inactivated Pepsinogen Fragment and Pharmaceutical Compositions Comprising the Same for Detecting, Preventing and Treating HIV.
The underlying technologies covered by the above-referenced patents and patent applications was invented and developed by Mr. Harry Zhabilov, the Issuer’s Chief Scientific Officer and Director. The intellectual property is titularly owned by The Zhabilov Trust, of which Diana Zhabilov is the Trustee and her children beneficiary thereof. Thus, there exists a comity of interest between Mr. Zhabilov, the Trust and the Issuer. The Trust has never sought to license its technology to any other third party other than the Issuer.
On the most recent financial statements posted with OTC Markets, the Issuer shows minimal current assets against current liabilities in excess of $3,000,000. However, a substantial majority of such liabilities are owed to related parties. To wit, approximately $1,550,000 is owed to the Zhabilov Trust, $683,000 is owed to Harry Zhabilov as accrued salaries, and $435,382 owed to Harry Zhabilov for various short term loans made to the Issuer. In fact, all but approximately $15,000 of the Issuer’s short term liabilities are owed to Harry Zhabilov. The Issuer is not in default on any of its short term obligations.
The Issuer most recently reported long term liabilities of $1,645,524. Approximately $650,000 can be attributed to additional loans made to the Issuer by Harry Zhabilov. The Issuer has minimal monthly cash expenses as its clinical testing activities are performed by Mr. Zhabilov. The Issuer does foresee the need to sell either its debt or equity securities in the future should it become necessary to begin the mass production of its drug therapies.
We will update the company’s info very soon.