AIM ImmunoTech Completes and Closes ATM Facility; Current Capital Expected to Meet Needs for Current Clinical Trials

Rhea-AI Summary

AIM ImmunoTech Inc. (AIM) has completed its At-The-Market (ATM) facility and closed its Equity Distribution Agreement (EDA). The company asserts it has sufficient funds to support its operational needs and clinical trials for the next 24 months. AIM plans to independently finance key developmental programs in oncology, COVID-19, ME/CFS, and Long COVID, aiming for significant advancements in 2021. CEO Thomas K. Equels highlighted the company's financial stability and commitment to achieving objectives without a renewed ATM facility.

Positive

• Completed ATM facility enhances financial stability.
• Sufficient funds to support operations and clinical trials for 24 months.
• Plans to accelerate AIM-sponsored programs in oncology and viral diseases.

Negative

• Potential for delays in clinical trial enrollment due to COVID-19.
• Need for additional funding if anticipated results from studies are not achieved.

OCALA, Fla., Feb. 05, 2021 (GLOBE NEWSWIRE) -- AIM ImmunoTech Inc. (NYSE American: AIM) today announced that it has completed its At-The-Market (ATM) facility and closed the ATM’s Equity Distribution Agreement (EDA). Management believes, based on the company’s current financial condition, that it has adequate funds to meet its anticipated operational cash needs and fund current clinical trials over approximately the next twenty-four months.

“Our robust financial state should allow us to move forward on many important shots on goal, as we advance towards many of our previously stated important inflection points, without the need for a renewed EDA-based ATM facility. While we have an outstanding track record of initiating investigator-sponsored clinical trials based on governmental, non-governmental organization (NGO) or industry grants, we now hope to accelerate AIM-sponsored developmental programs in oncology, COVID, ME/CFS and Long COVID, by independently financing activities where situations demand swift action,” states AIM CEO Thomas K. Equels. “I believe our clear progress to date in oncology, ME/CFS, COVID and Long COVID signals the shape of things to come in 2021. Our team at AIM will work hard to achieve material forward progress to accomplish our clearly stated objectives.”

About AIM ImmunoTech Inc.

AIM ImmunoTech Inc. is an immuno-pharma company focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19, the disease caused by the SARS-CoV-2 virus.

Cautionary Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Words such as "may," "will," "expect," "plan," "anticipate" and similar expressions (as well as other words or expressions referencing future events or circumstances) are intended to identify forward-looking statements. Many of these forward-looking statements involve a number of risks and uncertainties. Among other things, for those statements, the Company claims the protection of safe harbor for forward-looking statements contained in the PSLRA. The Company’s anticipated financial and operational needs are based upon assumptions including, but not limited to, positive results from current studies and that such results will not require additional unanticipated changes to such studies or additional studies. Should some or many of these unanticipated events occur, the Company could very well need additional funding. There is the potential for delays in clinical trial enrollment and reporting because of the COVID-19 medical emergency. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.

Contacts:

Crescendo Communications, LLC
Phone: 212-671-1021
Email: aim@crescendo-ir.com

AIM ImmunoTech Inc
Phone: 800-778-4042
Email: IR@aimimmuno.com

FAQ

What recent financial developments has AIM ImmunoTech Inc. announced?

AIM ImmunoTech Inc. announced the completion of its At-The-Market facility and closure of its Equity Distribution Agreement, ensuring funding for operations and clinical trials for the next 24 months.

What areas is AIM focusing on for its clinical trials?

AIM is focusing on oncology, COVID-19, ME/CFS, and Long COVID for its clinical trials.

How does AIM plan to finance its developmental programs?

AIM plans to finance its developmental programs independently, accelerating research efforts in key health areas.

What potential risks were mentioned in AIM's recent press release?

The press release mentioned potential delays in clinical trial enrollment due to COVID-19 and the need for additional funding if study results do not meet expectations.