Innate Immunotherapeutics Limited (ASX Code:IIL) confirms that the 33,031,926 Loyalty Rights issued at no cost immediately prior to the Company's Australian IPO in December 2013, to then existing shareholders, expire 19 December 2016 and will not convert into ordinary shares.
The Company is currently conducting a Phase 2B trial of its lead drug candidate MIS416 in patients with secondary progressive multiple sclerosis (SPMS). The randomised, placebo-controlled, double- blind trial completed the enrolment of 93 patients in April 2016. The last patient enrolled in the trial is expected to complete all study related visits in early May 2017 and a clinical study report is expected about four months later.
In these circumstances the Phase 2B trial will not be completed within the three year term of the Loyalty Rights and accordingly they will expire.
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