CONFIDENTIALNottobeUsedorDistributedWithoutImmune’s Permission

IMMUNEPHARMACEUTICALS(NASDAQ:IMNP)ElliotMaza,President&CEO

January10,2018

2

This presentation and oral statements made by representatives of the Companymay contain forward-looking statements regarding future events or the futurefinancial performance of the Company. These statements are based on ourcurrent expectations and are subject to risks and uncertainties that could causeactual results or developments to be materially different from historical resultsor from any future results expressed or implied by such forward-lookingstatements. Factors that may cause actual results or developments to differmaterially include, but are not limited to, the risk that our product candidatesthat appeared promising in early research and clinical trials do not demonstratesafety and/or efficacy in larger-scale or later-stage clinical trials and the risk thatwe will not obtain approval to market any of our product candidates. There canbe no assurance that the Company will ever successfully complete the proposedspin-off of Cytovia Inc., or that the Company will capitalize on strategicalternatives, develop its assets, and generate value for shareholders. Please seeImmune’s filings with the Securities and Exchange Commission for a discussionof important risk factors that could cause actual events or results to differmaterially from those in projections or other forward-looking statements.

ForwardLookingStatement

3

Focus:immunologicandinflammatorydiseases

Bertilimumab– Ongoingphase2intwoindications: fullyhuman,anti-eotaxin-1mAb forbullouspemphigoid,ulcerativecolitisandotherindications

NanoCyclo– Late-stagepreclinical: nano-encapsulatedtopicalformulationofcyclosporineforatopicdermatitisandpsoriasis

Newmanagementteam;completed$18MfinancinginQ42017

Spin-outofoncologyassets(Cytovia)inprogress

ExecutiveSummary

4

ElliotMaza,JD,CPA,PresidentandCEO

§ Extensiveandsuccessfulexperienceinmanagingmicro-capbiotechanddrugmanufacturingcompanies

TonyFiorino,MD,PhD,CMO/COO

§ Broadexperienceinleadingclinical-stagebiotechcompaniesandaformerfundmanagerwell-versedinfinance

JohnZhang,MD,PhD,VPofR&D

§ 20years’experienceinpreclinical/earlyclinicaldrugdevelopmentinpharmaceutical/biotechindustry

SupportedbyexperiencedconsultantsandKOLsforkeydevelopmentandmanufacturingprograms

NewManagementFocusedonExecution

5

ClinicalStagePipelinewithMultipleShotsonGoal

Program Indication Preclinical Phase1 Phase2 Phase3

Bertilimumab

BullousPemphigoid Ongoing

UlcerativeColitis Ongoing

AllergicRhinitis Completed

AllergicConjunctivitis Completed

AtopicDermatitis Phase2ready

Otherinflammatoryconditions Phase2ready

NanocycloAtopicDermatitis Ongoing

Psoriasis Ongoing

66

Gastroenterology

Ulcerative Colitis

Crohn’s DiseasePrimary Sclerosing Cholangitis (PSC)Eosinophilic Esophagitis

Re spi ra toryAsthmaChronic obstructive pulmonary disease (COPD)

OphthalmologyVernal Keratoconjunctivitis (VKC) Atopic Keratoconjunctivitis (AKC)Age Related Macular Degeneration (AMD)

De rma tol ogyBullous Pemphigoid Atopic DermatitisCutaneous Drug Eruptions

OncologyGlioblastoma, Prostate and Ovarian CancerCutaneous T-Cell Lymphoma (CTCL)

Neurol ogy Age Related Cognitive Decline

Eotaxin-1ImplicatedinManyInflammatoryDiseases

Eotaxin-1attractseosinophilstositesof

inflammation

7

TargetingEotaxin-1– AValidatedRationale

Eotaxin-1isresponsibleforrecruitingeosinophilcellstowardsitesofinjuryorinflammationwheretheyreleaseinflammatorysubstances

Targetingeosinophil-relatedcytokinesisaclinicallyandcommerciallyvalidatedsolution

§ ThreeantibodiestargetingIL-5oritsreceptorapprovedfortreatingasthma

§ Dupilumab approvedforAD,blocksIL-4andIL-13signaling

Butmanypatientsdonotrespondtotheseagents

8

Targetingeotaxin-1isadistinctandnovelapproachtomodulatingeosinophil-mediatedinflammation

BertilimumabwasinitiallydevelopedbyCATandwelicenseditfromIco Therapeutics

Blockseotaxin-mediatedeosinophilmigration;activeinanimalmodels

Over100subjectsexposedtodate:over60IV;8intranasal;46ocularwithoutanytreatment-associatedSAEs

Excellentsafetyandtolerabilityprofile

PKprofileconsistentwithbiweeklydosing

Bertilimumab– ANovelApproach

9

BertilimumabClinicalStatus

Randomized,placebo-controlled,double-blind

(target42,IV)MayoDiseaseIndex,mucosalinjury

Ongoingenrollment5Israeli&6Russiansites

Open-label,single-arm(target10-15,IV)

Safety,BPDAIimprovement,andsteroidreduction

Ongoingenrollment3Israeli&6USsites

85%reductioninBPDAITotalActivityIndex

Bullous PemphigoidPhase2

UlcerativeColitisPhase2

Randomized,dose-ascending,placebo-controlled,masked(62randomized,ocular)

Safety,suppressionofocularitch,othermeasures

Noefficacyobservedforocularadministration

Randomized,dose-ascending,placebo-controlled,double-blind

(35intranasal,17IV)Changeinnasalcross-sectional

area,othermeasures

Significanteffectsforintranasalapplicationbut

notIV

AllergicRhinitisPhase2

AllergicConjunctivitisPhase2

10

Orphanskinconditionthatcauseslarge,fluid-filledblisters;mostcommoninpeopleolderthan60;severediseasecanbelife-threatening

Estimated30,000patients(USandEU)

Typicallytreatedwithhigh-doseprednisonetaperedover6-12months

Second-lineimmuno-suppressantssuchasazathioprine,methotrexateandrituximab(Rituxan®)havetoxicityissues

Largeunmetmedicalneedforasteroid-sparingadjunctiveoralternativetherapy

BullousPemphigoid

11

InterimResultsfromOngoingPhase2Study

ActualPrednisoneDose

ExpectedPrednisoneDose(basedonJolyetal,2002)

Subjectsreceivedonaverage2,555mglessprednisone

12

Resultsfromfirstsixofintended10-15patients

85%reductioninBPDAITotalActivityIndex(p=0.0096)

Allsubjectsachieveda>50%improvement;4/6with>90%improvement

Excellentsafetyandtolerabilityof3IVbertilimumabdoses(days0and14and28)

Meaninitialprednisonedosewasjust26mg,taperedtoameanof9mgbythelastvisit(p=0.0145)

Subjectssparedover2,500mgprednisoneover84days

Potentialtomovedirectlyintoapivotal,registrationtrial

PositiveInterimPhase2Data

13

Over3.5millionpatientswithIBDintheUSandEU

PatientswithmoderatetoseverediseasecyclethroughbiologicssuchasRemicade® (infliximab)andEntyvio® (vedolizumab)

§ Demandforadditionaltreatmentoptions

Eotaxin-1stronglyimplicatedasatargetinIBD

§ Tissueeotaxin-1levelsarecorrelatedwithdiseaseseverity

Eotaxin-1blockadeeffectiveinanimalmodelsofIBD

InflammatoryBowelDisease(IBD)

ControlmAb Anti-eotaxin-1

14

Randomized,double-blind,placebo-controlledtrial

42subjects;2:1randomization(23enrolled)

Subjectsscreenedforbaselineeotaxin-1levels

3IVbertilimumabdoses(days0and14and28)

Primaryendpointisclinicalresponse(UCMayoClinicIndex)

Multipleadditionalsafetyandefficacymeasuresbeingassessed

Expectenrollmentthroughmid-2018andun-blindinglate2018-early2019

UlcerativeColitisProof-of-ConceptPhase2

15

Completeongoingclinicaltrials

§ BP– endofphase2meetingin2018;willproposesinglepivotalphase2/3registrationstudy

§ UC– ifPoC studypositive,willmovetolargerphase2btrial

Atopicdermatitis

§ Developingsubcutaneousformulation

Asthma

§ Positiveanimaldata

§ ExploringcombinationofbertilimumabwithIL-5blockers

Otherindicationstomoveintoactivepreclinicaldevelopmentin2018

BertilimumabDevelopmentPlans

16

Developednewcelllinetoproducebertilimumabinahighlyefficientandscalableprocess

Processdevelopmentlargelycomplete

Requestingproposalsfromcontractmanufacturers

InitiationoftechtransferQ2/2018

Willdevelopsubcutaneousformulationinparallel

GMPproduction-readytargetedforlate2018-early2019at500L-1000Lscale

Pursuingsubstantialnewpatentapplicationsaroundnewmanufacturingprocess

BertilimumabManufacturing

17

Alternativestotopicalsteroidsarehighlydesiredforatopicdermatitisandpsoriasis

§ Topicalcalcineurin inhibitors(Protopic andElidel)haveablackboxwarning

§ Topicalcyclosporineneverdevelopedbecauseofinadequateskinpenetration

Ourproprietarynano-encapsulatedformulationenhancesskinpenetrationofcyclosporine

§ AnimalandinvitrodatashowefficacyonparwithtopicalsteroidsorProtopic

WebelieveNanoCycloiseligiblefor505(b)(2)regulatorypathway

FinalformulationselectiontooccurQ1/18,followedbytoxicitystudyandlaunchofclinicalproofofconceptstudyinH2/18

NanoCyclo– NovelTopicalCyclosporine

18

2018MilestonesTimeline Event

Q1 Form10filingforCytoviaspin-off

Q1 Patent filingfornewbertilimumabmanufacturingprocess

Q1-Q2 CompleteenrollmentandreportadditionalbertilimumabBPdata

Q2 Begin techtransferofnewmanufacturingprocesstoCMO

Q2 Launchclinic-enablingNanoCyclotoxicitystudy

Mid-2018 Bertilimumabendofphase2FDAmeeting

Mid-2018 CompleteenrollmentinUC study

H2 Launch NanoCyclopsoriasisPoC clinical trial

H2 Completescale-upofnewbertilimumab manufacturingprocess

YE Un-blindbertilimumabUCstudy

19

InvestmentProfile

Factor IMNP

Broadproductpipeline § Bert:Morethan13diseasetargets§ NanoCyclo:PsoriasisandAD

Successinclinicaltrials § Twophase2trialsongoing§ 2phase2trialscompleted§ Positiveinterim BPresults§ Over100subjectsexposed

Timelinetoprofitability § Bertilumumab: AimingtolaunchBPpivotaltrialin2019withFDAapprovalin2022

§ NanoCyclo: AimingtolaunchpivotalpsoriasisandAD trialsin2019withFDAapprovalin2023

20

InvestmentProfileFactor IMNP

Markets § BP:$500M§ UCandothers:>$1Bn§ NanoCyclo:$500M

Competitive Profile § BP:noapprovedtherapy§ UCandothers:targetpatientswith

higheotaxin-1§ NanoCyclo:safety

Market Exclusivity Multipleissuedpatentswithnewapplicationspendingandtobefiled

FinanceUpdate Completed$18MfinancinginOctober2017

OtherConsiderations Participationinplannedspin-offofCytoviaOncology,Inc.viadividend