Preliminary Results Announcement for the year ended 31 December 2014

30th April 2015 - 11:42 am

ImmuPharma PLC (LSE:IMM), (“ImmuPharma” or the “Company”), the specialist drug discovery and development company, is pleased to announce its preliminary audited results for the year ended 31 December 2014.

Key Highlights:
LupuzorTM
  • Agreement signed with Simbec-Orion, an international clinical research organisation, to undertake crucial Phase III clinical trial including a commitment to reinvest a significant proportion of its fees in new ordinary shares at a fixed price of 150p per share, representing a premium of 191% over yesterday’s closing mid-market price (post-period end).
  • Simbec-Orion agreement provides many options for the Company’s future corporate strategy including the possibility of generating our own sales.
  • Granted an amended Special Protocol Assessment (“SPA”) by the FDA in 2013 reducing the number of patients required to complete Phase III.
  • World class Scientific Advisory Board of prominent physicians and advisers in the field of lupus to provide guidance and support for LupuzorTM’s phase III programme.
Nucant programme IPP-204106
  • Phase I/IIa clinical trial of the next generation “polyplexed Nucant” formulation in three European hospitals including the prestigious Institute Jules Bordet, Belgium, has now been completed.
  • Focus on angiogenesis applications in:
– Cancer: development of novel applications of the Nucant family of peptides targeting combination therapies.
 – Ophthalmology: age-related macular degeneration, diabetic retinopathy.
CNRS collaboration and the University of Bordeaux (co-owned patents):  
  • Collaboration established with the University of Bordeaux in coordination with the Centre Nationale de la Recherche Scientifique (“CNRS”) to identify and patent novel peptide drugs
  • Patented Urelix technology targeted to have first application in diabetes.
Successful share placement primarily with key institutional investors, which raised gross proceeds to the Company of £3.4 million in October.

Advance assurance received (post-period end) from HMRC that the Company qualifies for the Enterprise Investment Scheme.

Continued availability of Darwin £50 million equity finance facility.
Cash position as at 31 December 2014 of £5.4m (2013: £5.4m).
Loss for the period of £2.9m (2013: £3.7m). 
Basic and diluted loss per share was 3.43p (2013: 4.52p).

Continued successful relationship with the CNRS, the largest fundamental research institute in Europe.

Commenting on the year’s performance and outlook Dimitri Dimitriou, Chief Executive Officer said:
“2014 has been a year of substantial progress on all fronts, and this has continued into 2015. Our recent deal with a leading Contract Research Organisation (Simbec-Orion) is a key part of our strategy to retain the rights to LupuzorTM until commercialisation. This means that many options remain open including further corporate deals and commercialising ourselves in certain territories, following on the successful path of all the leading “big-biotech” companies. 
The Nucant program and the new research facilities in collaboration with the CNRS in Bordeaux continue to provide further promise for the Group.  We were delighted to have received the additional backing of key institutional investors in October with a successful share placement of £3.4 million.  We would like to thank our shareholders and the CNRS, our research partner, for their support and we look forward to providing further updates during the course of 2015.”
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