End of Year Update22nd December 2022 - 9:50 am
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and development company, provides an update to the market.
Review of 2022 and Outlook for 2023
As we approach the end of 2022 the Company can confirm that it continues to work proactively, together with our partner Avion Pharmaceuticals (“Avion) and external advisors, on the preparations around the proposed updated P140 (Lupuzor™) clinical programme for 2023.
In addition, we are actively engaging with potential commercial partners on all the development programmes across the portfolio, including ex. US rights for P140 (Lupuzor™) and we will be continuing these discussions in January 2023 with meetings around the JP Morgan Conference and the Biotech Showcase in San Francisco.
We look forward with optimism to 2023 and the Board has the clear objectives of advancing P140 (Lupuzor™) into its next clinical trial and in addition, also delivering positive advances across the whole portfolio in both clinical development and commercial partnerships.
In conjunction with these objectives, the Company has been continuing to manage its cost base which demonstrates a cash runway through the end of 2023 and into the first half of 2024.
The Board is keen to emphasise its continued alignment with shareholder interests and value enhancement. There is recognition that 2022 has not delivered the advancement of P140 (Lupuzor™) into its next clinical trial and there has been a consequent negative impact on the Company’s share price and valuation.
With this in mind, the Executive Directors have decided to waive the following amounts of their remuneration for 2022:
Tim McCarthy £187,500 (representing a waiver of 64% of remuneration)
Tim Franklin £159,500 (representing a waiver of 63% of remuneration)
Looking forward into 2023, the Remuneration Committee will agree with the Executive Directors an appropriate structure which matches the level of remuneration to the achievement of pre agreed corporate objectives.
Commenting on the announcement, Tim McCarthy, CEO of ImmuPharma, said:
“Whilst recognising that 2022 has been a disappointing year, we are looking forward to the new year of 2023 with optimism and with the clear objective of advancing P140 (Lupuzor™) into its next clinical trial and in addition, also delivering positive advances across the whole portfolio in both clinical development and commercial partnerships.”
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
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Notes to Editors
About ImmuPharma PLC
ImmuPharma PLC (LSE AIM: IMM) is a specialty biopharmaceutical company that discovers and develops peptide-based therapeutics. The Company’s portfolio includes novel peptide therapeutics for autoimmune diseases and anti-infectives. The lead program, P140 (Lupuzor™), is a first-in class autophagy immunomodulator for the treatment of Lupus and preclinical analysis suggest therapeutic activity for many other autoimmune diseases that share the same autophagy mechanism of action.
For additional information about ImmuPharma please visit www.immupharma.co.uk
About Avion Pharmaceuticals LLC
Avion Pharmaceuticals, LLC, is a specialty pharmaceutical company formed to develop, acquire and market a portfolio of innovative pharmaceutical products in the Women’s Health and other therapeutic categories aligned with its mission to improve the quality of patient lives. Avion Pharmaceuticals focuses on identifying opportunities to develop, acquire and enhance the market potential of innovative, commercially available therapeutics and late-stage development drugs to fulfil unmet medical needs.
For more information, visit www.avionrx.com.
About Lupus (Systemic Lupus Erythematosus / SLE)
Lupus is a chronic inflammatory disease which is thought to affect some 5 million individuals worldwide. The current standard of care still consists of drugs which have many side-effects and limited efficacy. Despite the need for an effective treatment, only two therapies, namely GlaxoSmithKline’s Benlysta and more recently, Astra Zeneca’s Saphnelo, have been approved to treat the condition over the past 50 years. As such, there clearly exists an unmet medical need for a drug that has a strong efficacy and safety profile.
ImmuPharma’s LEI (Legal Entity Identifier) code : 213800VZKGHXC7VUS895.