FINAL RESULTS ANNOUNCEMENT for the year ended 31 December 202125th May 2022 - 3:40 pm
ImmuPharma PLC (LSE:IMM), (“ImmuPharma” or the “Company”), the specialist drug discovery and development company, is pleased to announce its final results for the twelve months ended 31 December 2021 (the “Period”).
Key Highlights (including post Period review)
- Loss for the Period of £8.2m (£6.9m at 31 December 2020)
- Research and development expenses of £3.7m (31 December 2020: £2.4m)
- Administrative expenses of £1.0m (31 December 2020: £1.8m)
- Exceptional items of £1.4m (31 December 2020: £Nil), representing corporate reorganisation costs
- Expected cost savings after corporate reorganisation (commencing from 2022) of approximately £1.1m per annum in committed overheads cost (excluding R&D project cost), a decrease of around 50%, including reduction of costs relating to Board and connected parties of £0.5m per annum
- Cash balance at 31 December 2021 of £1.6m (31 December 2020: £5.9m)
- Successful subscription and placing, raising in total £3.55m (gross) – December 2021
- Lanstead derivative financial asset of £0.9m (31 December 2020: £1.2m)
- Incanthera financial asset of £1.2m (£1.8m at 31 December 2020) and warrants financial asset of £0.2m (£0.6m at 31 December 2020)
- Convertible loan notes of £Nil (£0.6m at 31 December 2020). Convertible loan notes repaid, totalling £0.8m (with accrued interest)
‘Autoimmunity’: Lupuzor™ (“P140”)
- P140 Pharmokinetic (“PK”) study successfully completed with key endpoints met. Subcutaneous injection of P140 in 200 mcg and 800 mcg doses showed a clear time and dose-related PK profile, detectable in the blood of human volunteers and applicable for all potential clinical dosing regiments of P140
- P140 was safe and well tolerated across all doses and in all subjects
- Discussions continue with potential partners for Lupuzor™ (P140) outside of US in key territories
- P140 for CIDP which is in active preparation for a phase 2/3 clinical study has now been initiated and specialist CRO appointed. Commercial partnering discussions ongoing
- BioAMB – further pre-clinical studies expected in second half of 2022. Commercial partnering discussions ongoing
- BioCin – further pre-clinical studies expected in second half of 2022
Commenting on the statement and outlook Tim McCarthy, CEO, said: “2021 brought significant changes in the leadership of ImmuPharma. We have created positive and constructive developments within the business, with a focus on delivery of pipeline progression, meeting key future milestones and having a much more commercially driven corporate strategy.
“With now a fully reviewed and assessed R&D development pipeline, we remain focused on bringing our two late-stage clinical assets, Lupuzor™ and P140 for CIDP closer to the market. Specifically, on Lupuzor™, our partner Avion, is committed to moving this program into Phase 3 as soon as possible, following final discussions with the FDA and based on the positive readout of the recent PK study. We are also focused on ensuring earlier stage assets, specifically within anti-infectives, progress, with a key strategy on securing partnering opportunities over the medium term.
We were delighted to secure the successful fundraising in late 2021, as it demonstrated that our corporate repositioning efforts, since the Board changes, were recognised by our existing shareholders and partner, Avion (Alora Pharmaceuticals).
“In closing, we look forward to sharing value enhancing newsflow over the next period, including progress within Lupuzor and our P140 platform. We would also like to thank our shareholders for their continuing support, particularly through the significant changes made over the last year, as well as our staff, corporate and scientific advisers and our partners including, CNRS and Avion.”
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