INTERIM RESULTS ANNOUNCEMENT for the six months ended 30 June 202129th September 2021 - 11:29 am
ImmuPharma PLC (LSE:IMM), (Euronext Growth Brussels: ALIMM) (“ImmuPharma” or the “Company”), the specialist drug discovery and development company, is pleased to announce its interim results for the six months ended 30 June 2021 (the “Period”).
Key Highlights (including post Period review)
Financial performance in line with expectations over the Period
- Cash balance of £4.2m as at 30 June 2021 (31 December 2020: £5.9m)
- Loss for the period of £3.7m (30 June 2020: £3m)
- Research and development expenses of £1.3m (30 June 2020: £0.9m)
- Administrative expenses of £1.5m (30 June 2020: £1m)
- Derivative financial asset of £0.2m as at 30 June 2021 (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 £0.7m (£0.6m at 31 December 2020)
- Share based expense of £0.3m (30 June 2020: £1m)
- Basic and diluted loss per share of 1.46p (30 June 2020: 1.69p)
- Lupuzor™ (P140) – now entering a pharmacokinetic (“PK”) study prior to the optimized Phase 3 study in lupus in conjunction with its licensing partner, Avion Pharmaceuticals.
- P140 for Chronic Inflammatory Demyelinating Polyneuropathy (“CIDP”) a neurological disorder targeting the body’s nerves. Active preparation for a phase 2/3 clinical study has now been initiated.
- Potential further clinical applications based on further preclinical investigation include asthma, Sjogrens syndrome, renal inflammation in diabetes and periodontitis.
- ioAMB, a novel peptide-based drug that offers a potential improvement on the limiting side effects of current Amphotericin-B (“AMB”) formulations. AMB is one of a last line of agents against serious and life-threatening fungal infections caused by the aspergillus family of fungi.
- BioCin, a novel peptide-based drug based on an existing potent antibacterial used in high medical need cases. BioCin has the potential to offer improved safety and/or administration benefits.
New Board established:
- Tim McCarthy appointed as Chief Executive Officer (“CEO”)
- Dr Tim Franklin appointed as Chief Operating Officer (“COO”).
- Non Executive Directors (“NED”) appointed – Dr Sanjeev Pandya & Lisa Baderoon.
Commenting on the statement and outlook Tim McCarthy, Chairman & CEO, said:
“The last few months have seen significant changes in the leadership of the Company. This has been echoed in the Corporate Update, which we announced today, reflecting the positive steps being taken, to move ImmuPharma forward. We have created positive and constructive changes within the business, with a focus on delivery of product development, value added milestones and a much more commercially focussed corporate strategy. The new Board, together with the excellent team supporting us, are determined to progress the development and commercialisation of all the key assets in our portfolio and to build shareholder value.
In closing, the Board would like to take this opportunity to thank its shareholders for their continued patience and support, as well as its staff, corporate and scientific advisers and our partners including, CNRS and Avion”
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