INTERIM RESULTS for the six months ended 30 June 202230th September 2022 - 2:22 pm
ImmuPharma PLC (LSE:IMM), (“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 2022 (the “Period”).
Key Highlights (including post Period review)
- Financial performance in line with expectations over the Period
- Loss for the Period of £1.7m (30 June 2021: £3.7m)
- Research and development expenses of £1.0m (30 June 2021: £1.1m)
- Administrative expenses of £0.6m (30 June 2021: £0.9m)
- Share based expense of £0.1m (30 June 2021: £0.3m)
- Cash balance of £0.2m as at 30 June 2022 (31 December 2021: £1.6m)
- Derivative financial asset of £0.6m as at 30 June 2022 (31 December 2021: £0.9m)
- Incanthera financial asset of £0.6m (£1.2m at 31 December 2021) and warrants financial asset of £Nil (£0.2m at 31 December 2021)
- Basic and diluted loss per share of 0.58p (30 June 2021: 1.46p)
- Reorganisation of share capital structure in June 2022
- Successful fundraising in August 2022 raising £2.04m (gross), including Lanstead subscription, placement and broker option
- Total proceeds of £0.3m from exercise of share options by L1 Capital in August 2022 and in September 2022
‘Autoimmunity’: Lupuzor™ (“P140”)
- P140 Pharmokinetic (“PK”) study successfully completed with key endpoints met. P140 was safe and well tolerated across all doses and in all subjects
- FDA Type C written response received on 14 September 2022: The FDA response was detailed and included significant guidance on next steps for the clinical programme. This included advice on the dosing regime and on study protocol that can be amended to improve the regulatory outcome
- The Company is currently reviewing the written response with Avion and will make a further notification in due course
- An adaptive Phase 2/3 clinical study protocol of P140 in CIDP is being finalised for IND submission. Commercial partnering discussions ongoing
- BioAMB – further pre-clinical studies are in preparation
- BioCin – further pre-clinical studies are in preparation
New website launched: www.immupharma.co.uk
Commenting on the statement and outlook, Tim McCarthy, CEO and Chairman, said:
“The last six months have been pivotal for the Company, positively concluding the PK study of Lupuzor™ (“P140”). Post the recent written response from the FDA, in respect to the Lupuzor™ Phase 3 protocol, we continue to have positive discussions with our partner, Avion, on the way forward.
The new fundraising, supported by existing and new shareholders, allows us to further invest in the other parts of our product portfolio, whilst being focused on preserving cash where required.
Moving forward, we remain focused on creating a robust and successful Company that, with a diversity of assets, will build future value for our shareholders.
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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