Share Name Share Symbol Market Type Share ISIN Share Description
Immupharma LSE:IMM London Ordinary Share GB0033711010 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 20.50p 20.00p 21.00p - - - 0 05:30:33
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.2 -7.0 -4.8 - 28.59

Immupharma PLC Final Results

29/05/2018 7:01am

UK Regulatory (RNS & others)


Immupharma (LSE:IMM)
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3 Months : From May 2018 to Aug 2018

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RNS Number : 4390P

Immupharma PLC

29 May 2018

29 MAY 2018

ImmuPharma PLC

("ImmuPharma" or the "Company")

FINAL RESULTS ANNOUNCEMENT

for the twelve months ended 31 December 2017

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 2017 (the "Period").

Key Highlights (including post Period review)

   --    Stable financial performance over the Period, in line with market expectations 

o Cash balance of GBP2.7 million (31 December 2016: GBP1.9 million) which has since been augmented by the GBP10 million (before expenses) placing in January 2018.

o Loss for the period of GBP6.2 million (31 December 2016: GBP5.3 million)

-- Research and development expenses of GBP5.1 million (31 December 2016: GBP5.3 million)

o Basic and diluted loss per share of 4.75p (31 December 2016: 4.54p)

-- The Company's pivotal Phase III trial of Lupuzor(TM), the Company's potential breakthrough compound for lupus, a potential life threatening auto-immune disease, completed in January 2018

o Pivotal Phase III trial with 202 lupus patients

-- 11 sites in the US with 72 patients

-- 81 patients took part in the trial across 5 European countries: France, Germany, Hungary, Czech Republic and Poland

-- 49 patients in Mauritius included in trial

-- Top line results of the Company's pivotal Phase III trial of Lupuzor(TM) were announced on 17 April 2018- key highlights include:

o Lupuzor(TM) plus Standard of Care ("SOC")* demonstrated a superior response rate over placebo plus SOC (52.5% vs 44.6% "responders"**) in the primary analysis on the Full Analysis Set of all 202 patients (including withdrawals who are considered non-responders). However, due to a high response rate in the placebo plus SOC group, this superior response did not allow statistical significance to be reached (p = 0.2631) and the primary end point was not met.

o Lupuzor(TM) plus SOC also demonstrated a superior response rate over placebo plus SOC (68.8% vs 59.2%) in the 153 patients who completed the study.

o Importantly, in patients who were anti-dsDNA autoantibody positive (a recognised biomarker for Systemic Lupus Erythematosus ('SLE'), Lupuzor(TM) plus SOC demonstrated a superior response rate over placebo plus SOC (61.5% vs 47.3%). In addition, 7.6% of the patients in the Lupuzor(TM) plus SOC group went into full remission versus none in the placebo plus SOC group.

o The study confirmed the outstanding safety profile of Lupuzor(TM), with zero drug-related serious adverse events reported in the Lupuzor(TM) plus SOC group.

* "Standard of Care" includes treatment with other drugs such as steroids, anti-malarials, methotrexate etc. It is important to note that when reference is made to placebo, there are no patients who were treated with just placebo as all were receiving other drug treatments at the same time, in addition to Lupuzor(TM) .

** The definition of a "responder' is based on the SLE Responder Index (SRI-4) score, which requires a reduction of at least four points in this score. Therefore, patients who improve by less than four points are not counted, but also no distinction is made between patients who improve by more than 4 points, all being equal "responders".

   --      Follow-on 'extension' open label study 

o As announced on 18 January 2018, following requests from both investigators and patients involved in the Phase III trial, ImmuPharma has initiated an additional clinical trial permitting patients who participated in the Phase III study, to receive Lupuzor(TM) plus SOC for six months in an open-label scheme. Patient recruitment began in late 2017.

o 44 patients have already been recruited with recruitment being closed by the end of June 2018.

o Results are anticipated in 2019.

-- Two successful, value accretive fundraisings to strengthen the Company's financial position as

negotiations continue with potential partners for Lupuzor(TM) and to support further investment in

ImmuPharma's product pipeline

o GBP4.1 million (gross) fundraising completed in March 2017, including EIS qualifying shares

o GBP10 million (gross) fundraising in January 2018

o Both fundraisings were supported by existing long term shareholders together with the addition of new institutional investors and private investors

   --      Other program developments 

o ImmuPharma's subsidiary, Ureka, whose labs are based in Bordeaux at the facilities of the CNRS has discovered inter alia a new drug for the treatment of NASH (Non-Alcoholic-Steato-Hepatitis) and Type II diabetes which has demonstrated significant efficacy in recognised preclinical studies. ImmuPharma's new lead candidate in this therapeutic area is code-named URK-614 and is a very long-acting GLP-1 analogue with potential for once a month administration. This promising novel molecule is protected by a series of patents co-owned by Ureka and CNRS under the umbrella of Ureka's URELIX(TM) technologies which facilitates the fabrication of new drug compounds on the basis of physiologically active peptides.

o A number of options are under review to further progress ImmuPharma's Nucant program, IPP-204106 which showed promising results in cancer and age-related macular degeneration (AMD) models. Two Phase I trials have been completed (safety and dose-finding studies).

   --    Bryan Garnier & Co. appointed as Joint Broker on 28 March 2018 

Commenting on the statement and outlook Tim McCarthy, Chairman, said:

"As a Board, we continue to be excited by ImmuPharma's future potential. Looking at the Lupuzor(TM) top line data announced in April, the drug demonstrated a superior response rate over placebo with an exceptional safety profile, giving it, we believe, a compelling product profile. We believe Lupuzor(TM) has the potential to bring a much needed safe treatment to the millions of lupus sufferers around the world. The Company's remaining product pipeline is also promising with notable developments in NASH and Type II diabetes in particular. We continue to engage with potential partners and are focused on moving forward with the development and commercialisation of Lupuzor(TM) for lupus. Although no guarantees of a successful outcome can be given at this stage, we look forward to providing our shareholders with further updates in due course.

"With a strong balance sheet following the GBP10 million fund raising in January, ImmuPharma will look to progress its other earlier stage pipeline candidates whilst also exploring other opportunities based on Lupuzor(TM) 's mechanism of action and its potential to expand into other autoimmune conditions.

"The Board would like to thank its shareholders, both long standing and new for their support as well as its staff, scientific and corporate collaborators including the CNRS, Simbec-Orion and CAP Research."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. ("MAR")

 
 For further information please contact: 
                                                    + 44 (0) 
  ImmuPharma plc (www.immupharma.org)           20 7152 4080 
  Tim McCarthy, Chairman 
  Lisa Baderoon, Head of Investor Relations         + 44 (0) 
   Twitter: @immupharma                          7721 413496 
 
  Northland Capital Partners Limited 
   (NOMAD & Joint Broker) 
   David Hignell, Dugald Carlean, Jamie 
   Spotswood, Corporate Finance                    +44 (0)20 
   Rob Rees, Corporate Broking                     3861 6625 
  Bryan, Garnier & Co. (Joint Broker) 
   Phil Walker, Corporate Finance                  +44 (0)20 
   Dominic Wilson, Sales                           7332 2500 
 
 
 
 

ImmuPharma plc

Chairman's Report

2017 and the beginning of 2018 marked an important milestone event for ImmuPharma. The phase III clinical trial for our lead program, Lupuzor(TM) was completed, and top line results for the trial were announced post year-end. ImmuPharma completed two successful fundraising rounds raising a total of GBP14.1 million before expenses. In March 2017, the Company raised GBP4.1 million before expenses. In addition, a further GBP10 million fundraising round before expenses was completed in January 2018. These fundraisings were supported by existing long term shareholders together with the addition of new institutions and private investors onto our share register.

Lupuzor(TM) : progress through 2017

Lupuzor(TM) , ImmuPharma's lead program for the treatment of lupus completed its Phase III clinical trial in January 2018 which involved patients in the US, Europe and Mauritius. Initial top line results were announced on 17 April 2018, see details below.

The Phase III trial was a double-blind, randomised, placebo-controlled trial. The study involved patients being dosed for one year, receiving 0.2mg once per month subcutaneously. 293 patients were screened illustrating the demand from physicians for a new, safe and effective treatment for lupus. Of these, the required 202 patients were successfully recruited and randomised (dosed). Patients participated in the trial in 7 countries across 28 sites.

The clinical trial was undertaken primarily by Simbec-Orion, an international clinical research organisation, who specialises in rare and orphan conditions and has previous direct experience in lupus trials. This was a pivotal study designed to demonstrate the safety and efficacy of Lupuzor(TM) .

Lupuzor(TM) received approval from the US Food and Drug Administration (FDA) to start Phase III with a Special Protocol Assessment (SPA) and Fast Track designation.

Lupuzor(TM) Phase III Top Line Results

On 17 April 2018 ImmuPharma announced top line results of its pivotal Phase III trial of Lupuzor

Key highlights:

-- Lupuzor(TM) plus Standard of Care ("SOC")* demonstrated a superior response rate over placebo plus SOC (52.5% vs 44.6% "responders")** in the primary analysis on the Full Analysis Set of all 202 patients (including withdrawals who are considered non-responders). However, due to a high response rate in the placebo plus SOC group, this superior response did not allow statistical significance to be reached (p = 0.2631), and the primary end-point was not met.

-- Lupuzor(TM) plus SOC also demonstrated a superior response rate over placebo plus SOC (68.8% vs 59.2%) in the 153 patients who completed the study.

-- Importantly, in patients who had anti-dsDNA autoantibodies (a recognised biomarker for Systemic Lupus Erythematosus ('SLE')), Lupuzor(TM) demonstrated a superior response rate over placebo (61.5% vs 47.3%). In addition, 7.6% of these patients in the Lupuzor(TM) group went into full remission versus none in the placebo group.

-- The study confirmed the outstanding safety profile of Lupuzor(TM), with zero drug-related serious adverse events reported in the Lupuzor(TM) plus SOC group.

* "Standard of Care" includes treatment with other drugs such as steroids, anti-malarials, methotrexate etc. It is important to note that when reference is made to placebo, there are no patients who were treated with just placebo as all were receiving other drug treatments at the same time, in addition to Lupuzor(TM) .

** The definition of a "responder' is based on the SLE Responder Index (SRI-4) score, which requires a reduction of at least four points in this score. Therefore, patients who improve by less than four points are not counted, but also no distinction is made between patients who improve by more than 4 points, all being equal "responders".

Extension Open Label Study

Following requests from both investigators and patients involved in the Phase III trial, ImmuPharma has initiated an additional clinical trial permitting patients who participated in the Phase III study, to receive Lupuzor(TM) plus SOC for six months in an open-label scheme. The results will be gathered as an "extension" open label study, independent of the pivotal Phase III trial and will provide additional data on the safety and efficacy of Lupuzor(TM) . Patient recruitment began in late 2017 and 44 patients have already been recruited. Patient recruitment will be closed by the end of June 2018, and it is anticipated that results will be available in 2019.

Lupus Market

There are an estimated five million people globally suffering from lupus, with approximately 1.5 million patients in the US, Europe and Japan (Source: Lupus Foundation of America). Current 'standard of care' treatments, including steroids and immunosuppressants, can potentially have either serious side effects for patients or limited effectiveness, with over 60 per cent of patients not adequately treated.

The Company beieves Lupuzor(TM) has the potential to be a novel specific first-line drug therapy for the treatment of lupus by specifically modulating the immune system and halting disease progression in a substantial proportion of patients. Lupuzor(TM) has a unique mechanism of action that modulates the activity of CD4 T-cells which are involved in the cell-mediated immune response which leads to the lupus disease. Lupuzor(TM) , taken over the long term, as indicated in earlier stage clinical trials, has the potential to prevent the progression of lupus rather than just treating its symptoms, with the rest of the immune system retaining the ability to work normally.

Despite the top line results for the Phase III trial, the Board believes there are still a number of routes to market for Lupuzor(TM) which could include: a global licensing deal; ImmuPharma partnering with regional distributors, globally or an outright acquisition of Lupuzor(TM) or the Company. The prime objective of any strategy would be to maximise shareholder return.

Centre National de la Recherché Scientifique (CNRS)

ImmuPharma continues to have important collaboration arrangements with the Centre National de la Recherché Scientifique (CNRS), the French National Council for Scientific Research and the largest basic research organisation in Europe, relating to the therapeutic use of peptides and peptide derivatives. This is where Lupuzor(TM) was invented by Prof. Sylviane Muller, Research Director at CNRS. This successful and longstanding relationship plays an important role in the progress of ImmuPharma's development pipeline.

Pipeline Overview

Lupuzor(TM) / Forigerimod / P140 in Autoimmune Indicaitons

Lupuzor(TM) , is also known by its chemical name 'Forigerimod' or P140. ImmuPharma in conjunction with the CNRS are exploring opportunities on expanding into other auto immune indications, as demonstrated by Lupuzor(TM) 's profile and by its mechanism of action.

Certain auto immune indications, outside of lupus, have the potential for Orphan Drug designation. Further assessment continues with the objective of further indications moving into the clinic in due course.

Nucant Program

Our cancer Nucant program, IPP-204106, is focused on combination therapy approaches. Two Phase I/IIa trials were performed (focused on safety and dose-range finding). ImmuPharma is now reviewing a number of options to further progress this program. A grant was awarded by the EU to different EU partners (EUR7 million total with EUR430k awarded to ImmuPharma) to develop the Nucants in combination with cytotoxic drugs linked to a solid support. The molecule has also shown promising results in age-related macular degeneration models.

Peptide Platform

ImmuPharma's subsidiary 'Ureka' has also initiated the development of a novel and innovative peptide technology platform through the collaboration with CNRS, thereby gaining access to pioneering research centred on novel peptide drugs at the University of Bordeaux and the Institut Européen de Chimie et Biologie (IECB). Jointly, ImmuPharma and CNRS have filed a series of new co-owned patents controlling this breakthrough peptide technology. The first therapeutic area being targeted is diabetes with glucagon-like peptide -1 agonists, a class of drugs for the treatment of diabetes, as well as initiating the development of novel peptides as glucagon agonists - one of the novel approaches to treat Type I and Type II diabetes. These peptides could also have a beneficial effect in the treatment of NASH for which very few treatment options exist.

GBP14.1 million Fund Raising (GBP4.1 million in March 2017 and GBP10 million post period end)

ImmuPharma strengthened its financial position through two fundraisings. In March 2017, the Company announced the completion of a placing of 7,884,623 new ordinary shares of 10p each at a placing price of 52p raising a total of GBP4.1 million before expenses. The shares are EIS and VCT qualifying. Major existing and new institutional investors participated in the New Share Placing.

In January 2018, the Company announced the completion of a placing of 6,944,445 new ordinary shares of 10p each at a placing price of 144p raising a total of GBP10 million before expenses. The Company raised the funds in order to further strengthen the Company's financial position as negotiations continue with potential partners for Lupuzor(TM) and to support further investment in ImmuPharma's earlier stage portfolio. The Company continues to be a qualifying company for purposes of the Enterprise Investment Scheme and the Venture Capital Trust rules.

The January 2018 placing gross proceeds of GBP10 million added to the Group's cash and cash equivalent position of GBP2.7 million (2016: GBP1.9 million) at 31 December 2017.

Completion of Lanstead Sharing Agreement

In September 2017, ImmuPharma announced the completion of the Sharing Agreement entered into in February 2016. As announced on 5 February 2016, Lanstead subscribed for GBP4.4 million of new ordinary shares in ImmuPharma, with both parties also entering into the Sharing Agreement. All 18 settlements of the Sharing Agreement have been completed. Through both the subscription and the Sharing Agreement, ImmuPharma has received a total of just over GBP5 million from Lanstead since February 2016, with a net gain of GBP0.6 million more than originally subscribed.

New Share Option Plan

Following the closing of the Company's previous share option plan to new grants, ImmuPharma adopted a new 10 year employee share option plan. The implementation of this share option plan is intended to align the interests of the Company's executive directors and eligible employees with shareholders, and to attract talent in the future. Further details of the new share option plan can be found in the Financial Review.

Current Activities and Outlook

As a Board, we continue to be excited by ImmuPharma's future potential. Looking at the Lupuzor(TM) top line data announced in April, the drug demonstrated a superior response rate over placebo with an exceptional safety profile, giving it, we believe, a compelling product profile. We believe Lupuzor(TM) has the potential to bring a much needed safe treatment to the millions of lupus sufferers around the world. We continue to engage with potential partners and, although no guarantees of a successful outcome can be given at present, we are focused on moving forward with the development and commercialisation of Lupuzor(TM). The remaining pipeline is also very promising with notable developments in NASH and Type II diabetes. We look forward to providing our shareholders with further updates in due course.

With a strong financial position following the recent GBP10 million fund raising, ImmuPharma will look to progress its other pipeline candidates whilst continuing the development of Lupuzor(TM) , in lupus as well as other autoimmune conditions based on its mechanism of action.

The Board would like to thank its shareholders, both long standing and new for their support as well as its staff, scientific and corporate collaborators including the CNRS, Simbec-Orion and CAP Research.

Tim McCarthy

Non-Executive Chairman

ImmuPharma plc

Financial Review

2017 was a year focused on strengthening ImmuPharma's financial position and progressing our lead programme, Lupuzor(TM) and its pivotal Phase III trial. A successful share placing was completed in March 2017, raising GBP4.1 million (before expenses).

Income Statement:

The operating loss for the year ended 31 December 2017 was GBP7.2 million up from GBP6.6 million for the year ended 31 December 2016. The increase in overall loss was mainly attributable to share-based expense of GBP743k (2016: GBP89k) which was attributable to the number of share options granted in 2017. Research and development expenditure was GBP5.1 million down slightly from GBP5.3 million in 2016. This reflects the front-loading of a portion of the Lupuzor clinical trial expenses. Administrative expenses were GBP1.5 million up from GBP1.4 million in the year ended 31 December 2016. Finance income was GBP240k for 2017 which was down slightly from GBP298k for 2016. Finance income is mainly attributable to a gain in fair value on the derivative financial asset. Total comprehensive loss for the year was GBP6.3 million, which was up from GBP5 million in 2016.

Statement of Financial Position:

Cash and cash equivalents at 31 December 2017 amounted to GBP2.7 million (2016: GBP1.9 million). Financial borrowings were GBP260k (2016: GBP360k). This balance is primarily the conditional advance from the French Government for use in the development of our cancer program. No interest is payable. In March 2017, ImmuPharma successfully completed a share placing and subscription, raising GBP4.1 million before expenses. In addition, a further share placing, raising GBP10 million before expenses was completed in January 2018. Further details can be found below.

Results:

The Group recorded a loss for the year of GBP6.2 million (2016: GBP5.3 million). Basic and diluted loss per share was 4.75p (2016: 4.54p). In accordance with the Group's loss making position no dividend is proposed.

March 2017 and January 2018 (post period) Placings - GBP14.1 million before expenses raised

ImmuPharma strengthened its financial position through two fundraisings. In March 2017, the Company announced the completion of a placing of 7,884,623 new ordinary shares of 10p each at a placing price of 52p raising a total of GBP4.1 million before expenses. The shares are EIS and VCT qualifying. Major existing and new institutional investors participated in the New Share Placing.

In January 2018, the Company announced the completion of a placing of 6,944,445 new ordinary shares of 10p each at a placing price of 144p raising a total of GBP10 million before expenses. The Company raised the funds in order to further strengthen the Company's Statement of Financial Position as negotiations continue with potential partners for Lupuzor(TM) and to support further investment in ImmuPharma's earlier stage portfolio. The Company continues to be a qualifying company for purposes of the Enterprise Investment Scheme and the Venture Capital Trust rules.

Completion of Lanstead Sharing Agreement

In September 2017, ImmuPharma announced the completion of the Sharing Agreement entered into in February 2016. As announced on 5 February 2016, Lanstead subscribed for GBP4.4 million of new ordinary shares in ImmuPharma, with both parties also entering into the Sharing Agreement. All 18 settlements of the Sharing Agreement have been completed. Through both the subscription and the Sharing Agreement, ImmuPharma has received a total of just over GBP5 million from Lanstead since February 2016, with a net gain of GBP0.6 million more than originally subscribed.

New Share Option Plan

Following the closing of the Company's previous share option plan to new grants, ImmuPharma adopted a new 10 year employee share option plan. The implementation of this share option plan is intended to align the interests of the Company's executive directors and eligible employees with shareholders, and to attract talent in the future.

The key terms of the Share Option Plan are summarised below:

-- The Share Option Plan is used to grant options over the Company's ordinary shares of 10p each ("Ordinary Shares") to ImmuPharma's employees and executive directors;

-- The Company's non-executive directors or any self-employed individuals who provide consultancy services to the Company will not be granted options pursuant to the Share Option Plan;

-- Under the Share Option Plan, up to 10% of the Company's issued share capital at any time is reserved for issuance, measured over a rolling ten year period. This limit takes into account Ordinary Shares or treasury shares that could be issued or used to satisfy existing options;

-- The Company's Remuneration Committee may impose performance conditions over the grant of options and these conditions may be varied, substituted or waived as deemed appropriate by the Remuneration Committee; and

-- Options will be granted with an exercise price equal to the market value of the Company's shares at the date of grant, i.e. the closing mid-market price from the preceding business day.

A number of options were granted during 2017. The total options outstanding under both the 2017 Share Option Plan and the Company's previous share option plan is 10,130,000, representing 7.64% (7.26% post January 2018 placing) of ImmuPharma's Ordinary Shares and total voting rights on a fully diluted basis. The total options outstanding that have been granted to non-employees and consultants is 6,085,000. The total warrants outstanding is 153,850. Taken altogether, there are currently 16,368,850 outstanding options and warrants, representing 12.35% (11.74% post January 2018 placing) of ImmuPharma's Ordinary Shares and total voting rights on a fully diluted basis.

Total Voting Rights

Following the admission of the shares placed in the above 2017 placings to trading on AIM, the Company had a total of 132,522,985 ordinary shares in issue at 31 December 2017 with each share carrying the right of one vote. Following the post period placing completed in January 2018, the Company has 139,467,430 ordinary shares in issue with each share carrying the right of one vote.

Treasury Policy

The policy continues to be that surplus funds of the Group are held in interest-bearing bank accounts on short or medium maturities, until commitments to future expenditure are made, when adequate funds are released to enable future expenditure to be incurred. The Group's Treasury Policy and controls are straightforward and approved by the Board.

Financial Strategy

The overall strategy is to maintain a tight control over cash resources whilst enabling continued progress of the Company's development assets.

Tracy Weimar

Vice President, Operations and Finance

ImmuPharma plc

CONSOLIDATED INCOME STATEMENT

FOR THE YEARED 31 DECEMBER 2017

 
                              Notes     Year ended     Year ended 
                                       31 December    31 December 
                                              2017           2016 
                                               GBP            GBP 
 Continuing operations 
 Revenue                                   150,462        164,784 
 Research and development 
  expenses                             (5,121,388)    (5,267,087) 
 Administrative expenses               (1,520,356)    (1,398,057) 
 Share based payment 
  expense                                (742,752)       (88,801) 
 
 
 Operating loss                        (7,234,034)    (6,589,161) 
 
 Finance costs                             (3,858)       (23,085) 
 Finance income                            240,447        297,809 
 
 
 Loss before taxation                  (6,997,445)    (6,314,437) 
 
 Tax                                       774,244        990,421 
 
 
 Loss for the year                     (6,223,201)    (5,324,016) 
 
 
 Attributable to: 
 Equity holders of the 
  parent company                       (6,223,201)    (5,324,016) 
 
 
 Loss per ordinary share 
 
 Basic and diluted             2           (4.75p)        (4.54p) 
 
 
 

ImmuPharma plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEARED 31 DECEMBER 2017

 
                                                Year ended     Year ended 
                                               31 December    31 December 
                                                      2017           2016 
                                                       GBP            GBP 
 
 Loss for the financial year                   (6,223,201)    (5,324,016) 
 
 
 Other comprehensive income 
 Items that may be reclassified 
  subsequently to profit or 
  loss: 
 
 Exchange differences on 
  translation of foreign operations               (91,568)        317,177 
 
 
 Other comprehensive income/(loss) 
  for the year, net of tax                        (91,568)        317,177 
 
 
 Total comprehensive loss 
  for the year                                 (6,314,769)    (5,006,839) 
 
 
 

ImmuPharma plc

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2017

 
                                            31 December    31 December 
                                                   2017           2016 
                                  Notes             GBP            GBP 
 
 Non-current assets 
 Intangible assets                              482,268        511,088 
 Property, plant and equipment                  161,399        231,901 
 
 
 Total non-current assets                       643,667        742,989 
 
  Current assets 
 Trade and other receivables                    736,212      1,379,679 
 Derivative financial 
  asset                                               -      1,554,866 
 Cash and cash equivalents                    2,729,468      1,876,718 
 Current tax asset                              907,916      1,155,586 
 
 
 Total current assets                         4,373,596      5,966,849 
 
 
 Current liabilities 
 Financial liabilities 
  - borrowings                                (142,393)      (143,109) 
 Trade and other payables                     (929,569)      (786,191) 
 Provisions                                    (57,517)              - 
 
 
 Total current liabilities                  (1,129,479)      (929,300) 
 
 
 Net current assets                           3,244,117      5,037,549 
 
 Non-current liabilities 
 Financial liabilities 
  - borrowings                                (117,297)      (219,445) 
 Provisions                                   (195,989)       (15,050) 
 
 
 Net assets                                   3,574,498      5,546,043 
 
 
 EQUITY 
 Ordinary shares                             13,252,299     12,463,836 
 Share premium                               18,728,519     15,678,054 
 Merger reserve                                 106,148        106,148 
 Other reserves                             (2,961,017)    (3,373,745) 
 Retained earnings                         (25,551,451)   (19,328,250) 
 
 
 Total equity                                 3,574,498      5,546,043 
 
 
 

ImmuPharma plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEARED 31 DECEMBER 2017

 
                                                                                               Other 
                                                                    Other          Other   reserves- 
                                                   Merger        reserves     reserves -      Equity       Retained 
                                                  reserve               -    Translation      shares       earnings 
                                         Share                Acquisition        reserve       to be                         Total 
                   Share capital       premium                    reserve                     issued                        equity 
                              GBP          GBP        GBP             GBP            GBP         GBP            GBP            GBP 
 
  At 1 January 
   2016                 8,862,246   10,490,920    106,148     (3,541,203)    (1,926,850)   1,703,380   (14,004,234)      1,690,407 
 
  Loss for the 
   financial 
   year                         -            -          -               -              -           -    (5,324,016)    (5,324,016) 
  Exchange 
   differences 
   on 
   translation 
   of foreign 
   operation                    -            -          -               -        317,177           -              -        317,177 
  Transactions 
   with owners: 
   Share based 
   payments                     -            -          -               -              -      73,751              -         73,751 
  New issue of 
   equity 
   capital              3,601,590    5,798,410          -               -              -           -              -      9,400,000 
  Costs of new 
   issue of 
   equity 
   capital                      -    (611,276)          -               -              -           -              -      (611,276) 
 
 
  At 31 
   December 
   2016                12,463,836   15,678,054    106,148     (3,541,203)    (1,609,673)   1,777,131   (19,328,250)      5,546,043 
 
  Loss for the 
   financial 
   year                         -            -          -               -              -           -    (6,223,201)    (6,223,201) 
  Exchange 
   differences 
   on 
   translation 
   of foreign 
   operations                   -            -          -               -       (91,568)           -              -       (91,568) 
  Transactions 
   with owners: 
   Share based 
   payments                     -            -          -               -              -     504,296              -        504,296 
  New issue of 
   equity 
   capital                788,463    3,311,542          -               -              -           -              -      4,100,005 
 
  Costs of new 
   issue of 
   equity 
   capital                      -    (261,077)          -               -              -           -              -      (261,077) 
 
 
  At 31 
   December 
   2017                13,252,299   18,728,519    106,148     (3,541,203)    (1,701,241)   2,281,427   (25,551,451)      3,574,498 
 
  Attributable 
  to:- 
 
  Equity 
   holders of 
   the parent 
   company             13,252,299   18,728,519    106,148     (3,541,203)    (1,701,241)   2,281,427   (25,551,451)      3,574,498 
 
 
 

ImmuPharma plc

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEARED 31 DECEMBER 2017

 
                                  Notes     Year ended     Year ended 
                                           31 December    31 December 
                                                  2017           2016 
                                                   GBP            GBP 
 
 Cash flows from operating 
  activities 
 Cash used in operations            3      (5,439,079)    (7,191,318) 
 Tax received                                1,021,915        707,135 
 Interest paid                                 (3,858)        (1,917) 
 
 
 Net cash used in operating 
  activities                               (4,421,022)    (6,486,100) 
 
 
 Investing activities 
 Purchase of property, 
  plant and equipment                         (25,491)        (4,731) 
 Interest received                                 772          1,722 
 
 
 Net cash used in investing 
  activities                                  (24,719)        (3,009) 
 
 
 Financing activities 
 (Decrease)/increase 
  in bank overdraft                              (290)        (1,091) 
 Loan repayments                             (114,386)      (143,482) 
 Settlements from Sharing 
  Agreement                                  1,667,380      2,690,451 
 Gross proceeds from 
  issue of new share capital                 4,100,005      9,400,000 
 Share capital issue 
  costs                                      (261,077)      (611,276) 
 Funds deferred per Sharing 
  Agreement                                          -    (3,949,230) 
                                         -------------  ------------- 
 
 Net cash generated from 
  financing activities                       5,391,632      7,385,372 
 
 
 Net increase in cash 
  and cash equivalents                         945,891        896,263 
 
 Cash and cash equivalents 
  at beginning of year                       1,876,718        833,388 
 
 Effects of exchange rates 
  on cash and cash equivalents                (93,141)        147,067 
 
 
 
 Cash and cash equivalents 
  at end of year                             2,729,468      1,876,718 
 
 
 

Notes

 
 1   BASIS OF PREPARATION 
      The financial information set out in this 
      announcement does not comprise the Group's 
      statutory accounts as defined in section 
      434 of the Companies Act 2006 for the year 
      ended 31 December 2017 or 31 December 2016. 
      The financial information has been extracted 
      from the statutory accounts for the years 
      ended 31 December 2017 and 31 December 2016. 
      The auditors reported on those accounts; 
      their reports were unqualified and did not 
      contain a statement under either Section 
      498(2) or Section 498(3) of the Companies 
      Act 2006 in respect of the years ended 31 
      December 2017 and 31 December 2016 and did 
      not include references to any matters to 
      which the auditor drew attention by way of 
      emphasis. 
      The Group's statutory accounts for the year 
      ended 31 December 2016 have been delivered 
      to the Registrar of Companies, whereas those 
      for the year ended 31 December 2017 will 
      be delivered to the Registrar of Companies 
      following the Company's Annual General Meeting. 
      The accounting policies are consistent with 
      those applied in the preparation of the interim 
      results for the period ended 30 June 2017 
      and the statutory accounts for the year ended 
      31 December 2016, which have been prepared 
      in accordance with International Financial 
      Reporting Standards ("IFRS"). 
      The financial information is for the year 
      ended 31 December 2017 and the comparatives 
      are for the year ended 31 December 2016. 
      The Group's statutory accounts incorporate 
      the financial statements of ImmuPharma plc 
      and other entities controlled by the company 
      ("the subsidiaries"). Control is achieved 
      where the company has the power to govern 
      the financial and operating policies of an 
      investee entity so as to obtain benefits 
      from its activities. 
 
 
 2    LOSS PER SHARE                         Year ended           Year 
       - Group                              31 December          ended 
                                                   2017    31 December 
                                                                  2016 
                                                    GBP            GBP 
      Loss 
  Loss for the purposes of basic 
   loss per share being net loss 
   after tax attributable to 
   equity shareholders                      (6,223,201)    (5,324,016) 
 
 
      Number of shares 
  Weighted average number of 
   ordinary shares for the purposes 
   of basic earnings per share              130,902,857    117,340,467 
 
 
 
  Basic loss per share                          (4.75)p        (4.54)p 
 
 
  Diluted loss per share                        (4.75)p        (4.54)p 
 
 
  There is no difference between basic loss 
   per share and diluted loss per share as the 
   share options are anti-dilutive. 
 
 
 3    CASH USED IN OPERATIONS 
                                                    Group          Group 
                                              31 December    31 December 
                                                     2017           2016 
                                                      GBP            GBP 
  Operating loss                              (7,234,034)    (6,589,161) 
  Depreciation 
   and amortisation                               138,198        121,337 
  Share-based payments                            504,296         73,751 
  Decrease/(increase) 
   in trade and 
   other receivables                              643,466      (387,713) 
  Increase/(decrease) 
   in trade and 
   other payables                                 143,378      (403,414) 
  Increase/(decrease) 
   in provisions                                  238,456         15,050 
  Gain/(loss) on 
   foreign exchange                               127,161       (21,168) 
 
 
   Cash used in 
    operations                                (5,439,079)    (7,191,318) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 4   SUBSEQUENT EVENTS 
      On 24 January 2018, the Company announced 
      the completion of a placing of 6,944,445 
      new ordinary shares of GBP0.10 each at a 
      placing price of GBP1.44 raising a total 
      of GBP10 million before expenses. Major existing 
      and new institutional investors have participated 
      in the New Share Placing. The Company raised 
      the funds in order to support further investment 
      in the P140 peptide platform and to provide 
      additional working capital to strengthen 
      the Company's Statement of Financial Position 
      as negotiations continue with potential partners 
      for Lupuzor(TM) . Following the Admission 
      of the shares placed, the Company has a total 
      of 139,467,430 ordinary shares in issue with 
      each share carrying the right of one vote. 
      On 17 April 2018, the Company announced the 
      initial results of the Phase III clinical 
      trial for Lupuzor(TM) . Lupuzor(TM) demonstrated 
      a superior response rate over placebo (52.5% 
      vs 44.6% "responders") in the primary analysis 
      on the Full Analysis Set of all 202 patients 
      (including withdrawals who are considered 
      non-responders). However, due to a high response 
      rate in the placebo group, this superior 
      response did not allow statistical significance 
      to be reached and the primary end-point was 
      not met. Lupuzor(TM) also demonstrated a 
      superior response rate over placebo (68.8% 
      vs 59.2%) in the 153 patients who completed 
      the study. Importantly in patients who had 
      anti-dsDNA autoantibodies (a recognised biomarker 
      for Systemic Lupus Erythematosus ('SLE')), 
      Lupuzor(TM) demonstrated a superior response 
      rate over placebo (61.5% vs 47.3%). In addition, 
      7.6% of these patients in the Lupuzor(TM) 
      group went into full remission versus none 
      in the placebo group. Importantly, the study 
      confirmed the outstanding safety profile 
      of Lupuzor(TM), with zero serious adverse 
      events reported. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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