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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Immupharma Plc | LSE:IMM | London | Ordinary Share | GB0033711010 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.14 | 2.10 | 2.19 | 219,181 | 09:35:12 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 0 | -3.81M | -0.0114 | -1.88 | 7.13M |
From Apr 2019 to Apr 2024
TIDMIMM
RNS Number : 9046B
Immupharma PLC
26 September 2018
Hot Features
Premium
26 SEPTEMBER 2018
ImmuPharma PLC
("ImmuPharma" or the "Company")
INTERIM RESULTS ANNOUNCEMENT
for the six months ended 30 June 2018
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 2018 (the "Period").
Key Highlights
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. However, due to the high response rate in the placebo group, this superior response did not allow statistical significance to be reached (p = 0.2631) and the trial's primary end point was not met.
-- Across the whole study population, in those patients who had anti-dsDNA autoantibodies, Lupuzor(TM) demonstrated a superior response rate over placebo (61.5% vs 47.3%, p = 0.0967). Although these results were not statistically significant, further data analysis demonstrated that in the Europe cohort (130 patients) Lupuzor(TM) plus standard of care showed statistically significant reductions in disease activity compared to placebo plus standard of care in 79 patients who were anti-dsDNA autoantibody positive (71.1% vs 48.8%, p = 0.0218).
-- The study confirmed the outstanding safety profile of Lupuzor(TM) , with no serious adverse events reported.
-- As announced on 7 September 2018, agreement signed with a specialist provider to enter Lupuzor(TM) into a 'Managed Access Programme'.
-- Open label extension study completes recruitment.
Other programs
-- Nucant (cancer) program - Clinical Development Collaboration with Incanthera Limited. -- Peptide platform program / Ureka subsidiary - ImmuPharma to begin divestment process.
Financial Position
-- GBP10 million fundraising (before expenses) successfully completed in January 2018. -- Stable financial performance over the Period, in line with market expectations
o Net assets of GBP9.9 million (31 December 2017: GBP3.6 million)
o Loss for the period of GBP4.1 million (H1 2017: GBP3.0 million)
-- Research and Development expenses of GBP2.5 million (H1 2017: GBP2.3 million)
o Basic and diluted loss per share of 2.94p (H1 2017: 2.34p)
Appointment of new joint brokers
-- Stanford Capital Partners and SI Capital appointed as joint brokers, working in conjunction with current NOMAD and broker, Northland Capital Partners.
Commenting on the Interims and outlook Tim McCarthy, Chairman, said:
"The Board is pleased to announce the interim results for the six months ended 30 June 2018. It has been a busy period for the Board following the announcement of the Phase III trial results for Lupuzor in April 2018. We remain focused on delivering a business strategy which provides the optimum route forward for ImmuPharma and its shareholders, based on its current assets, resources and knowhow. We were obviously disappointed with the outcome of the Phase III trial results but are excited to be progressing the Managed Access Programme with a new strategic partner, which allows lupus patients early access to Lupuzor(TM) . In the medium term, we remain focussed on achieving the full regulatory approval of Lupuzor(TM) which we believe has the potential to be a ground breaking drug for lupus patients with blockbuster potential in commercial terms.
Our Nucant programme and Ureka subsidiary have been part of our portfolio for a number of years. We are equally excited by the potential of both. We believe the strategy we announced earlier this month, together with a robust financial position, will create enhanced value for shareholders going forward."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. ("MAR")
For further information please contact:
ImmuPharma PLC + 44 (0) 20 7152 4080 Tim McCarthy, Chairman Dimitri Dimitriou, Chief Executive Officer Tracy Weimar, Vice President, Operations and Finance Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496 Northland Capital Partners Limited, Nomad & Joint Broker +44 (0) 20 3861 6625 David Hignell, Jamie Spotswood, Dugald Carlean, Corporate Finance Rob Rees, Corporate Broking Stanford Capital Partners, Joint Broker Patrick Claridge Chris Coleman +44 (0) 20 3815 8880 SI Capital, Joint Broker Nick Emerson +44 (0) 1483 413500
CHAIRMAN'S STATEMENT
INTERIM HIGHLIGHTS
The first half of 2018 saw the completion of our pivotal Phase III trial for Lupuzor(TM) , our candidate for the treatment of lupus. Top-line results were announced on 17 April 2018 with further analysis provided on 29 May 2018. Following these results, ImmuPharma has recently signed an agreement with a specialist provider to distribute Lupuzor(TM) via a Managed Access Programme. This will allow lupus patients early access to Lupuzor(TM) prior to any regulatory filing.
ImmuPharma has, on 6 September 2018, signed a Heads of Terms on a clinical development collaboration for the Nucant cancer programme with Incanthera Limited, a specialist oncology development company. Further, following an extensive review, it has been decided that the Company's Ureka subsidiary which focuses on peptide treatments for metabolic disorders is not part of the ongoing strategy of ImmuPharma which is now fully focused on utilising its resources to develop late stage assets. Consequently, we are beginning the process of divesting Ureka.
In other developments, we were pleased to have completed a successful fund raising of GBP10 million (before expenses) in January 2018. The fund raising was supported by long term shareholders and the addition of new institutional and private investors.
Lupuzor(TM) Phase III results and next steps
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) 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. However, due to the high response rate in the placebo group, this superior response did not allow statistical significance to be reached (p = 0.2631) and the trial's primary end point was not met.
Across the whole study population, in those patients who had anti-dsDNA autoantibodies, Lupuzor(TM) demonstrated a superior response rate over placebo (61.5% vs 47.3%, p = 0.0967). Although these results were not statistically significant, further data analysis demonstrated that in the Europe cohort (130 patients) Lupuzor(TM) plus standard of care showed statistically significant reductions in disease activity compared to placebo plus standard of care in 79 patients who were anti-dsDNA autoantibody positive (71.1% vs 48.8%, p = 0.0218).
The study confirmed the outstanding safety profile of Lupuzor(TM) , with no serious adverse events reported.
Scientific literature indicates that approximately 60% - 70% of patients diagnosed for lupus are anti-dsDNA autoantibody positive. These proportions were seen in the Europe cohort (60.8% of patients) and could therefore be considered as representative of the overall lupus population.
In those patients who were anti-dsDNA autoantibody negative, there was almost no difference in disease activity reduction between the active group and the comparator group. Anti-dsDNA autoantibodies are a recognised biomarker for Systemic Lupus Erythematosus.
This finding indicates that the activity of Lupuzor(TM) could be correlated with the presence of anti-dsDNA autoantibodies in lupus patients. ImmuPharma believes that predictive biomarkers, such as anti-dsDNA autoantibodies, could allow identification of patients that are more likely to respond positively to treatment with Lupuzor(TM) .
Lupuzor(TM) next steps - Managed Access Program
ImmuPharma is planning to move forward with a Managed Access Program for Lupuzor(TM) . Recognising that lupus is a disease with significant unmet medical need and given the advanced level of clinical trial investigation completed, ImmuPharma would like to meet demand for access to Lupuzor(TM) by lupus patients who, together with their physicians, request it.
Extension study
The Lupuzor(TM) extension study, which was announced on 18 January 2018, is continuing and recruitment is now complete with a total of 62 patients eligible from the original Phase III trial. We believe that this will provide more valuable information on the potential efficacy and safety of Lupuzor(TM) . The study is anticipated to report results in Q2 2019.
Nucant Platform
A number of options have been under review to develop the Company's Nucant cancer programme, which has demonstrated promising results in two Phase I trials (safety and dose-finding studies).
In order to progress the programme, on 6 September 2018 ImmuPharma signed Heads of Terms on a clinical development collaboration for the Nucant cancer programme, with Incanthera Limited ("Incanthera"), a specialist oncology development company.
Key highlights of the Heads of Terms are summarised below:
-- Incanthera, based on its positive due-diligence on the Company's Nucant technology, will license in and take up the continued clinical development of the Nucant cancer programme as an integral part of its own cancer development portfolio.
-- As an integral part of the collaboration, upon signing the Heads of Terms, ImmuPharma has invested GBP2m into Incanthera by subscribing for 363,637 new ordinary Incanthera shares at a price of GBP5.50 per share. This investment values Incanthera at a pre-money valuation of approximately GBP10m and is consistent with the most recent funding round that Incanthera completed in March 2018. Following this investment, ImmuPharma will have a circa 16% shareholding in Incanthera.
-- ImmuPharma has granted Incanthera a period of exclusivity until 31 December 2018, during which the Company and Incanthera will finalise the terms of a Definitive Licence Agreement for the Nucant technology. These terms are expected to include, but will not be limited to the following:
o Incanthera will pay a licence payment to ImmuPharma of GBP1 million, with this payment to be made via the issuance of new ordinary shares in Incanthera. This payment in shares is separate and will be in addition to the shareholding which Immupharma currently holds as described above;
o Incanthera will be responsible for all of the development costs for the Nucant programme; and,
o All future commercialisation revenues will be shared equally between the two companies.
Ureka - Divestment process
Ureka, ImmuPharma's wholly owned subsidiary, based in Bordeaux, which is carrying out research into treatments for Type II diabetes and NASH (Non-Alcoholic-Steato-Hepatitis) has recently demonstrated success in recognised preclinical studies.
Following an extensive review by ImmuPharma's Board of directors, it has been decided that Ureka, whilst having exciting and innovative technologies, is not part of the ongoing strategy of ImmuPharma, which is now fully focused on utilising its resources to develop late stage assets.
As such, ImmuPharma, with its advisors, will now commence a process of considering all opportunities to divest Ureka. The intention is to allow ImmuPharma to divest Ureka, whilst still retaining an interest in any future commercial success.
Financial Review
ImmuPharma's cash balance at 30 June 2018 was GBP9.02 million (GBP2.73 million at 31 December 2017, GBP3.13 million at 30 June 2017). Basic and diluted loss per share were 2.94p and 2.94p respectively (30 June 2017: 2.34p and 2.34p). In line with the Company's current policy, no interim dividend is proposed.
Operating loss for the Period was GBP4.1 million (GBP3.2 million for the six months ended 30 June 2017). Research and development expenditure in the Period was GBP2.5 million (GBP2.3 million for the six months ended 30 June 2017) reflecting primarily the expenditure related to the Lupuzor(TM) Phase III clinical trial. Administrative expenses were GBP1.0 million during the Period (GBP0.8 million for the six months ended 30 June 2017). The share based expense was GBP775k (GBP131k for the period ended 30 June 2017) which includes a reduction for the National Insurance provision which was nil due to the decrease in share price from 31 December 2017 to 30 June 2018.
Given the stage of ImmuPharma's development, the fact that losses have continued to be made is to be expected since there is minimal revenue and business activity is concerned with significant investment in the form of clinical development expenditure, in addition to maintaining the infrastructure of the Company.
Current Activities and Outlook
The Board has been focused on delivering a business strategy which provides the optimum route forward for ImmuPharma and its shareholders, based on its current assets, resources and knowhow. We are excited to be progressing the Managed Access Programme which allows lupus patients early access to Lupuzor(TM) . In the medium term, we remain focussed on achieving the full regulatory approval of Lupuzor(TM) which we believe has the potential to be a ground breaking drug for lupus patients with blockbuster potential in commercial terms.
Our Nucant programme and Ureka subsidiary have been part of our portfolio for a number of years. We are equally excited by the potential of both. We believe the strategy we are pursuing with the collaboration with Incanthera Limited for the Nucant and for divestment of Ureka will create enhance value for shareholders going forward.
The Board would like to thank its shareholders, both longstanding and those who participated in the January 2018 fundraising, for their support as well as its staff, corporate and scientific advisers including Simbec-Orion and the CNRS (Centre Nationale de la Recherche Scientifique) for their continued collaboration.
Tim McCarthy
Chairman
ImmuPharma PLC
CONSOLIDATED INCOME STATEMENT
FOR THE PERIODED 30 JUNE 2018
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Continuing operations
Revenue 1 73,392 150,462 86,504
Research and development
expenses (2,455,490) (5,121,388) (2,345,815)
Administrative expenses (992,085) (1,520,356) (796,403)
Share based expense (775,135) (742,752) (131,237)
Operating loss (4,149,318) (7,234,034) (3,186,951)
Finance costs (29,425) (3,858) (375)
Finance income 6,077 240,447 153,915
Loss before taxation (4,172,666) (6,997,445) (3,033,411)
Tax 110,237 774,244 (485)
Loss for the period (4,062,429) (6,223,201) (3,033,896)
Attributable to:
Equity holders of the parent
company (4,062,429) (6,223,201) (3,033,896)
Loss per ordinary share
Basic and diluted 2 (2.94)p (4.75)p (2.34)p
ImmuPharma PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2018
Unaudited Audited Unaudited
6 months Year 6 months
ended ended 31 ended
30 June December 30 June
2018 2017 2017
GBP GBP GBP
Loss for the financial period (4,062,429) (6,223,201) (3,033,896)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 29,459 (91,568) (56,133)
Total items that may be reclassified
subsequently to profit or loss 29,459 (91,568) (56,133)
Other comprehensive loss for
the period 29,459 (91,568) (56,133)
Total comprehensive loss for
the period (4,032,970) (6,314,769) (3,090,029)
ImmuPharma PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Note Unaudited Audited Unaudited
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Non-current assets
Intangible assets 481,667 482,268 497,585
Property, plant and equipment 120,675 161,399 192,573
Total non-current assets 602,342 643,667 690,158
Current assets
Trade and other receivables 1,174,720 1,644,128 2,439,143
Derivative financial asset - - 943,861
Cash and cash equivalents 9,015,630 2,729,468 3,131,595
Total current assets 10,190,350 4,373,596 6,514,599
Current liabilities
Financial liabilities -
borrowings 138,214 142,393 119,430
Trade and other payables 737,035 929,569 473,867
Provisions - 57,517 33,162
Total current liabilities 875,249 1,129,479 626,459
Net current assets 9,315,101 3,244,117 5,888,140
Non-current liabilities
Financial liabilities -
borrowings 61,209 117,297 170,232
Provisions - 195,989 -
Net assets 9,856,234 3,574,498 6,480,066
EQUITY
Ordinary shares 13,946,744 13,252,299 13,252,298
Share premium 27,320,143 18,728,519 18,728,519 Merger reserve 106,148 106,148 106,148 Other reserves (1,902,921) (2,961,017) (3,316,753) Retained earnings (29,613,880) (25,551,451) (22,362,146) Total equity 9,856,234 3,574,498 6,408,066
ImmuPharma PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2018
Other Other reserves Other
Merger reserves - - reserves Retained
reserve Acquisition Translation - Earnings
reserve Reserve Equity
shares
Share Share to be Total
capital premium issued equity
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2017 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
period - - - - - - (3,033,896) (3,033,896)
Exchange
differences
on
translation
of foreign
operations - - - - (56,133) - - (56,133)
New issue of
equity
capital 788,462 3,311,542 - - - - - 4,100,004
Cost of new
issue of
equity
capital - (261,077) - - - - - (261,077)
Share based
payments - - - - - 113,125 - 113,125
------------ ------------ ---------- ------------- --------------------- ----------- -------------- -------------
At 30 June
2017 13,252,298 18,728,519 106,148 (3,541,203) (1,665,806) 1,890,256 (22,362,146) 6,408,066
============ ============ ========== ============= ===================== =========== ============== =============
At 1 January
2017 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)
New issue of
equity
capital 788,463 3,311,542 - - - - - 4,100,005
Cost of new
issue of
equity
capital - (261,077) - - - - - (261,077)
Share based
payments - - - - - 504,296 - 504,296
------------ ------------ ---------- ------------- --------------------- ----------- -------------- -------------
At 31
December
2017
& 1 January
2018 13,252,299 18,728,519 106,148 (3,541,203) (1,701,241) 2,281,427 (25,551,451) 3,574,498
Loss for the
financial
period - - - - - - (4,062,429) (4,062,429)
Exchange
differences
on
translation
of foreign
operations - - - - 29,459 - - 29,459
New issue of
equity
capital 694,445 9,305,555 - - - - - 10,000,000
Cost of new
issue of
equity
capital - (713,931) - - - - - (713,931)
Share based
payments - - - - - 1,028,637 - 1,028,637
At 30 June
2018 13,946,744 27,320,143 106,148 (3,541,203) (1,671,782) 3,310,064 (29,613,880) 9,856,234
============ ============ ========== ============= ===================== =========== ============== =============
Attributable
to:-
Equity
holders of
the
parent
company 13,946,744 27,320,143 106,148 (3,541,203) (1,671,782) 3,310,064 (29,613,880) 9,856,234
============ ============ ========== ============= ===================== =========== ============== =============
ImmuPharma PLC
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIODED 30 JUNE 2018
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2018 2017 2017
GBP GBP GBP
Cash flows from operating
activities
Cash used in operations 3 (3,150,500) (5,439,079) (3,200,329)
Tax 213,724 1,021,915 6,680
Interest paid (2,423) (3,858) (375)
Net cash used in operating
activities (2,939,199) (4,421,022) (3,194,024)
Investing activities
Purchase of property,
plant and equipment (7,946) (25,491) (1,595)
Interest received 6,077 772 170
Net cash used in investing
activities (1,869) (24,719) (1,425)
Financing activities
(Decrease)/increase in bank
overdraft (122) (290) (138)
Loan repayments (58,615) (114,386) (80,447)
Gross proceeds from issue
of new share capital 10,000,000 4,100,005 4,100,004
Settlements from sharing
agreement - 1,667,380 682,360
Share capital issue costs (713,931) (261,077) (261,077)
Net cash generated from financing
activities 9,227,332 5,391,632 4,440,702
Net increase in cash and
cash equivalents 6,286,264 945,891 1,245,253
Cash and cash equivalents
at start of period 2,729,468 1,876,718 1,876,718
Effects of exchange rates
on cash and
cash equivalents (102) (93,141) 9,624
Cash and cash equivalents
at end of period 9,015,630 2,729,468 3,131,595
ImmuPharma PLC
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIODED 30 JUNE 2018
1 ACCOUNTING POLICIES
Basis of preparation
The interim financial information in this report has been prepared using accounting policies consistent with IFRS as adopted by the European Union. IFRS is subject to amendment and interpretation by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee and there is an ongoing process of review and endorsement by the European Commission. The financial information has been prepared on the basis of IFRS to be adopted by the European Union and applicable as at 31 December 2018. The Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing the interim financial information.
The accounting policies applied are consistent with those that were applied to the financial statements for the year ending 31 December 2017, with the exception of IFRS 9 "Financial Instruments" and IFRS 15 "Revenue from Contracts with Customers" which are new standards applicable mandatory for the year ended 31 December 2018. These new standards will not have a material impact on the financial statements.
Non-Statutory accounts
The financial information set out in this interim report does not constitute the Group's statutory accounts, within the meaning of Section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2017 have been filed with Registrar of Companies. The auditors reported on those accounts; their report was unqualified, did not contain a statement under either Section 498 (2) or Section 498 (3) of the Companies Act 2006 and did not include references to any matters to which the auditor drew attention by way of emphasis. The financial information for the 6 months ended 30 June 2018 and 30 June 2017 is unaudited.
Copies of this statement will be available on the Company's website - www.immupharma.com.
2 LOSS PER SHARE
Unaudited Audited Unaudited
6 months Year ended 6 months
ended 30 31 December ended
June 2018 2017 30 June
2017
GBP GBP GBP
Loss
Loss for the purposes of basic
and diluted loss per share
being net loss attributable
to equity shareholders (4,062,429) (6,223,201) (3,033,896)
Number of shares
Weighted average number of
ordinary shares for the purposes
of basic loss per share 138,201,316 130,902,857 129,517,245
Basic loss per share (2.94)p (4.75)p (2.34)p
Diluted loss per share (2.94)p (4.75)p (2.34)p
There is no difference between basic loss per share and diluted loss per share as the share options and warrants are anti-dilutive.
The ImmuPharma group has granted share options in respect of shares to be issued.
3 CASH USED IN OPERATIONS
Unaudited Audited Unaudited
6 months Year ended 6 months
ended 31 December ended
30 June 2017 30 June
2018 2017
GBP GBP GBP
Operating loss (4,149,318) (7,234,034) (3,186,951)
Depreciation & amortisation 81,424 138,198 61,954
Share based payments 1,028,637 504,296 113,125
Decrease in trade & other
receivables 358,921 643,466 34,004
(Decrease)/increase in trade
& other payables (189,656) 143,378 (322,963)
(Decrease)/increase
in provisions (253,506) 238,456 18,112
Gain/(loss) on foreign
exchange (27,002) 127,161 82,390
Cash used in operations (3,150,500) (5,439,079) (3,200,329)
4 SUBSEQUENT EVENTS
On 7 September 2018, ImmuPharma announced that a Heads of
Terms agreement was signed with Incanthera Limited. Under
the Heads of Terms agreement, Incanthera Limited will license
in and take up the continued clinical development of the
Nucant cancer programme as an integral part of its own cancer
development portfolio. As part of the Heads of Terms, ImmuPharma
has invested GBP2 million into Incanthera Limited by subscribing
for 363,637 new ordinary Incanthera shares at a price of
GBP5.50 per share. Following this investment, ImmuPharma
will have approximately 16% shareholding in Incanthera Limited.
Under the Heads of Terms, ImmuPharma has granted Incanthera
Limited a period of exclusivity until 31 December 2018,
during which the two companies will finalise terms of a
Definitive License Agreement for the Nucant technology.
These terms are expected to include, but will not be limited
to Incanthera Limited paying a license payment to ImmuPharma
of GBP1 million, with this payment being made via the issuance
of new ordinary shares in Incanthera Limited. It is also
planned to include confirmation that Incanthera Limited
will be responsible for all of the development costs of
the Nucant programme and confirmation that all future commercialisation
revenues will be shared equally between the two companies.
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
IR UVOSRWUAKUAR
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