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
  +0.50p +0.52% 97.50p 97.00p 98.00p 100.00p 98.00p 99.00p 138,368 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.2 -6.3 -4.5 - 129.21

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Date Time Title Posts
22/11/201720:30IMMUPHARMA - IN FINAL PHASE 3 LUPUS TRIAL TARGETING BLOCKBUSTER ($1bn+) REVENUES5,922
29/10/201715:41ImmuPharma - Global Potential Blockbusters & Huge Potential Upside75
09/10/201707:08Sell order-
07/10/201710:31exciting times -
24/12/201619:50IMM Bullish chart!3

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2017-11-22 16:54:01100.001,1681,168.00O
2017-11-22 15:51:4999.2010,0759,994.40O
2017-11-22 15:50:1597.315,0004,865.63O
2017-11-22 15:23:4897.7011,37511,112.97O
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DateSubject
22/11/2017
08:20
Immupharma Daily Update: Immupharma is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker IMM. The last closing price for Immupharma was 97p.
Immupharma has a 4 week average price of 82.50p and a 12 week average price of 45p.
The 1 year high share price is 103p while the 1 year low share price is currently 37p.
There are currently 132,522,985 shares in issue and the average daily traded volume is 244,278 shares. The market capitalisation of Immupharma is £129,209,910.38.
21/11/2017
10:14
hottingup: On the basis we assume Lupuzor passes Phase 3 in Q1 2018 then any valuation of Lupuzor / P140 must start as a minimum with the $3.6 billion paid in 2012 by GSK to acquire HGSi's 50% stake in lupus drug Benlysta - effectively valuing 100% of Benlysta at $7 billion - equating to an IMM share price around £40. To that $7 billion (£40) should then be added something for inflation during what in 2018 will then be the last 6 years since 2012; Lupuzor (I assume) being more efficaceous, having less or no side effects, being cheaper to produce and more comfortable to administer, than Benlysta; use in other multiple indications (including off label and on label) some of which have market sizes many times larger than for lupus; new patent granted to 2032 in key countries (USA, EU, China, India and Japan) covering Lupuzor and its use in the treatment of the majority of autoimmune diseases such as Sjogrens syndrome, rheumatoid arthritis, Crohn's, CIDP, Guillan-Barre disease (announced 27/9/2017); and a new patent recently filed (2017) to cover non-autoimmune indications. Consequently the value of Lupuzor in Q1 2018 should be much higher than $7 billion (potentially multiples) and the share price much higher than £40. N.B. Early data from IMM suggests Lupuzor / P140 may also be able to treat other blockbuster autoimmune and non-autoimmune diseases, including: - Systemic Lupus Erythematosus (SLE) (Market size $4 bn) - Neuropsychiatric lupus (NPSLE) - Rheumatoid Arthritis / Juvenile Arthritis (Market size $28.5 bn by 2025) - Sjogren's Syndrome (Market size $2.2 bn by 2024) - Crohn's Disease + Ulcerative Colitis (Market size $4 bn by 2022) - Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) - Guillan-Barre disease - Multiple Sclerosis (MS) (Market size $20 bn by 2024) - Insulin Dependent Diabetes (Market size $43 bn by 2021) - Bullous Diseases (Market size $1.6 bn for Bullous Pemphigoid) - Mixed Connective Tissue Disease - Asthma - Scleroderma (Systemic Sclerosis, Raynaud) - Psoriasis
15/11/2017
11:59
hottingup: On the basis we assume Lupuzor passes Phase 3 in Q1 2018 then any valuation of Lupuzor / P140 must start as a minimum with the $3.6 billion paid in 2012 by GSK to acquire HGSi's 50% stake in lupus drug Benlysta - effectively valuing 100% of Benlysta at $7 billion - equating to an IMM share price around £40. To that $7 billion (£40) should then be added something for inflation during what in 2018 will then be the last 6 years since 2012; Lupuzor (I assume) being more efficaceous, having less or no side effects, being cheaper to produce and more comfortable to administer, than Benlysta; use in other multiple indications (including off label and on label) some of which have market sizes many times larger than for lupus; new patent granted to 2032 in key countries (USA, EU, China, India and Japan) covering Lupuzor and its use in the treatment of the majority of autoimmune diseases such as Sjogrens syndrome, rheumatoid arthritis, Crohn's, CIDP, Guillan-Barre disease (announced 27/9/2017); and a new patent recently filed (2017) to cover non-autoimmune indications. Consequently the value of Lupuzor in Q1 2018 should be much higher than $7 billion (potentially multiples) and the share price much higher than £40.
04/10/2017
06:07
wantonhearts: ("ImmuPharma" or the "Company") Completion of Lanstead Sharing Agreement ImmuPharma plc (LSE: IMM), the specialist drug discovery and development company, wishes to announce the completion of the Sharing Agreement entered into with Lanstead Capital L.P. ('Lanstead') in February 2016 ("Sharing Agreement"). As announced on 5 February 2016, Lanstead subscribed for £4.4 million of new ordinary shares in ImmuPharma, with both parties also entering into the Sharing Agreement. All 18 settlements of the Sharing Agreement have now been completed. Through both the subscription and Sharing Agreement, ImmuPharma has received a total of just over £5.0 million from Lanstead, with a net gain of £0.6 million more than originally subscribed. Tim McCarthy, Chairman of ImmuPharma, commented: "Lanstead has been an important supporter of ImmuPharma and we are delighted how effectively the Sharing Agreement has worked for both parties. We look forward to a continued supportive relationship with Lanstead as ImmuPharma seeks to create long term shareholder value within its asset portfolio and specifically our focus on hitting key milestones within our lead programme Lupuzor™, as we get nearer to reporting top-line Phase III results in Q1 2018." Nicholas Malins-Smith of Lanstead, commented: "We are delighted to have been able to be supportive in the progression of ImmuPharma's pivotal Phase III clinical trial of Lupuzor™. Through the Sharing Agreement with Lanstead, ImmuPharma has been able to benefit, through the increase in its share price, by securing additional funds over and above the original subscription amount. "Lanstead is pleased to remain a supportive shareholder of ImmuPharma and looks forward to the Company's further progress." This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
28/9/2017
14:39
waterloo01: This is the bit: THE SHARING AGREEMENT As part of the Subscription, the Company will enter into the Sharing Agreement, pursuant to which Immupharma will return an amount equal to 85 per cent. of the gross proceeds of the Subscription to Lanstead. The Sharing Agreement will enable the Company to share in any share price appreciation over the Benchmark Price (as defined below). However, if the Company's share price remains less than the Benchmark Price then the amount received by the Company under the Sharing Agreement will be less than the 85 per cent. of the gross proceeds of the Subscription which were pledged by the Company to Lanstead at the outset. The Sharing Agreement provides that the Company will receive 18 equal monthly settlement amounts as measured against a benchmark share price of 34.6667 pence per Ordinary Share (the "Benchmark Price"). The monthly settlement amounts for the Sharing Agreement are structured to commence two months following the admission to AIM of the Subscription Shares under the Sharing Agreement. If the measured share price (the "Measured Price"), calculated as the average volume weighted share price of the Company's Ordinary Shares over an agreed period prior to the monthly settlement date, exceeds the Benchmark Price, the Company will receive more than 100 per cent. of that monthly settlement due on a pro rata basis according to the excess of the Measured Price over the Benchmark Price. There is no upper limit placed on the additional proceeds receivable by the Company as part of the monthly settlements and the amount available in subsequent months is not affected. Should the Measured Price be below the Benchmark Price, the Company will receive less than 100 per cent. of the monthly settlement calculated on a pro rata basis and the Company will not be entitled to receive the shortfall at any later date. For example, if on a monthly settlement date the calculated Measured Price exceeds the Benchmark Price by 10 per cent., the settlement on that monthly settlement date will be 110 per cent. of the amount due from Lanstead on that date. If on the monthly settlement date the calculated Measured Price is below the Benchmark Price by 10 per cent., the settlement on the monthly settlement date will be 90 per cent. of the amount due on that date. Each settlement as so calculated will be in final settlement of Lanstead's obligation on that settlement date. Assuming the Measured Price equals the Benchmark Price on the date of each and every monthly settlement, Immupharma would receive aggregate proceeds of GBP4.43 million (before expenses) from the Subscription and Sharing Agreement, made up of the GBP0.66 million of the Subscription initially retained by the Company and 18 monthly settlements of approximately GBP0.21 million. The Company will pay Lanstead's legal costs incurred in the Subscription and in entering into the Sharing Agreement and, in addition, has agreed to issue to Lanstead 851,064 ordinary shares of 10 pence each in the Company (the "Value Payment Shares"). The issue of the 851,064 Value Payment Shares is, like the Subscription Shares, subject to approval at the General Meeting. In no event will fluctuations in the Company's share price result in any increase in the number of Subscription Shares issued by the Company or received by Lanstead. The Directors believe that a decline in the Company's share price would not result in any advantage accruing to Lanstead and the Sharing Agreement allows both Lanstead and the Company to benefit from future share price appreciation.
28/9/2017
12:44
carnivale: Luminoso and Flavio I take your points but acknowledging that punters perceive their modus operandi is a drag on the share price , does not mean that i agree with it or that they are right ... What is in their modus operandi that is bad or preventing people to buy ? i would argue the following Their modus operandi has saved IMM some funding cost (as the share price has risen above the ref price whilst securing IMM with funding at a time when there was not much demand Until we have proof of the contrary , they are still long of close to 7 MIL shares ...now that might scare a few people to think they need to hit the bid up to that amount , hence the reluctance of the share price to move ... But unless they have a standing order to sell the whole amount with brokers , ( in which case they would not need to report any breech of thresholds ) , they would need to report each 1% breach of threshold until they reached 3% , below which their duty to report any breach of threshold ceases ... The same goes for any institutional or individual shareholders ... if you have a Legal and General of this world suddenly selling some 1 mil of their 10 mil holding ( just an example) people would not fear forever their continued sale or blame L&G for a lacklustre share price performance ... Landstead should not be treated differently ...they are for all intents and purposes long of stock now, like any other shareholders ..their view or stance could change for a myriad of reasons , but they could well go into the results long of stock too ..... Anyway as Monty says , i do not worry about a few pence here or there as my belief is that (regardless of whether Landstead is the reson the share price has been slow to catch up or not) the 50 p levels will soon be but a distant memory
21/9/2017
17:45
top tips: hamila01, I regard Northlands (Vadim Alexander) research note figure as almost useless as a current share price valuation guide (which he has incidentally revised further upwards to the one you quote). It admits to being "conservative", for example, assuming Lupuzor sells for just $10k pa per patient. It is more akin to a current (2016) minimum level the share price should be last year rather than a target in my opinion. Even in 2012 Cenkos already had a 232p valuation on IMM. IMM's Tim McCarthy is openly quoting $20k pa for IMM's Lupuzor, while Benlysta with all its side effects and lower efficacy sells for $30k pa. I have also heard VA saying this year Lupuzor could sell for as much as $50k pa per patient! VA (4/7/2017) also recently said "HGSi's takeout price was $3.6 billion for 50% of the rights (to Benlysta) so we can assume roughly Benlysta was bought for $7 billion...and that's in 2012...so if we are looking at a drug (Lupuzor) that could be better, the price could be higher...a novel treatment for lupus could command that price...because it already has..." So Northlands VA is now also saying someone could pay at least $7 billion for Lupuzor, which equates to around £40 and not 171p. Now compare IMM with HGSi's share price and market capitalisations. In Mar 2009, HGSi shares (on 50% stake in Benlysta) were $0.45, becoming $3.23 (market cap $528m) early Jul 2009 just before PIII Benlysta results, $12.51 (market cap of $2 billion+) at close on results day late Jul 2009, and $34.49 ($6.46 billion market cap, as there was also some dilution) at peak in Apr 2010 = 76x return over 13 months from peak low to peak high. (Source: Poster 'sicilian_kan', L-S-E, 8/7/2017) So a multi billion market capitalisation is achievable.
07/7/2017
12:36
hottingup: My personal investment rationale is basically as follows: a) IMM’s lead drug Lupuzor (treating the serious condition Lupus) is currently in Phase 3 trials, with headline results expected March 2018. Granted a ‘SPA’ and ‘Fast Track’ status by the US FDA. b) Lupuzor is said by IMM and analysts to be a potential ‘blockbuster’, with estimates of sales just for treating Lupus ranging from $1 billion pa to $4 billion pa. c) Lupuzor may potentially be of use in other indications (some of which have potential for Orphan Drug status) including: Rheumatoid Arthritis / Juvenile Arthritis (Market size $16bn) Mixed Connective Tissue Disease Sjogren's Syndrome (Market size $0.5 bn) Multiple Sclerosis (Market size $14 bn) Insulin Dependent Diabetes (Market size $2 2bn) Crohn's Disease (Market size $3.5 bn) Bullous Pemphigoid (Target market size $1.6bn) Fibromyalgia, Muscular Dystrophy, Parkinson's, Asthma and Alzheimer’s. (An analyst note reportedly states they, "understand that a majority of Phase IIb patients showed resolution of the arthritis measure (four point score...)". d) The market for treating Lupus is currently served by GSK’s Benlysta, which is not particularly efficacious and has side effects. e) IMM’s published trial data for Lupuzor is said to indicate it may be more efficacious than Benlysta and without the side effects. Lupuzor could thus potentially replace Benlysta and widen the market. f) Revenues could be huge. Treating 50,000 patients for 1 year at US $20,000 each generates $1 billion revenue (and gross margins are said to be 95%). Treating 50,000 patients for 1 year at US $30,000 each generates $1.5 billion revenue g) In 2012 GSK took over HGS for $3.6 billion (to obtain their 50% stake in Benlysta) giving an implied Year 2012 100% valuation for Benlysta of approximately $7 billion ($7000,000,000), (plus approximately $200m for a couple of other drugs HGS had). h) $7 billion = £5.39 billion ($1 = £0.77 at 5/7/2017). i) The acquisition of Benlysta in 2012 by GSK gives an implied potential takeover price for IMM’s Lupuzor (assuming satisfactory Phase 3 results) of £5.39 billion (and the now old 2012 figures could potentially be revised upwards). j) IMM’s current market capitalisation = £72.56 million, at 54.75p (5/7/2017) k) IMM’s potential £5.39 billion market capitalisation in a takeover = 3972p (£39.72) i.e. 72.56 x the current share price of 54.75p l) IMM is fully funded to end 2018 (following a Placing in March 2017). m) Obviously a potential 70+ multiple from the current share price level would represent an excellent return for shareholders. Even half that (35 x multiple) would be superb. (This is just based on Lupuzor treating Lupus, without the other potential indications for Lupuzor or the rest of the pipeline). 4/7/2017 “HGS’s takeout price was $3.6 billion for 50% of the rights (to Benlysta) so we can assume roughly Benlysta was bought for $7 billion…and that’s in 2012…so if we are looking at a drug (Lupuzor) that could be better, the price could be higher…a novel treatment for lupus could command that price…because it already has…” 35 min 0 sec https://www.youtube.com/watch?v=CuybqexHauE 14/3/2017 "There's going to be a fantastic return on investment for anybody who invests in ImmuPharma...This (Lupuzor) is going to be a multi-billion dollar drug, its as simple as that...This will absolutely be a multi-billion dollar drug." 4 min 40 sec. https://www.youtube.com/watch?v=M5Af_uSSXTM N.B. No investment advice intended. Please do your own research.
28/6/2017
09:25
sicilian_kan: There are 3 options: 1. A licensing deal for Lupuzor (lupus only), in a global or regional form. 2. A licensing deal for P140 (all autoimmune indications). 3. A buyout of the company. I think option 1 to be the most unlikely. Pharma would be much more comfortable taking options 2 or 3 for two reasons. First, just having a lupus drug will interfere with their pipelines. If they want an autoimmune pipeline, taking on a Lupus only license will either create a conflict with an existing pipeline or a future conflict if they are trying to build one. Second, taking on P140 or the company gives multiple possible hits. This derisks the purchase and enables the acquirer to not take the corporate or professional hit if, contrary to expectation, the first indication is unsuccessful. I think that option 2 is more likely that option 3. A buyout limits the upside to Immupharma, which we know the board do not want - they have high expectations and values on Lupuzor - and maximises the upfront exposure and risk for the pharma co acquiring. It would not be cheap. We have Zimmer for example continuing to invest and buying >£700k of shares since the recent Phase 3 launch etc. The board know the value of Lupuzor and P140. Heck, even nobby is saying we are significantly undervalued at present. Unless a very large sum was paid, I cannot see a buyout being an option, unless of course the remainder of the pipeline is also of interest to the acquirer, e.g. diabetes etc. There remains a possibility, but I think option 2 to be more likely. So we are looking at a potential licensing deal P140. I don't doubt that a deal could be struck. The question as ever is the price. Up front and royalty % in particular being the most important. What we do know is that the board are keen on the pipeline and the potential for P140. We also know Zimmer likes to keep a large % holding in Immupharma. The last thing I think the board would want to risk Lupuzor missing its targets (however confident they are in the trial succeeding) because if Lupuzor fails the lupus trial, then how are they going to raise funds thereafter for e.g. RA? Particularly given the funding took a while to arrange for Lupuzor. Do they really want to risk losing everything (RA, Crohn's, diabetes, ophthalmic etc) when they clearly have great belief in the pipeline, all for a punt on Lupuzor, particularly when the rewards in RA are immense and dwarf the rewards for lupus, which are potentially blockbuster in themselves? In short, I think it would be foolhardy for the board to risk going it alone at this stage given the potential in other indications. Not only this, but we know the board want to negotiate a deal too. They have even stated in the very recent Annual Report that they are in negotiations: "The Company raised the funds [£4.1m in March 2017 - sk] in order to further strengthen the Company’s Statement of Financial Position as negotiations continue with potential partners for Lupuzor™ and to support further investment in ImmuPharma’s earlier stage portfolio." I'm hoping for something in the region of close to $100m up front with 17-20% royalties on Lupuzor with the remaining P140 indications potentially having 13-15% royalties. The up front fee is a drop in the ocean for even mid sized pharma, particularly if acquiring the majority of a late stage Phase 3 drug with imminent results and a potential autoimmune platform in RA etc. I'm sure a deal can be struck and it should be lucrative and transformative for the company and its share price. I think that what makes it likely and different to last time is the potential autoimmune platform. But as ever, this is out of our hands and it remains just a possibility. I may be wrong. That said, I am holding because I believe that this must surely be in everyone's best interests and because I think a deal can be done. I also believe the company is massively undervalued and that any deal will send the IMM shareprice into the relative stratosphere. First stop the broker target of 171p on a deal?
13/4/2017
09:30
jaknife: Why Lupus treatment is a potential game-changer Drug in development could have blockbuster potential for ImmuPharma Lupus was recently thrust into the spotlight after singer Selena Gomez cancelled her world tour to deal with the autoimmune chronic inflammatory disease, which currently has no cure. Drug developer ImmuPharma (IMM:AIM) has a pivotal year ahead as it undergoes its Phase III trial for its lead treatment Lupuzor to help treat lupus. The drug has been tipped to have blockbuster status. Management expects to provide incremental updates on the trial ahead of reporting top line results in the first quarter of 2018 as the final step before filing for marketing approval with the US Food and Drug Administration (FDA). WHAT IS LUPUS? The disease causes the body to make antibodies that attack healthy tissue. Typical symptoms include rashes, fatigue, joint pain and swelling, but it can be fatal as kidney failure can occur. Currently lupus is treated through low-dose steroids, immunosuppressants, antimalarials and high-dose steroids. HOW DOES IMMUPHARMA PLAN TO TREAT THE CONDITION? Lupuzor is a drug that works on the immune system of lupus patients by modifying the behaviour of certain key cells involved in the development of the disease. It is 100% owned by ImmuPharma. The drug suppresses the symptoms without any side effects recorded so far as the Phase IIb trial demonstrated significant efficiency and safety. The symptom-free nature of Lupuzor is achieved by not activating t-cells that can trigger auto antibody production. This is a typical response when new drugs are introduced into the body. It has also shown potential in treating other conditions such as rheumatoid arthritis, Crohn’s disease and asthma. WHAT IS THE COMPETITIVE LANDSCAPE? Over the past 50 years, there has only been one approved drug: Benlysta owned by GlaxoSmithKline (GSK). However, this is only marginally effective and carries significant side-effects. If ImmuPharma can get its treatment approved, it would not have much competition in what is essentially an area of unmet medical need. An estimated 5m people worldwide suffer from lupus. The FDA recognises the potential of Lupuzor as it has received fast-track designation, which means the review of the drug will be expedited. It has also been granted the gold standard special protocol assessment by the FDA. This means if ImmuPharma adheres to the same protocol as its Phase IIb study and delivers positive results, the federal agency will not request a further trial with different endpoints. It also means different outcomes will not have to be pursued in further trials, which should reduce costs. ‘BLOCKBUSTER POTENTIAL’ Northland Capital Partners analyst Vadim Alexandre believes the shares are grossly undervalued. He has a target price of 171p, which is more than three times ImmuPharma’s current share price of 50.7p. Vadim says: ‘The drug has been looked upon favourably by US regulators, which have deemed it a priority treatment. ‘Should the drug be approved, we estimate it could achieve multi-billion dollar annual sales.’ It is important to highlight that despite its side-effects, GSK’s Benlysta reached sales of over $400m in 2015 with annual sales predicted to hit $1bn by 2020. Lupuzor has demonstrated it is safer and more effective than Benlysta in its Phase IIb trial, and may benefit from higher uptake by lupus sufferers if it is approved. Management anticipates that Lupuzor will also be cheaper than its competitor, which is currently priced at around $30,000 annually per person. WHAT ARE THE COMMERCIALISATION PLANS? ImmuPharma plans to commercialise the drug through licensing deals with big pharmaceutical companies that need new drugs in their pipeline to keep delivering profit growth. The company will receive royalties on sales from its global licensees. Currently, management estimates a 95% gross margin. Either a partner or the company will work with the manufacturer to make Lupuzor on a large scale. Marketing costs are expected to be low as management will target rheumatologist clinics that specialise in treating lupus sufferers. ImmuPharma’s market for Lupuzor is initially the US and wider North American continent with potential to expand to Europe and Japan. These are important markets for ImmuPharma as approximately 1.5m people suffer from the most severe form of lupus known as Systemic Lupus Erythematosus in Europe, the US and Japan. The condition can involve various parts of the body and is more likely to affect certain ethnic groups and women. (LMJ) SHARES SAYS:  Although there are always risks in drug development, ImmuPharma looks attractive as Lupuzor has strong potential to treat a disease that currently has few effective treatment options.
30/12/2016
13:47
sicilian_kan: Happy New Year to all from me as well. And what a great way to start 2017... What is good to see is that IMM holders clearly know the value of their own shares and IMHO it is clearly far in excess of the current share price. The recent news has been important in a number of respects: 1. Tim has shown himself to be a very, very credible chairman. He hit his target for completion of patient recruitment by year end. He has also been shown to be correct in his decision to bring Lanstead on board, who have been very sensible in the management of their holding. In short, when Tim says something now, we will be very inclined to listen very carefully. 2. Now that patient recruitment has been completed, the clock is ticking and there is a known period of time to the end of the trial. If a deal is to be struck (licensing or distribution) before the trial, it must take place within that period. i.e. in 2017. In addition, having a set period of time before trial results will be attractive to some IIs. 3. As referred to in passing above, we have seen Lanstead being very shrewd managers of their shareholding, happy to hold long when appropriate. I am convinced that they will want to carry some shares through to trial results. In any event, we know that they will not be monthly sellers. Where then for the share price? Obviously it can go up and down. No one can with any certaintly predict even that let alone a price. What I expect this year (and possibly earlier in the year rather than later) is either a licensing deal or a distribution deal. I would be surprised to see IMM wanting to wait until after the trial results to start these negotiations as it will delay the marketing of Lupuzor and deny IMM the opportunity to bring in substantial amounts of cash derisking the company. Obviously a distribution deal brings the greater rewards in the long term, if Lupuzor passess its Phase 3 trials. However a licensing deal is very attractive. Doing a licensing deal would allow IMM to (a) bring in a massive amount of cash to the company and (b) allow IMM to develop the very promising pipeline. Imagine the share price boost if e.g. $100m of cash came into the company, derisking the company in terms of price and portfolio risk and allowing RA, cancer, diabetes etc. all to be pushed on, with the possibility too of bridging studies for RA etc. Would IMM with a Pharma partner, $100m of cash, a potential blockbuster Phase 3 drug months away from its first Phase 3 results and with an RA, cancer, diabetes etc. pipeline (with bridging studies possible) be valued anywhere near £60m? Although IMM has been undervalued for ages, hard cash will be guaranteed to re-adjust the markets. The 171p price target would be well within range, and may well be revised upwards depending upon the deal terms. Investing in IMM now gives one the opportunity to going along with this ride for the potential revaluation of shares, whilst maintaining the opportunity to take some off and have a free carry in the event of such a deal not happening. I see it as no surprise that the shareprice has started to rise upon the completion of patient recruitment and the Lanstead news. As ever, prices can go up and down, trials can not go according to plan etc. and DYOR. But I for one will not be selling at anywhere near these levels.
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