TIDMIMM
RNS Number : 7561G
Immupharma PLC
01 June 2017
1 JUNE 2017
ImmuPharma PLC
("ImmuPharma" or the "Company")
FINAL RESULTS ANNOUNCEMENT
for the twelve months ended 31 December 2016
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
2016 (the "Period").
Key Highlights (including post Period review)
-- Lupuzor(TM) : is the Company's lead program for the potential
breakthrough compound for lupus a potential life threatening
auto-immune disease
o Pivotal Phase III trial is progressing on track with
development partner Simbec-Orion
-- Total 11 sites active in US with 70 patients
-- Five European countries with 81 lupus patients taking part in
trial: Czech Republic, France, Germany, Hungary and Poland
-- One Mauritius site with 49 lupus patients included in
trial
o Most recent update on progress of Lupuzor(TM) trial announced
on 17 May 2017
o Top line results anticipated in Q1 2018
-- Prof Sylviane Muller, inventor of P140, held a number of key
symposiums hosted in London, 8-9 June 2016, where she presented on
the unique 'Mechanism of Action' of P140, the scientific name of
Lupuzor(TM) , also known by its chemical name 'Forigerimod'.
o Prof Muller provided further evidence of the role the P140
molecule can take in the potential treatment of other autoimmune
diseases, including those which have Orphan indications
-- Three successful, value accretive fundraisings - to support
Lupuzor(TM)'s Phase III trial and working capital requirements
o GBP8.4 million (gross) fundraising completed in February and
March 2016 at 26 pence per share
o GBP1 million (gross) in October 2016 associated with a GBP3.5
million Vendor Placing at 35 pence per share
o GBP4.1 million (gross) fundraising in March 2017 at 52 pence
per share
o All three fundraisings were supported by existing long term
shareholders together with the addition of new blue chip
institutions
o Advance assurance received from HMRC for VCT and EIS
qualifying status
-- Wider program developments
o A number of options are under review to further progress
ImmuPharma's cancer Nucant program, IPP-204106 following a Phase
I/IIa dose-finding adaptive study which showed that the maximum
tolerated dose was 9 mg/kg, the primary objective of the study
o Cancer Research, the prestigious medical journal of the
American Association for Cancer Research ("AACR"), has published a
fundamental scientific paper highlighting the unique mechanism of
action of IPP-204106 (announced 16 November 2016)
o ImmuPharma and CNRS have filed a series of new co-owned
patents controlling the Company's peptide platform technology
URELIX, with Type II diabetes and NASH
(Non-Alcoholic-Steato-Hepatitis) being the first therapeutic areas
to be targeted. This technology allows inter alia outstanding
properties in terms of duration of action.
-- Northland Capital Partners appointed as sole broker and
NOMAD
-- Stable financial performance over the Period, in line with
market expectations
o Net assets of GBP5.5 million (31 December 2015: GBP1.7
million).
o Loss for the period of GBP5.3 million (31 December 2015:
GBP3.9 million)
-- Research and development expenses of GBP5.3 million (31
December 2015: GBP3 million)
o Basic and diluted loss per share of 4.54p (31 December 2015:
4.40p)
-- Prof. Sylviane Muller - Finalist for the European Inventor
Award 2017: 'Invention' Category "Treating Lupus by Targeting
T-cells"
-- Forthcoming 'Investor' Event on 30 June 2017
o ImmuPharma will be hosting an Investor Presentation and
luncheon immediately following the Company's Annual General
Meeting, currently scheduled for Friday 30 June, in the City of
London. Further details will be disclosed when ImmuPharma's Report
and Accounts are posted to shareholders in the next week. Please
contact Lisa Baderoon at lisa.baderoon@immupharma.com if you would
like to attend this event.
Commenting on the statement and outlook Tim McCarthy, Chairman,
said:
"We have achieved a number of significant milestones during this
period including three successful and share price accretive fund
raisings.
"We are delighted by the continued progress of our Lupuzor(TM)
Phase III study having recently announced that all 200 patients
have passed the three month stage, 28 patients have passed the full
12 months of the study and over 80% of patients having had exposure
to Lupuzor(TM) for over six months, compared to our Phase IIb three
month study, whilst still maintaining an excellent safety profile.
We remain on track to report top line results in Q1 2018.
"The Board would like to thank its shareholders both
long-standing and new for their support, as well as its staff,
corporate and scientific advisors and the CNRS for their ongoing
collaboration."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. ("MAR")
-Ends-
For further information please contact:
+ 44 (0) 20 7152
ImmuPharma plc (www.immupharma.org) 4080
Tim McCarthy, Chairman
Lisa Baderoon, Head of Investor Relations
Twitter: @immupharma + 44 (0) 7721 413496
Northland Capital Partners Limited (Joint
Broker)
Patrick Claridge, David Hignell, Corporate
Finance +44 (0)20 3861
Rob Rees, Corporate Broking 6625
ImmuPharma plc
Chairman's Report
2016 was a year of significant progress for ImmuPharma. Our lead
program, Lupuzor(TM) , a potential breakthrough treatment for the
auto-immune disease lupus, saw the dosing of the first patients in
the US and Europe in the early part of the year. In December, we
announced, on track, completion of the full 200 patients being
recruited into the trial. During the year, we also successfully
completed two fund raising rounds, generating a total of GBP9.4
million before expenses. This was followed by a further successful
share placement completed in March 2017 that raised an additional
GBP4.1 million before expenses. The three fundraisings were all
supported by existing long term shareholders together with the
addition of new blue chip institutions onto our share register.
Lupuzor(TM) : progress through 2016
Following the finalisation of an agreement in 2015 to work
together, Simbec-Orion, an international clinical research
organisation, has been undertaking the crucial Phase III clinical
trial for Lupuzor(TM) . Simbec-Orion specialises in Rare &
Orphan conditions and has previous direct experience in lupus
trials. This is a pivotal study designed to demonstrate the safety
and efficacy of Lupuzor(TM) and is the last step prior to filing
for approval. In addition, following an approach from the
government of Mauritius, we have added a further site for the
Lupuzor(TM) Phase III clinical trial in Mauritius with the help of
CAP Research, a clinical research organisation.
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, perceived as the 'Gold
Standard' from the FDA. Under the SPA, the necessary number of
patients for the Phase III programme is much lower than other lupus
development candidates in previous clinical trials and underpins
the significant efficacy and safety profile shown by Lupuzor(TM) in
its clinical development program to date. Importantly, this means
that the total cost and time to completion of Phase III is
significantly reduced.
Lupuzor(TM) Phase III Trial
The Phase III trial is a double-blind, randomised,
placebo-controlled trial. The study involves patients being dosed
for one year, receiving 0.2mg once every month subcutaneously.
Significant progress was made toward completion of the trial. 293
patients were screened illustrating the demand from physicians for
a new, safe and effective treatment for lupus. Of these, the
required 200 patients have been successfully recruited and
randomised (dosed). Patients are participating in the trial in 7
countries across 28 sites.
In the United States the trial has been approved by a major
Central Institutional Review Board (IRB) which is allowing several
sites to participate through a single IRB. In Europe the study is
approved through the centralised Voluntary Harmonisation Procedure
(VHP). The EU VHP has confirmed that the study will take place in
Germany, France, Czech Republic, Hungary and Poland.
In September 2016, ImmuPharma announced that it had been
requested to open a new site in Mauritius. CAP Research, a leading
clinical research organisation in Mauritius, is leading the trial
and 49 patients have been recruited into the trial. Mauritius, with
a population of around 1.2 million, has a high proportion of lupus
patients, with approximately 300 currently diagnosed lupus
patients.
Top line data is expected during Q1 2018. Progress of the trial
can be seen at: www.clinicaltrials.gov (search term 'lupuzor').
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. GSK's Benlysta is the
first lupus drug approved in over 50 years and paves the path to
market for Lupuzor(TM) . Based on conservative estimates, and
taking into account that Benlysta is priced currently at
approximately US$30,000 per patient per year, Lupuzor(TM) would be
entering a market with the potential for multi-billion dollar
sales.
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.
There will be 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 sale 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
Forigerimod / P140 Autoimmune Platform - Lupuzor(TM)
Lupuzor(TM) , is also known by its chemical name 'Forigerimod'
or P140. ImmuPharma in conjunction with the CNRS are working hard
on expanding the P140 auto immune pipeline, as demonstrated by
Lupuzor(TM) 's strong efficacy and safety profile and by its
mechanism of action.
A new patent has been filed (co-owned with CNRS) to cover other
auto immune indications, outside of lupus, some of which have the
potential for Orphan Drug designation. Further preclinical work
continues with the objective of further indications moving into the
clinic in due course.
Nucant Platform
Our Cancer Nucant program, IPP-204106, is focused on combination
therapy approaches. We previously announced that the Phase I/IIa
dose-finding adaptive study where the Nucant was associated with
chondroitin sulphate, demonstrated that the maximum tolerated dose
was 9 mg/kg. This was the primary objective of the study.
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 concept has been validated in pre-clinical
studies, and a Phase II trial is being planned.
The Group has also been awarded grants to investigate its use in
age-related macular degeneration, diabetic retinopathy and other
ophthalmological indications.
In November 2016, we announced that Cancer Research, the
prestigious medical journal of the American Association for Cancer
Research ("AACR"), published a fundamental scientific paper
highlighting the unique mechanism of action of IPP-204106. The
publication was entitled "Nucleolin targeting impairs the
progression of pancreatic cancer and promotes the normalisation of
tumour vasculature" and was authored by a number of researchers
working within ImmuPharma on the Group's cancer program.
The key findings of the study for this compound (referred to in
the paper as N6L) were:
-- Nucleolin inhibition is a new anti-cancer therapeutic
strategy that has been shown to normalise tumour vasculature, have
a cytotoxic effect on its own, and to allow a selective targeting
of tumour cells.
-- As a result, it has the potential to improve dramatically the
delivery and efficacy of existing chemotherapeutic drugs such as
gemcitabine, and in particular, for difficult-to-treat tumours such
as pancreatic cancer and glioblastoma.
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 antagonists - 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
(Non-Alcoholic Steato Hepatitis) for which very few treatment
options exist. In 2014 and 2015, the Group received non-refundable
grant funding of approximately EUR600,000 to develop this
technology with application to peptides used to treat diabetes as
well as to peptides allowing the control of protein/protein
interactions (cancer).
GBP9.4 million Fund Raising and EIS/VCT Status:
In February/March 2016, we were delighted to complete a GBP8.4
million funding round before expenses. In October 2016, the Company
raised a total of GBP1 million before expenses by way of an issue
of 2,857,143 new ordinary shares of 10p each at a placing price of
35p per share. The total funds raised by the two placings was
GBP9.4 million before expenses. Please refer to the Financial
Review for further details. The funds raised are being used to
principally progress the pivotal Phase III trial for Lupuzor(TM) as
well as providing working capital requirements into 2018.
As part of the fundraising exercise, ImmuPharma also received
confirmation of advance assurance from HM Revenue and Customs that
it is a qualifying holding for the purposes of the Venture Capital
Trust rules ("VCT Advance Assurance") and a qualifying company for
the purposes of the Enterprise Investment Scheme ("EIS Advance
Assurance"). These assurances were important for attracting a
significant proportion of new shareholders.
Current Activities and Outlook
As a Board, we are excited by ImmuPharma's future potential.
ImmuPharma is focused on ensuring the successful development of the
late stage clinical development of Lupuzor(TM) through its pivotal
Phase III trial, and I look forward to providing shareholders with
further updates as the trial progresses. We are now also beginning
to have dialogue with a number of Lupus Patient Groups, both in the
UK and the USA, and we will increase our efforts within this
important and powerful community throughout this year and
beyond.
The key objective for the Group is the completion of the
treatment of the 200 lupus patients with top line results on track
to be announced during Q1 2018.
ImmuPharma will also progress its other earlier stage pipeline
candidates whilst exploring other opportunities around Lupuzor(TM)
's mechanism of action and its applicability through its P140
platform 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, corporate
and scientific advisors including Simbec-Orion and the CNRS for
their ongoing collaboration.
Tim McCarthy
Non-Executive Chairman
ImmuPharma plc
Financial Review
2016 was a year focused on strengthening ImmuPharma's financial
position and progressing our lead programme, Lupuzor(TM) , and its
pivotal Phase III trial. Two successful placings were completed in
2016; the first, completed in February/March 2016, was a GBP8.4
million placing and subscription before expenses, and the second
was completed in October 2016 raising a further GBP1 million before
expenses as part of a GBP3.5 million vendor placing for a total of
GBP9.4 million before expenses. In addition, in March 2017, we
completed a successful third funding round of GBP4.1 million before
expenses.
Income Statement
The overall loss for the year ended 31 December 2016 was GBP5.3
million, up from GBP3.9 million for the year ended 31 December
2015. The increase in overall loss was mainly attributable to
increased expenditure on the Group's Lupuzor(TM) program. Research
and development expenditure was up to GBP5.3 million from GBP2.9
million in 2015. Administrative expenses were down to GBP1.5
million from GBP1.6 million in the year ended 31 December 2015.
Finance income was GBP297,809 for 2016. This contrasts with finance
income of GBP15,843 for 2015 including a gain on foreign exchange
of GBP4,302. The main increase in finance income is due to a gain
in fair value on the derivative financial asset of GBP296,087.
Total comprehensive loss for the year was GBP5 million which was up
from GBP4 million in 2015.
Statement of Financial Position
Cash and cash equivalents at 31 December 2016 amounted to GBP1.9
million (2015: GBP0.8 million). Financial borrowings were GBP0.36
million (2015: GBP0.44 million). 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
February and March 2016, ImmuPharma successfully completed a share
placing and subscription, raising GBP8.4 million before expenses.
851,064 fee shares were also issued at nil proceeds. Two further
placings were completed. A GBP1 million placing before expenses was
completed in October 2016. As a subsequent event, the Company
completed a GBP4.1 million placing before expenses in March 2017.
Further details are presented below. In addition, a GBP50 million
equity finance facility remains available with Darwin Strategic
Limited.
Results
The Group recorded a loss for the year of GBP5.3 million (2015:
GBP3.9 million). Basic and diluted loss per share was 4.54p (2015:
4.40p). In accordance with the Group's loss making position no
dividend is proposed.
March 2016 GBP8.4 million Placing and Subscription
Between February and March of 2016 ImmuPharma successfully
secured GBP8.4 million before expenses by way of the Placing of
16,137,479 new ordinary shares of 10p each in the Company at the
Placing Price of 26p per share combined with a subscription of
17,021,277 Subscription Shares by Lanstead Capital ("Lanstead") at
the Issue Price of 26p per share. The Subscription was completed
pursuant to a related Sharing Agreement with Lanstead, the terms of
which were provided in a Circular to shareholders in February 2016
and which can be viewed on the Company's website
(www.immupharma.org/aim-rule-26/circulars). The terms of the
Placing and Subscription were approved by shareholders at a General
Meeting on 22 February 2016. The net proceeds of the Placing and
Subscription received by the Company are being used to fund the
pivotal Phase III clinical trial of Lupuzor(TM) , the Company's
lead programme for the potential breakthrough compound for lupus.
Simbec-Orion, a full service international Clinical Research
Organisation ("CRO") specialising in rare and orphan conditions and
which has previous direct experience of lupus trials, is conducting
the trial.
VCT & EIS Assurance
As part of the fundraising exercise, ImmuPharma also received
confirmation of advance assurance from HM Revenue and Customs that
it is a qualifying holding for the purposes of the Venture Capital
Trust rules ("VCT Advance Assurance") and a qualifying company for
the purposes of the Enterprise Investment Scheme ("EIS Advance
Assurance"). These assurances were important for attracting a
significant proportion of new shareholders into the recent
fundraising.
Lanstead Subscription and Sharing Agreements
As part of the placement completed in February 2016, the Company
issued 17,021,277 new Ordinary Shares to Lanstead Capital L.P.
("Lanstead") at a price of 26p per Ordinary Share for an aggregate
subscription price of GBP4,425,532 before expenses. A portion of
the Subscription proceeds (GBP663,830) were retained by ImmuPharma
and the remainder (GBP3,761,702) was pledged under a Sharing
Agreement under which Lanstead made and will continue to make,
subject to the terms and conditions of that Sharing Agreement,
monthly settlements to the Company that are subject to adjustment
upwards or downwards depending on the Company's share price
performance.
ImmuPharma received seven monthly settlements during 2016. As
part of a separate agreement between the Company and Lanstead
concluded at the time of the Vendor Placing (see description
below), the settlement received in October 2016 included an
acceleration of the next six monthly settlements. In effect, seven
monthly settlements were rolled into the October 2016 amount.
Monthly settlements, under the Sharing Agreement will continue in
May 2017 and complete in September 2017. Finance gain or loss is
calculated on the difference between the monthly settlements
received versus the benchmark monthly amount specified in the terms
of the Sharing Agreement.
At the end of the accounting period, the amount receivable is
restated to fair value based upon a discounted cash flow
calculation using a 10% cost of capital.
October 2016 GBP1 million Vendor Placing and New Share
Placing
On 21 October 2016, the Company placed 7,100,000 existing
ordinary shares of 10p each held by Lanstead Capital with new and
existing institutional investors by way of a Vendor Placing and
raised a total of GBP1 million before expenses by way of an issue
of 2,857,143 new ordinary shares of 10p each, which are EIS and VCT
qualifying. Both the Vendor Placing and the New Share Placing were
executed at 35p. The Company undertook this Vendor Placing and New
Share Placing to satisfy new institutional demand and to broaden
its share register. It also strengthens ImmuPharma's financial
position to support its general working capital requirements. The
placees included Dr Robert Zimmer, ImmuPharma's President and Chief
Scientific Officer, who subscribed for 1,057,143 shares on top of
the 1,230,769 shares he subscribed for earlier in the year as part
of the February/March 2016 placing. These details are included in
the table below summarising Directors Dealings during the
period.
March 2017 GBP4.1 million New Share Placing: Post Period
On 10 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. 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.
Total Voting Rights
Following the admission of the shares placed in the above 2016
placings to trading on AIM, the Company has a total of 124,638,362
ordinary shares in issue at 31 December 2016 with each share
carrying the right of one vote. Following the post period placing
completed in March 2017, the Company has 132,522,985 ordinary
shares in issue with each share carrying the right of one vote.
Directors' Dealings
All the Directors of the Company participated in the
February/March 2016 Placing and Dr Robert Zimmer further
participated in the October 2016 placing. The table below
summarises the Directors' holdings as at 31 May 2017.
Director Number of Ordinary % of Share
Shares held post Capital
subscription at 31
May 2017
Robert Zimmer 25,344,514 19.12%
-------------------- -----------
Tim McCarthy 38,462 0.03%
-------------------- -----------
Dimitri Dimitriou 3,567,430 2.69%
-------------------- -----------
Franco Di Muzio 99,412 0.08%
-------------------- -----------
Stephane Mery 21,490 0.02%
-------------------- -----------
The Directors together hold 29,071,308 Ordinary Shares,
representing 21.94 per cent of the Enlarged Share Capital.
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
pivotal Phase III Lupuzor(TM) trial through to top line results
expected by the first quarter of 2018 and the progression of its
other earlier stage pipeline candidates where cash reserves
permit.
Tracy Weimar
Vice President, Operations and Finance
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 DECEMBER 2016
Notes Year ended Year ended
31 December 31 December
2016 2015
GBP GBP
Continuing operations
Revenue 164,784 76,407
Research and development
expenses (5,267,087) (2,993,717)
Administrative expenses (1,486,858) (1,645,799)
Operating loss (6,589,161) (4,563,109)
Finance costs (23,085) (1,208)
Finance income 297,809 15,843
Loss before taxation (6,314,437) (4,548,474)
Tax 990,421 650,977
Loss for the year (5,324,016) (3,897,497)
Attributable to:
Equity holders of the parent
company (5,324,016) (3,897,497)
Loss per ordinary share
Basic 2 (4.54p) (4.40p)
Diluted 2 (4.54p) (4.40p)
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2016
Year ended Year ended
31 December 31 December
2016 2015
GBP GBP
Loss for the financial year (5,324,016) (3,897,497)
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation
of foreign operations 317,177 (117,478)
Other comprehensive income/(loss)
for the year, net of tax 317,177 (117,478)
Total comprehensive loss for the
year (5,006,839) (4,014,975)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2016
31 December 31 December
2016 2015
Notes GBP GBP
Non-current assets
Intangible assets 511,088 522,462
Property, plant and equipment 231,901 280,127
Total non-current assets 742,989 802,589
Current assets
Trade and other receivables 2,535,265 1,577,091
Derivative financial asset 1,554,866 -
Cash and cash equivalents 1,876,718 833,388
Total current assets 5,966,849 2,410,479
Current liabilities
Financial liabilities - borrowings 143,109 163,070
Trade and other payables 786,191 1,078,640
Provisions 15,050 -
Total current liabilities 944,350 1,241,710
Net current assets 5,022,499 1,168,769
Non-current liabilities
Financial liabilities - borrowings 219,445 280,951
Net assets 5,546,043 1,690,407
EQUITY
Ordinary shares 12,463,836 8,862,246
Share premium 15,678,054 10,490,920
Merger reserve 106,148 106,148
Other reserves (3,373,745) (3,764,673)
Retained earnings (19,328,250) (14,004,234)
Total equity 5,546,043 1,690,407
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2016
Other
Other Other reserves-
Merger reserves reserves - Equity Retained
reserve - Translation shares earnings
Share Share Acquisition reserve to be Total
capital premium reserve issued equity
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2015 8,862,246 10,490,920 106,148 (3,541,203) (1,809,372) 1,703,380 (10,106,737) 5,705,382
Loss for the
financial
year - - - - - - (3,897,497) (3,897,497)
Exchange
differences
on
translation
of foreign
operations - - - - (117,478) - - (117,478)
----------- ----------- --------- ------------- ------------- ---------- ------------- ------------
At 31
December
2015 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
operations - - - - 317,177 - - 317,177
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
Attributable
to:-
Equity
holders of
the parent
company 12,463,836 15,678,054 106,148 (3,541,203) (1,609,673) 1,777,131 (19,328,250) 5,546,043
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2016
Notes Year ended Year ended
31 December 31 December
2016 2015
GBP GBP
Cash flows from operating
activities
Cash used in operations 3 (7,191,318) (4,582,411)
Tax received 707,135 435,261
Interest paid (1,917) (1,208)
Net cash used in operating activities (6,486,100) (4,148,358)
Investing activities
Purchase of property, plant
and equipment (4,731) (20,761)
Interest received 1,722 11,541
Net cash used in investing activities (3,009) (9,220)
Financing activities
(Decrease)/increase in bank
overdraft (1,091) 879
Loan repayments (143,482) (333,135)
Loan received - 22,130
Settlements from Sharing Agreement 2,690,451 -
Gross proceeds from issue 9,400,000 -
of new share capital
Share capital issue costs (611,276) -
Funds deferred per Sharing (3,949,230) -
Agreement
Net cash generated from/(used
in) financing activities 7,385,372 (310,126)
Net increase/(decrease) in cash
and cash equivalents 896,263 (4,467,704)
Cash and cash equivalents
at beginning of year 833,388 5,424,033
Effects of exchange rates on
cash and cash equivalents 147,067 (122,941)
Cash and cash equivalents
at end of year 1,876,718 833,388
ImmuPharma plc
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 2016 or 31 December 2015.
The financial information has been extracted from the statutory
accounts for the years ended 31 December 2016 and 31 December
2015. 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 2016 and 31 December
2015 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
2015 have been delivered to the Registrar of Companies,
whereas those for the year ended 31 December 2016 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 2016 and the statutory accounts for the year
ended 31 December 2015, which have been prepared in accordance
with International Financial Reporting Standards ("IFRS").
The financial information is for the year ended 31 December
2016 and the comparatives are for the year ended 31 December
2015.
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 ended
- Group 31 December 31 December
2016 2015
GBP GBP
Loss
Loss for the purposes of basic loss
per share being net loss after tax
attributable to equity shareholders (5,324,016) (3,897,497)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 117,340,467 88,622,463
Basic loss per share (4.54)p (4.40)p
Diluted loss per share (4.54)p (4.40)p
The Group has granted share options in respect of equity
shares to be issued, the details of which are disclosed
in note 20 of the full set of accounts.
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
2016 2015
GBP GBP
Operating loss (6,589,161) (4,563,109)
Depreciation and
amortisation 121,337 121,748
Share-based payments 73,751 -
(Increase)/decrease
in trade and other
receivables (387,713) (674,440)
(Decrease)/increase
in trade and other
payables (403,414) 552,556
Increase/(decrease)
in provisions 15,050 (23,468)
Gain/(loss) on foreign
exchange (21,168) 4,302
Cash used in operations (7,191,318) (4,582,411)
4 SUBSEQUENT EVENTS
On 10 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 have participated
in the New Share Placing. The Company has 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. Following the Admission
of the shares placed, the Company has a total of 132,522,985
ordinary shares in issue with each share carrying the right
of one vote.
In March 2017, the Company announced the implementation
of a new long term incentive plan to replace the previous
Company Stock Option Plan that expired in 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KMGFKKMZGNZM
(END) Dow Jones Newswires
June 01, 2017 02:00 ET (06:00 GMT)
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