TIDMIMM
RNS Number : 2484L
Immupharma PLC
30 September 2016
FOR IMMEDIATE RELEASE 30 SEPTEMBER 2016
ImmuPharma PLC
("ImmuPharma" or the "Company")
INTERIM RESULTS ANNOUNCEMENT
for the six months ended 30 June 2016
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 2016
(the "Period").
Key Highlights (including post Period review)
-- Lupuzor(TM) : is the Company's lead programme 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 now active in US
-- Five European countries now recruiting Lupus patients in
Czech Republic, France, Germany, Hungary and Poland
-- Two final European countries, UK and Italy, to open within
the next few weeks
-- New Mauritius site opened and over 10 Lupus patients
pre-screened prior to dosing
-- Prof. Sylviane Muller, inventor of Lupuzor, held a number of
key symposiums hosted in London, 8-9 June 2016, where she presented
on the unique 'Mechanism of Action' of Lupuzor(TM), also known by
its chemical name 'Forigerimod' or 'P140'.
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 are Orphan indications
o A new patent has been filed outside of Lupus in conjunction
with the Centre National de la Recherché Scientifique ("CNRS"), its
collaboration partner
-- GBP8.4 million fundraising completed in February and March 2016
o The Company successfully raised GBP8.4 million (gross) to fund
the pivotal Phase III Lupuzor(TM) trial and to support the
Company's working capital requirements
o New and existing shareholders participated in the fundraising,
including all of the Directors, Simbec-Orion, Aviva, Alto Invest
and Lanstead Capital
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 ImmuPharma and CNRS have filed a new co-owned patent
controlling the Company's peptide platform technology, with Type II
diabetes being the first therapeutic area to be targeted.
o An additional patent has been filed by ImmuPharma to protect
certain peptides (GLP1 analogues) demonstrating outstanding
properties in terms of duration of action.
-- Northland Capital Partners appointed as joint broker
-- Stable financial performance over the Period, in line with market expectations
o Net assets of GBP6.2 million (31 December 2015 GBP1.7
million).
o Loss for the period of GBP3.7m (H1 2015: GBP1.5m)
-- Research and Development expenses of GBP2.5 million (H1 2015:
GBP0.9 million)
o Basic and diluted loss per share of 3.35p (H1 2015: 1.74p)
Commenting on the Interims and outlook Tim McCarthy, Chairman,
said:
"Successfully raising GBP8.4 million and commencing our pivotal
Phase III Lupuzor(TM) trial are two significant milestones for
ImmuPharma over the first half of 2016.
"We are delighted by the continued progress of our Lupuzor(TM)
Phase III trial having recently announced that the US now has 11
sites active and five countries across Europe are currently
recruiting Lupus patients with two further countries including the
UK to open in the near future. The opening of a new additional site
in Mauritius clearly illustrates the positive profile Lupuzor(TM)
is gaining within key cross sections of Lupus patient groups and
within the specialist rheumatologist community.
"We remain confident of reaching our key milestone of recruiting
the full 200 patients in 2016 with top line results in 2017 and
look forward to providing further positive updates on this
Lupuzor(TM) Phase III study as it progresses throughout the end of
this year and 2017.
"The Board would like to thank its shareholders for their
support, as well as its staff, corporate and scientific advisors
and the CNRS for their continued collaboration."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. ("MAR")
For further information please contact:
+ 44 (0) 20 7152
ImmuPharma plc 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
Panmure, Gordon & Co., NOMAD
& Broker +44 (0) 20 7886 2500
Freddy Crossley, Duncan Monteith,
Corporate Finance
Charles Leigh-Pemberton,
Corporate Broking
Northland Capital Partners
Limited, Joint Broker +44 (0) 20 3861 6625
Patrick Claridge, David Hignell,
Corporate Finance
Rob Rees, Corporate Broking
CHAIRMAN'S STATEMENT
The first half of 2016 was dedicated to the progress of our lead
programme, Lupuzor(TM) (a breakthrough treatment for the
auto-immune disease Lupus), as it commenced its pivotal Phase III
trial and the dosing of Lupus patients in the US and across Europe.
This was combined with the strengthening of our financial position
by completing a successful placing and subscription raising GBP8.4
million before expenses in February and March.
To focus initially on the fundraising it was a sign of
widespread support that as part of the completion of the GBP8.4
million funding round key participators included:
-- All of the Directors
-- Simbec-Orion, our development partner
-- Aviva, our longstanding major institutional investor
-- New institutions including Alto Invest, a specialist Healthcare fund, and Lanstead Capital
-- Longstanding private client shareholders
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 and a qualifying company for the purposes of the
Enterprise Investment Scheme. These assurances were important for
attracting a significant proportion of new shareholders into the
recent fundraising.
Lupuzor(TM) Phase III Trial - Progress through H1 2016
As background to the study, we stated that recruitment would
occur in up to 45 investigator sites, 10 sites in United States and
35 in Europe, to ensure the screening of 270 potential patients, in
order to recruit the required 200 patients for the trial. The Phase
III trial is a double-blind, randomised, placebo-controlled trial.
The study will involve patients dosing for one year, receiving
0.2mg once every month subcutaneously.
Current Status
We can now confirm that we have 11 sites opened in the US. In
Europe we have sites open in five countries - France, Hungary,
Poland, Czech Republic and Germany. A further two countries, UK and
Italy, will open in the next few weeks. Further details on the
trial and updates on recruitment can be seen at:
www.ClinicalTrials.gov.
New Site in Mauritius: post review period
On 7 September we announced the opening of a new site in
Mauritius. This was a new country allocation due to the request
from the Mauritian Government based on the high incidence of Lupus
sufferers, approximately 3000, in this region. We have indicated
that around 30 Lupus patients will be included in the current
Lupuzor Phase III trial.
Lupuzor(TM) Symposium
In June, ImmuPharma organised a number of presentations attended
by investors, sell side analysts and media, hosted by Prof. Muller,
the inventor of Lupuzor(TM) in which she presented on the unique
'Mechanism of Action' of Lupuzor(TM), also known by its chemical
name 'Forigerimod' or 'P140' and provided further evidence of the
role the P140 molecule can take in the potential treatment of other
autoimmune diseases. A video of the presentation is available to
view on the Company's website on:
http://www.immupharma.org/events/2016.
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% of
patients not adequately treated. GSK's Benlysta is the first Lupus
drug approved in many 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 $35,000
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 be: a global licensing deal; ImmuPharma partnering with
regional distributors, or an outright sale of Lupuzor(TM) or the
Company. The prime objective of any strategy would be to maximise
shareholder return.
Pipeline Overview
Forigerimod / P140 Auto-Immune Platform
Lupuzor(TM), is also known by its chemical name 'Forigerimod' or
P140.
ImmuPharma, in conjunction with the CNRS, is working hard on
expanding the P140 auto immune pipeline, which is supported 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
autoimmune 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
The Company's Cancer Nucant program, IPP-204106, is focused on
combination therapy approaches. 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,
which 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 develop the Nucants in combination
with cytotoxic drugs linked to a solid support. The concept has
been validated in pre-clinical studies.
The Group has also been awarded grants to investigate its use in
age-related macular degeneration, diabetic retinopathy and other
ophthalmological indications.
Peptide Platform
ImmuPharma's subsidiary 'Ureka' has initiated the development of
a novel and innovative peptide technology platform through the
Company's 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 new
co-owned patent 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. ImmuPharma has
received non-refundable grants of approximately EUR600,000 to
develop this technology with application to peptides used to treat
diabetes as well as to peptides which allow the control of
protein/protein interactions (cancer).
Financial Review
ImmuPharma's cash balance at 30 June 2016 was GBP0.66 million
(GBP0.83 million at 31 December 2015, GBP3.3 million at 30 June
2015). Further to the Lanstead sharing agreement entered into in
February, the Company also has GBP3.1 million as a derivative
financial asset. The sharing agreement with Lanstead includes the
provision for 18 monthly tranches of proceeds from the derivative
financial asset depending on the share price performance versus an
agreed benchmark price, with 15 tranches outstanding at the 30 June
2016. The Company also has an asset in respect of a prepayment of
GBP1.75 million of advanced fees to Simbec-Orion at 30 June 2016.
Basic and diluted loss per share were 3.35p and 3.35p respectively
(30 June 2015: 1.74p and 1.74p). In line with the Company's current
policy, no interim dividend is proposed.
Operating loss for the period was GBP3.2 million (GBP1.5 million
for the six months ended 30 June 2015). Research and development
expenditure in the period was GBP2.5 million (GBP0.87 million for
the six months ended 30 June 2015) reflecting primarily the
significantly increased expenditure related to the Lupuzor(TM)
Phase III clinical trial. Administrative expenses were GBP733,893
during the Period (GBP677,111 for the six months ended 30 June
2015). Consistent with the reclassification of expenses between
research and development and administration undertaken for the
accounts for the year ended 31 December 2015, the expenses for the
6 months ended 30 June 2015 have also been reclassified to aid
comparability.
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 trial expenditure in addition to
maintaining the infrastructure of the Group.
Current Activities and Outlook
The Board continues to be excited by ImmuPharma's potential. We
are focused on the late stage clinical development of Lupuzor(TM)
through its pivotal Phase III trial through to its results, which
we are confident of announcing in respect of the top-line data by
the end of 2017, and to communicate on a regular basis with
shareholders as this 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.
ImmuPharma will also progress its other earlier stage pipeline
candidates whilst exploring other opportunities around Lupuzor(TM)
's mechanism of action and its applicability to other autoimmune
conditions.
The Board would like to thank its shareholders, both
longstanding and those who participated in the recent fundraising,
for their support as well as its staff, corporate and scientific
advisers including Simbec-Orion and the CNRS for their continued
collaboration.
Tim McCarthy
Chairman
29 September 2016
Independent Review Report to ImmuPharma plc
Introduction
We have been engaged by ImmuPharma plc ("the Company") to review
the condensed set of consolidated financial statements in the
interim report for the six months ended 30 June 2016 which
comprises the Consolidated Income Statement, the Consolidated
Statement of Comprehensive Income, the Consolidated Statement of
Financial Position, the Consolidated Statement of Changes in
Equity, the Consolidated Statement of Cashflows, and the related
notes 1 to 5.
We have read the other information contained in the interim
report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial
information in the condensed set of financial statements.
This report is made solely to the Company in accordance with the
terms of our engagement to assist the Company in meeting the
requirements of AIM Rule 18. Our review has been undertaken so that
we might state to the Company those matters we are required to
state to it in this report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company for our review work, for this
report or for the conclusions we have reached.
Directors' responsibilities
The interim report is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the interim report in accordance with AIM Rule 18.
As disclosed in note 1, the annual financial statements of the
Group are prepared in accordance with IFRS as adopted by the
European Union. It is the responsibility of the directors to ensure
that the condensed set of financial statements included in this
interim report have been prepared on a basis consistent with that
which will be adopted in the Group's annual financial
statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the interim report
based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures.
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK and
Ireland) and consequently does not enable us to obtain assurance
that we would become aware of all significant matters that might be
identified in an audit. Accordingly we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the interim report for the six months ended 30 June 2016 is not
prepared, in all material respects, in accordance with the
requirements of the AIM rules.
25 Moorgate
London
Nexia Smith & Williamson EC2R 6AY
Statutory Auditor
Chartered Accountants 29 September 2016
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIODED 30 JUNE 2016
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Continuing operations
Revenue 2,924 76,407 13,559
Research and development
expenses (2,508,578) (2,993,717) (873,722)
Administrative expenses (733,893) (1,645,799) (677,111)
Operating loss (3,239,547) (4,563,109) (1,537,274)
Finance costs (501,671) (1,208) (7,172)
Finance income 362 15,843 3,179
Loss before taxation (3,740,856) (4,548,474) (1,541,267)
Tax (362) 650,977 -
Loss for the period (3,741,218) (3,897,497) (1,541,267)
Attributable to:
Equity holders of
the parent company (3,741,218) (3,897,497) (1,541,267)
Loss per ordinary
share
Basic 2 (3.35)p (4.40)p (1.74)p
Diluted 2 (3.35)p (4.40)p (1.74)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2016
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Loss for the financial
period (3,741,218) (3,897,497) (1,541,267)
Other comprehensive
income
Items that may be reclassified
subsequently to profit
or loss:
Exchange differences
on translation of foreign
operations 224,692 (117,478) (180,262)
Total items that may
be reclassified subsequently
to profit or loss 224,692 (117,478) (180,262)
Other comprehensive
loss for the period 224,692 (117,478) (180,262)
Total comprehensive
loss for the period (3,516,526) (4,014,975) (1,721,529)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
Note Unaudited Audited Unaudited
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Non-current assets
Intangible assets 522,668 522,462 530,354
Property, plant and
equipment 269,435 280,127 304,590
Derivative financial
asset 4 587,054 - -
Total non-current
assets 1,379,157 802,589 834,944
Current assets
Trade and other receivables 2,724,631 1,577,091 720,547
Derivative financial
asset 4 2,556,565 - -
Cash and cash equivalents 661,009 833,388 3,294,819
Total current assets 5,942,205 2,410,479 4,015,366
Current liabilities
Financial liabilities
- borrowings 134,435 163,070 295,634
Trade and other payables 767,163 1,078,640 243,464
Provisions - - 9,663
Total current liabilities 901,598 1,241,710 548,761
Net current assets 5,040,607 1,168,769 3,466,605
Non-current liabilities
Financial liabilities
- borrowings 263,664 280,951 317,696
Net assets 6,156,100 1,690,407 3,983,853
EQUITY
Ordinary shares 12,178,122 8,862,246 8,862,246
Share premium 15,148,894 10,490,920 10,490,920
Merger reserve 106,148 106,148 106,148
Other reserves (3,531,612) (3,764,673) (3,827,457)
Retained earnings (17,745,452) (14,004,234) (11,648,004)
Total equity 6,156,100 1,690,407 3,983,853
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2016
Other Other Other
Merger reserves - reserves reserves Retained
reserve Acquisition - - Earnings
reserve Translation Equity
Reserve shares
Share Share to be Total
capital premium 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
period - - - - - - (1,541,267) (1,541,267)
Exchange
differences
on
translation
of foreign
operations - - - - (180,262) - - (180,262)
At 30 June
2015 8,862,246 10,490,920 106,148 (3,541,203) (1,989,634) 1,703,380 (11,648,004) 3,983,853
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 & 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
period - - - - - - (3,741,218) (3,741,218)
Exchange
differences
on
translation
of foreign
operations - - - - 224,692 - - 224,692
New issue of
equity
capital 3,315,876 5,305,401 - - - - - 8,621,277
Costs of new
issue
of equity
capital - (647,427) - - - - - (647,427)
Share based
payments - - - - - 8,369 - 8,369
At 30 June
2016 12,178,122 15,148,894 106,148 (3,541,203) (1,702,158) 1,711,749 (17,745,452) 6,156,100
Attributable
to:-
Equity
holders
of the
parent
company 12,178,122 15,148,894 106,148 (3,541,203) (1,702,158) 1,711,749 (17,745,452) 6,156,100
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2016
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Cash flows from
operating activities
Cash used in operations 3 (4,484,973) (4,582,411) (2,329,728)
Tax 5,944 435,261 521,147
Interest paid (496) (1,208) (189)
Net cash used in
operating activities (4,479,525) (4,148,358) (1,808,770)
Investing activities
Purchase of property,
plant and equipment (3,404) (20,761) (12,838)
Interest received 362 11,541 3,179
Net cash used in
investing activities (3,042) (9,220) (9,659)
Financing activities
(Decrease)/increase
in bank overdraft (1,199) 879 (327)
Loan received - 22,130 21,180
Loan repayments (93,579) (333,135) (273,016)
Net proceeds from issue 4,024,620 -
of new equity capital -
Derivative repayments 309,650 -
received -
Net cash generated
from /(used in) financing
activities 4,239,492 (310,126) (252,163)
Net decrease in cash
and cash equivalents (243,075) (4,467,704) (2,070,592)
Cash and cash equivalents
at start of period 833,388 5,424,033 5,424,033
Effects of exchange
rates on cash and
cash equivalents 70,696 (122,941) (58,622)
Cash and cash equivalents
at end of period 661,009 833,388 3,294,819
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE
2016
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 that the Directors expect to be adopted by the
European Union and applicable as at 31 December 2016. 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 2015 with the addition of the following accounting policy
which has been adopted in respect of the derivative financial
asset:-
Valuation of Derivative Financial Asset
The Company has placed shares with Lanstead Capital LP and at
the same time entered into a sharing agreement. The amount
receivable each month, over an 18 month period will be dependent on
the Company's share price performance. At each period end the
amount receivable is restated to fair value. Any change in the fair
value of the derivative financial asset is reflected in the income
statement within finance costs.
Research and Development
Research and development expenses consist of costs directly
attributable to pharmaceutical research and development activities,
including administrative costs directly attributable to these
activities. During the year ended 31 December 2015, the Group
reviewed the classification of certain items of expenditure to
ensure that they had been classified in accordance with this
policy. The 6 months ended 30 June 2015 expenditure analysis has
been restated in order to present it on a consistent basis with
that applied in the year ended 31 December 2015.
Non-Statutory accounts
The financial information set out in this interim report does
not constitute the Group's statutory accounts. The statutory
accounts for the year ended 31 December 2015 have been delivered to
the 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 2016 and 30 June 2015 is
unaudited.
Copies of this statement will be available on the Company's
website - www.immupharma.com.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE
2016
(continued)
2 LOSS PER SHARE
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Loss
Loss for the purposes
of basic and diluted
loss per share being
net loss attributable
to equity shareholders (3,741,218) (3,897,497) (1,541,267)
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic
loss per share 111,578,525 88,622,463 88,622,463
Basic loss per share (3.35)p (4.40)p (1.74)p
Diluted loss per share (3.35)p (4.40)p (1.74)p
There is no difference between basic loss per share and diluted
loss per share as the share options and warrants are
anti-dilutive.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE
2016
(continued)
3 CASH USED IN OPERATIONS
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2016 2015 2015
GBP GBP GBP
Operating loss (3,239,547) (4,563,109) (1,537,274)
Depreciation & amortisation 59,058 121,748 62,521
Share based payments 8,369 - -
Increase in trade &
other receivables (915,358) (674,440) (484,482)
(Decrease)/increase
in trade & other payables (392,281) 552,556 (349,705)
Decrease in provisions - (23,468) (13,805)
(Gain)/loss on
foreign exchange (5,214) 4,302 (6,983)
Cash used in
operations (4,484,973) (4,582,411) (2,329,728)
4 DERIVATIVE FINANCIAL ASSET
In February 2016, as part of a placing that
raised, in aggregate, GBP8.4 million (before
expenses) from new and existing shareholders,
the Company issued 17,021,277 new ordinary
shares to Lanstead Capital LP at a price of
26p per share for GBP4.4 million. All of the
shares were allotted to Lanstead with full
voting rights at that date. The Company simultaneously
entered into a sharing agreement with Lanstead
with a reference price of 34.6667p per share.
The sharing agreement is for an 18 month period.
The actual consideration is variable depending
upon the Company's share price. The agreement
is treated as a derivative financial asset
and valued at fair value through the income
statement with reference to the Company's
share price.
Of the subscription proceeds of GBP4.4 million
received from Lanstead, GBP3.76 million (85%)
was invested by the Company in the sharing
agreement and will be received in monthly
instalments over the life of the agreement.
The remaining GBP663,820 (15%) was available
for immediate working capital purposes.
The Company also issued, in aggregate, a further
851,064 new ordinary shares to Lanstead as
a value payment in connection with the agreement.
At the end of the accounting period the amount
receivable is restated to fair value based
upon the share price of the Company at that
date. Any change in the fair value of the
derivative financial asset is reflected in
the income statement.
5 SUBSEQUENT EVENTS
There were no events subsequent to 30 June
2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLMATMBMTBLF
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
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