TIDMIMM
RNS Number : 8856R
Immupharma PLC
27 September 2017
FOR IMMEDIATE RELEASE 27 SEPTEMBER 2017
ImmuPharma PLC
("ImmuPharma" or the "Company")
INTERIM RESULTS ANNOUNCEMENT
for the six months ended 30 June 2017
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 2017
(the "Period").
Key Highlights
-- Lupuzor(TM) : is the Company's lead program for the potential
breakthrough compound for Lupus a potential life threatening
auto-immune disease
-- Total 11 sites active in US with 70 patients
-- Five European countries with 81 Lupus patients taking part in
the trial: Czech Republic, France, Germany, Hungary and Poland
-- One Mauritius site with 49 Lupus patients included in
trial
-- Most recent update on progress of Lupuzor(TM) trial announced on 21 September 2017
-- Top line results on track to report in Q1 2018
-- As announced on 26 September 2017, first steps initiated for
Lupuzor's(TM) regulatory submissions
-- GBP4.1 million fundraising (before expenses) successfully completed in March 2017
-- Northland Capital Partners appointed as sole broker and NOMAD
-- Stable financial performance over the Period, in line with market expectations
o Net assets of GBP6.4 million (31 December 2016: GBP5.5
million)
o Loss for the Period of GBP3.0 million (H1 2016:
GBP3.7million)
-- Research and Development expenses of GBP2.3 million (H1 2016:
GBP2.5 million)
o Basic and diluted loss per share of 2.34p (H1 2016: 3.35p)
-- New employee share option plan implemented in March 2017 to
continue to attract and retain key individuals
-- 'Investor' Event on 30 June 2017
o ImmuPharma successfully hosted a technology symposium on
Friday 30 June following the Company's AGM. The event attended by
institutional and private investors included presentations from key
management on the three core technology platforms. The video of the
presentation can be seen on
http://www.immupharma.co.uk/media/events
-- New ImmuPharma website launched: www.immupharma.co.uk
Commenting on the Interims and outlook Tim McCarthy, Chairman,
said:
"Ensuring that our pivotal Phase III Lupuzor(TM) trial
progresses on track remains a key focus for ImmuPharma.
"We recently announced that all patients in the study have now
passed the six months stage, with over 26% of patients having now
completed the full 12 months. With a continued robust safety
record, we are looking forward with confidence and planning for a
successful outcome of the study with all patients completing the
treatment protocol in the coming months and to reporting top-line
results in Q1 2018.
"Having successfully completed a GBP4.1 million fundraising
(before expenses) in March, the Board would like to thank its
shareholders for their continued 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")
For further information please contact:
+ 44 (0) 20 7152
ImmuPharma plc 4080
Tim McCarthy, Chairman
Dimitri Dimitriou, Chief Executive
Officer
Dr Robert Zimmer, President
and CSO
Tracy Weimar, Vice President,
Operations and Finance
Lisa Baderoon, Head of Investor
Relations + 44 (0) 7721 413496
Northland Capital Partners
Limited, Joint Broker +44 (0) 20 3861 6625
Patrick Claridge, David Hignell,
Jamie Spotswood Corporate Finance
Rob Rees, Corporate Broking
ImmuPharma plc
Chairman's Statement
INTERIM HIGHLIGHTS
The first half of 2017 saw the continued progression of our lead
program Lupuzor(TM) , for the treatment of Lupus, through
significant milestones in its pivotal Phase III trial. The most
recent update to the trial as announced on 21 September 2017
confirmed that as at 15 September 2017:
-- all patients in the study have passed the 6 months stage, and
-- 52 patients (26%) have completed the full 12 months of the study
Importantly there continues to be a robust safety record which
remains consistent with Lupuzor(TM)'s product profile as shown in
its previous Phase IIb study.
As announced on 26 September 2017, with the trial progressing on
track, ImmuPharma is planning ahead in anticipation of the trial's
successful outcome. In consultation with our regulatory advisors,
we are now progressing the completion of the regulatory dossiers in
preparation for submission to the Food and Drug Administration
(FDA) and the European Medicines Agency (EMA). This includes the
finalisation of the Drug Master File (DMF) and in particular the
manufacture of commercial batches of the Lupuzor(TM) drug. These
will be manufactured according to described procedures in the DMF,
to be ready for inclusion in the Company's regulatory submissions.
ImmuPharma expects to have the first set of batches ready by the
end of Q1 2018 in line with Lupuzor's(TM) Phase III top line
results being announced.
We were also pleased to have successfully completed an
oversubscribed GBP4.1 million fundraising (before expenses) in
March 2017. The funds raised strengthened the Company's Statement
of Financial Position and have also supported further investment in
ImmuPharma's earlier stage portfolio, in particular its P140
peptide platform.
Lupuzor(TM) Phase III Trial - Progress through H1 2017
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.
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). Through the EU VHP the study is taking place in Germany,
France, Czech Republic, Hungary and Poland.
ImmuPharma was also requested to open a new site in Mauritius.
CAP Research, a major clinical research organisation in Mauritius,
is leading the trial and 49 patients have been recruited.
Mauritius, with a population of around 1.2 million, has a high
proportion, approximately 300 of Lupus patients currently
diagnosed. Top line data is expected during Q1 2018. Progress of
the trial can be seen at: www.clinicaltrials.gov (search term
'Lupuzor').
Lupus - Opportunity
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
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, or an outright sale of Lupuzor(TM) or the
Company. The prime objective of any strategy would be to maximise
shareholder return.
Pipeline Overview
Lupuzor(TM) - 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.
An important patent has been granted in key countries (USA, EU,
China, India and Japan) covering Lupuzor(TM) up to 2032 and its use
in the treatment of a majority of autoimmune diseases such as
Sjogrens, rheumatoid arthritis, Crohn's and CIDP.
Additionally, a new patent has been filed (co-owned with CNRS)
to cover non-autoimmune indications. Further preclinical work
continues at the CNRS 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 and ImmuPharma is reviewing a number of options
to further progress this program. In 2016, 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. As indicated in many high-level
scientific journals (Cancer Research), Nucants can be used to
selectively target cancer cells and deliver on target highly
cytotoxic drugs. Further, it has been proven that Nucants are
drastically enhancing the effects of cytotoxic drugs at the tumour
level (factor 3) allowing thereby improved efficacy and/or
reduction of side effects for the same efficacy. The product,
subject to funding, is ready for Phase II development.
The Group has also been awarded grants to investigate its use in
age-related macular degeneration, diabetic retinopathy and other
ophthalmological indications. The preliminary results are very
encouraging and the product could be ready for clinical assessment
provided sufficient funding is secured.
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. A consequence of
this approach is the development of long acting peptides to treat
NASH (Non-Alcoholic Steato-Hepatitis), one of the most important
challenges for public health in the future. 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, targeting P53 interactions).
Investor Symposium on 30 June 2017
ImmuPharma held a technology symposium in London on 30 June 2017
following the Company's AGM. Over forty investors attended the
event which included both institutions and private investors. The
key objective of the event was to give further insight into
ImmuPharma's three core technology platforms:
-- Lupuzor(TM) / P140 : Auto Immune Diseases
-- Nucants : Oncology / Opthamology
-- Peptides : Metabolic Disorders
Vadim Alexandre, Healthcare Analyst at Northland Capital
Partners also provided his view on the investment case for
ImmuPharma centred on Lupuzor(TM), an overview of the Auto-Immune
sector and competitive landscape.
The video of the presentation can be seen on
http://www.immupharma.co.uk/media/events.
Financial Review
ImmuPharma's cash balance at 30 June 2017 was GBP3.13 million
(GBP1.88 million at 31 December 2016, GBP0.66 million at 30 June
2016). Further to the Lanstead sharing agreement entered into in
February 2016, the Company also has GBP0.94 million as a derivative
financial asset (GBP1.55 million at 31 December 2016, GBP3.14
million at 30 June 2016). 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. At 30 June 2017, there were 3
monthly tranches outstanding, therefore the sharing agreement will
shortly be coming to an end. The Company also has an asset in
respect of a prepayment of GBP0.80 million of advanced fees to
Simbec-Orion at 30 June 2017 (GBP1.24 million at 31 December 2016,
GBP1.75 million at 30 June 2016). Basic and diluted loss per share
were 2.34p and 2.34p respectively (30 June 2016: 3.35p and 3.35p).
In line with the Company's current policy, no interim dividend is
proposed.
Operating loss for the Period was GBP3.2 million (GBP3.2 million
for the six months ended 30 June 2016). Research and development
expenditure in the Period was GBP2.3 million (GBP2.5 million for
the six months ended 30 June 2016) reflecting primarily the
significantly increased expenditure related to the Lupuzor(TM)
Phase III clinical trial. Administrative expenses were GBP0.93
million during the Period (GBP0.73 million for the six months ended
30 June 2016).
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 are excited by ImmuPharma's medium and long term
potential. We are focused on the late stage clinical development of
Lupuzor(TM) through its pivotal Phase III trial and are looking
forward with confidence to announcing top-line data by the end of
the first quarter of 2018. We will also continue to communicate on
a regular basis with shareholders as this trial progresses.
ImmuPharma will also continue to look at ways to create further
value in its assets as it progresses its other earlier stage
pipeline candidates whilst exploring other opportunities around
Lupuzor's(TM) 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 more recent
fundraisings, 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
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIODED 30 JUNE 2017
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2017 2016 2016
GBP GBP GBP
Continuing operations
Revenue 1 86,504 164,784 2,924
Research and development
expenses (2,345,815) (5,267,087) (2,508,578)
Administrative expenses (927,640) (1,486,858) (733,893)
Operating loss (3,186,951) (6,589,161) (3,239,547)
Finance costs (375) (23,085) (501,671)
Finance income 153,915 297,809 362
Loss before taxation (3,033,411) (6,314,437) (3,740,856)
Tax (485) 990,421 (362)
Loss for the period (3,033,896) (5,324,016) (3,741,218)
Attributable to:
Equity holders of
the parent company (3,033,896) (5,324,016) (3,741,218)
Loss per ordinary
share
Basic 2 (2.34)p (4.54)p (3.35)p
Diluted 2 (2.34)p (4.54)p (3.35)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2017
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2017 2016 2016
GBP GBP GBP
Loss for the financial
period (3,033,896) (5,324,016) (3,741,218)
Other comprehensive
income
Items that may be reclassified
subsequently to profit
or loss:
Exchange differences
on translation of foreign
operations (56,133) 317,177 224,692
Total items that may
be reclassified subsequently
to profit or loss (56,133) 317,177 224,692
Other comprehensive
loss for the period (56,133) 317,177 224,692
Total comprehensive
loss for the period (3,090,029) (5,006,839) (3,516,526)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2017
Note Unaudited Audited Unaudited
30 June 31 December 30 June
2017 2016 2016
GBP GBP GBP
Non-current assets
Intangible assets 497,585 511,088 522,668
Property, plant and
equipment 192,573 231,901 269,435
Derivative financial
asset 4 - - 587,054
Total non-current
assets 690,158 742,989 1,379,157
Current assets
Trade and other receivables 2,439,143 2,535,265 2,724,631
Derivative financial
asset 4 943,861 1,554,866 2,556,565
Cash and cash equivalents 3,131,595 1,876,718 661,009
Total current assets 6,514,599 5,966,849 5,942,205
Current liabilities
Financial liabilities
- borrowings 119,430 143,109 134,435
Trade and other payables 473,867 786,191 767,163
Provisions 33,162 15,050 -
Total current liabilities 626,459 944,350 901,598
Net current assets 5,888,140 5,022,499 5,040,607
Non-current liabilities
Financial liabilities
- borrowings 170,232 219,445 263,664
Net assets 6,408,066 5,546,043 6,156,100
EQUITY
Ordinary shares 13,252,298 12,463,836 12,178,122
Share premium 18,728,519 15,678,054 15,148,894
Merger reserve 106,148 106,148 106,148
Other reserves (3,316,753) (3,373,745) (3,531,612)
Retained earnings (22,362,146) (19,328,250) (17,745,452)
Total equity 6,408,066 5,546,043 6,156,100
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2017
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
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
Cost 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
============ ============ ========== ============= ===================== =========== ============== =============
At 1 January
2016 8,862,246 10,490,920 106,148 (3,541,203) (1,926,850) 1,703,380 (14,004,234) 1,690,407
Loss for the
financial
year - - - - - - (5,324,016) (5,324,016)
Exchange
differences
on
translation
of foreign
operations - - - - 317,177 - - 317,177
New issue of
equity
capital 3,601,590 5,798,410 - - - - - 9,400,000
Cost of new
issue
of equity
capital - (611,276) - - - - - (611,276)
Share based
payment - - - - - 73,751 - 73,751
------------ ------------ ---------- ------------- --------------------- ----------- -------------- -------------
At 31
December
2016 & 1
January
2017 12,463,836 15,678,054 106,148 (3,541,203) (1,609,673) 1,777,131 (19,328,250) 5,546,043
Loss for the
financial
period - - - - - - (3,033,896) (3,033,896)
Exchange
differences
on
translation
of foreign
operations - - - - (56,133) - - (56,133)
New issue of
equity
capital 788,462 3,311,542 - - - - - 4,100,004
Cost of new
issue
of equity
capital - (261,077) - - - - - (261,077)
Share based
payment - - - - - 113,125 - 113,125
At 30 June
2017 13,252,298 18,728,519 106,148 (3,541,203) (1,665,806) 1,890,256 (22,362,146) 6,408,066
============ ============ ========== ============= ===================== =========== ============== =============
Attributable
to:-
Equity
holders
of the
parent
company 13,252,298 18,728,519 106,148 (3,541,203) (1,665,806) 1,890,256 (22,362,146) 6,408,066
============ ============ ========== ============= ===================== =========== ============== =============
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIODED 30 JUNE 2017
Note Unaudited Audited Unaudited
6 months Year 6 months
ended ended
30 June ended 30 June
2017
31 December 2016
2016 (Restated)
GBP GBP GBP
Cash flows from
operating activities
Cash used in operations 3 (3,200,329) (7,191,318) (4,484,973)
Tax 6,680 707,135 5,944
Interest paid (375) (1,917) (496)
Net cash used in
operating activities (3,194,024) (6,486,100) (4,479,525)
Investing activities
Purchase of property,
plant and equipment (1,595) (4,731) (3,404)
Interest received 170 1,722 362
Net cash used in
investing activities (1,425) (3,009) (3,042)
Financing activities
(Decrease) in bank
overdraft (138) (1,091) (1,199)
Loan repayments (80,447) (143,482) (93,579)
Gross proceeds from
issue of new share
capital 4,100,004 9,400,000 8,621,277
Settlements from sharing
agreement 4 682,360 2,690,451 309,650
Share capital issue
costs (261,077) (611,276) (647,427)
Funds deferred per
sharing agreement 4 - (3,949,230) (3,949,230)
Net cash generated
from /(used in) financing
activities 4,440,702 7,385,372 4,239,492
Net increase/(decrease)
in cash and cash equivalents 1,245,253 896,263 (243,075)
Cash and cash equivalents
at start of period 1,876,718 833,388 833,388
Effects of exchange
rates on cash and
cash equivalents 9,624 (147,067) 70,696
Cash and cash equivalents
at end of period 3,131,595 1,876,718 661,009
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2017
1 ACCOUNTING POLICIES
Basis of preparation
The interim financial information in this report has been
prepared using accounting policies consistent with IFRS as adopted
by the European Union. IFRS is subject to amendment and
interpretation by the International Accounting Standards Board
(IASB) and the IFRS Interpretations Committee and there is an
ongoing process of review and endorsement by the European
Commission. The financial information has been prepared on the
basis of IFRS to be adopted by the European Union and applicable as
at 31 December 2017. 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 2016.
Non-Statutory accounts
The financial information set out in this interim report does
not constitute the Group's statutory accounts, within the meaning
of Section 434 of the Companies Act 2006. The statutory accounts
for the year ended 31 December 2016 have been filed with Registrar
of Companies. The auditors reported on those accounts; their report
was unqualified, did not contain a statement under either Section
498 (2) or Section 498 (3) of the Companies Act 2006 and did not
include references to any matters to which the auditor drew
attention by way of emphasis. The financial information for the 6
months ended 30 June 2017 and 30 June 2016 is unaudited.
Copies of this statement will be available on the Company's
website - www.immupharma.com.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2017
(Continued)
2 LOSS PER SHARE
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2017 2016 2016
GBP GBP GBP
Loss
Loss for the purposes
of basic and diluted
loss per share being
net loss attributable
to equity shareholders (3,033,896) (5,324,016) (3,741,218)
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic
loss per share 129,517,245 117,340,467 111,578,525
Basic loss per share (2.34)p (4.54)p (3.35)p
Diluted loss per share (2.34)p (4.54)p (3.35)p
There is no difference between basic loss per share and diluted
loss per share as the share options and warrants are
anti-dilutive.
The group has granted share options in respect of shares to be
issued.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED
30 JUNE 2017
(Continued)
3 CASH USED IN OPERATIONS
Unaudited Audited Unaudited
6 months Year 6 months
ended ended ended
30 June 31 December 30 June
2017 2016 2016
GBP GBP GBP
Operating loss (3,186,951) (6,589,161) (3,239,547)
Depreciation & amortisation 61,954 121,337 59,058
Share based payments 113,125 73,751 8,369
(Increase)/decrease
in trade & other receivables 34,004 (387,713) (915,358)
(Decrease) in trade
& other payables (322,963) (403,414) (392,281)
Increase in provisions 18,112 15,050 -
Gain/(loss) on
foreign exchange 82,390 (21,168) (5,214)
Cash used in
operations (3,200,329) (7,191,318) (4,484,973)
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
2017.
This information is provided by RNS
The company news service from the London Stock Exchange
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IR EASNKADAXEFF
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