RNS Number:0268H
Immupharma PLC
01 August 2006
For Immediate Release 1 August 2006
IMMUPHARMA PLC
PRELIMINARY RESULTS
for the period ended 31 March 2006
ImmuPharma plc (LSE:IMM), the specialist pharmaceutical discovery and
development company is pleased to announce its preliminary results for the
period ended 31 March 2006.
Key Highlights:
* Successful placing and admission to AIM through reverse take over in
February 2006
* Received Euro1m in European Grant Funding from prestigious French
innovation agency in April 2006
* Successful completion of Phase I trial of our lead compound
IPP-201101, for the treatment of Lupus
* Phase II trials commenced in June 2006
Richard Warr, Executive Chairman, said:
"We have had a very busy and productive year at ImmuPharma. Our successful
listing on AIM and fundraising has enabled us to progress our innovative lead
compound IPP-201101 for the treatment of Lupus into Phase II trials, and we
believe the company is well placed to continue advancing its pipeline and
deliver shareholder value."
For further information please contact:
ImmuPharma plc: Telephone
Richard Warr, Executive Chairman: +44 20 7152 4080
Dimitri Dimitriou, Chief Executive Officer: +44 20 7152 4080
Buchanan Communications:
Lisa Baderoon/ Rebecca Skye Dietrich + 44 20 7466 5000
IMMUPHARMA PLC
The consolidated results for ImmuPharma plc (the "Company") and its subsidiaries
(collectively the "Group") cover the period ended 31 March 2006. The Group's
financial statements incorporate the financial statements of ImmuPharma plc from
16 February 2006, ImmuPharma UK Limited from the date of incorporation on 13
January 2005, and other entities controlled by the Company comprising ImmuPharma
AG from the date of acquisition on 22 February 2005 and ImmuPharma (France) SA
from the date of acquisition on 24 March 2005.
CHAIRMAN'S STATEMENT
In my first review as Executive Chairman of ImmuPharma plc, I am delighted to
present the Group's preliminary results for the period to 31 March 2006.
During the period under review the most significant milestones included the
completion of a successful Phase I trial on our lead compound IPP-201101 for the
treatment of Systemic Lupus and subsequent to the period end the commencement of
a Phase II trial in Lupus patients.
While our core strategy is to progress our Lupus compound into Phase III, we are
also progressing our other lead drug candidates. The funding for these
development programmes has come from a variety of sources including the equity
capital raised on our admission to AIM on 17 February 2006.
ImmuPharma (France) S.A., our French subsidiary, has been awarded grants during
the period of approximately Euro1m from ANVAR (the French innovation agency) and
ANR (the French National Research Agency), two highly regarded scientific
research funding organisations in France.
The Board continues to make focused use of its funds. While discussions with
pharmaceutical companies are ongoing the Board believes its assets can also be
commercialised on a stand alone basis.
FINANCIAL REVIEW
The Group has adopted International Financial Reporting Standards (IFRS) as its
accounting basis for the period ended 31 March 2006.
Results
The loss of the Group for the period after taxation was #2,483,000. Basic and
diluted loss per share were 4.16p. No dividend is proposed.
The loss includes an exceptional item of #971,000, being a write-off of goodwill
resulting from the treatment of the acquisition of the ImmuPharma business. It
represents the difference between the market value of the acquiror company's
shares in issue at the date of the acquisition and its underlying net asset
value (principally cash) at that time, as well as fees related to the
transaction. The Directors believe that this 'premium to cash' was justified at
the time in order to enable the acquisition and subsequent fund-raising and that
it is appropriate to write it off now.
Operating Loss
The Operating loss of #1,534,000 represents principally the employment cost and
overheads of maintaining the Group and expenditure on research carried out by
Contract Research Organisations. The timing and extent of the research and
development programme remains on track, whilst, at the same time, overall
expenditure is below internal company estimates made at the time of acquisition/
fund-raising.
Net Funds
At 31 March 2006, the Group had Cash and cash equivalents of #2,693,000.
This is partly the result of the funds raised from shares issued on 17 February
2006 of #2,205,000, before expenses, which added to cash of #976,000 already in
the Company at that time. Since then, normal operating expenses have been
incurred, although partially offset by European grants made to the Group.
OUTLOOK
The focus for the year ahead will be on the Phase II trials for our Lupus
compound IPP-201101, which we started in June, and to make progress advancing
our analgesic and antibiotic compounds.
With a coherent strategy in place and a strong team to execute it we believe we
are strategically positioned to take ImmuPharma plc to its next stage of
development.
Richard Warr
Executive Chairman
1 August 2006
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2006
Notes 13 January 2005
to 31 March
2006
#
Continuing operations
Revenue 25,409
Research and development expenses (679,091)
Administrative expenses (880,074)
---------
Operating loss (1,533,756)
Exceptional charge arising from reverse acquisition (970,524)
Finance costs (8,045)
Investment revenues 28,759
---------
Loss before taxation (2,483,566)
Tax 788
---------
Loss for the period (2,482,778)
=========
(Loss) per ordinary share
Basic and diluted 2 (4.16)p
=========
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 31 MARCH 2006
13 January 2005
to 31 March
2006
#
Exchange differences on translation of foreign operations 8
(Loss) for the financial period (2,482,778)
----------
Total recognised income and expense for the period (2,482,770)
==========
Attributable to:
Equity holders of the parent company (2,482,770)
==========
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2006
Notes #
Non-current assets
Property, plant and equipment 12,020
Intangible assets - goodwill -
Intangible assets - other 765,004
---------
Total non-current assets 777,024
---------
Current assets
Trade and other receivables 157,572
Cash and cash equivalents 2,692,900
---------
Total current assets 2,850,472
---------
Current liabilities
Financial liabilities - borrowings 277,898
Trade and other payables 845,618
---------
Total current liabilities 1,123,516
---------
Net current assets 1,726,956
---------
Net assets 2,503,980
=========
EQUITY
Ordinary shares 3 6,813,815
Share premium 3 1,607,990
Merger reserve 3 106,148
Other reserves 3 (3,541,195)
Retained earnings 3 (2,482,778)
---------
Total equity 2,503,980
=========
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2006
13 January 2005
to 31 March
2006
#
Cash flows from operating activities
Cash used in operations (871,552)
Interest paid (8,045)
---------
Net cash used in operating activities (879,597)
---------
Investing activities
Purchase of property, plant and equipment (17,130)
Acquisition of intangibles assets (337,274)
Cash on reverse acquisition 975,961
Cash on acquisition of subsidiaries 17,773
Reverse acquisition expense (59,561)
Subsidiary acquisition expense (2,342)
Interest received 28,759
Tax received 788
---------
Net cash from investing activities 606,974
---------
Financing activities
Net proceeds from share issues - ImmuPharma UK
Limited 1,397,976
Net proceeds from share issue - Company 1,569,802
Net loan repayments (2,267)
Increase in bank overdraft 12
---------
Net cash from financing activities 2,965,523
---------
Net increase in cash and cash equivalents 2,692,900
---------
Cash and cash equivalents at end of period 2,692,900
=========
NOTES
1 BASIS OF PREPARATION
The financial information set out above does not constitute the Company's
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The information has been extracted from the Group's audited financial statements
for the period ended 31 March 2006. These financial statements will be
distributed to the shareholders and delivered to the Registrar in due course.
The accounting policies are consistent with those applied in the preparation of
the statutory audited accounts for the period ended 31 March 2006, which have
been prepared in accordance with International Financial Reporting Standards.
On 16 February 2006, the Company acquired the whole issued share capital of
ImmuPharma UK Limited, a company registered in England and Wales. The
consideration was satisfied through the issue of shares. This transaction has
been accounted as a reverse acquisition by ImmuPharma UK Limited. The goodwill
arising from the combination was written off during the period.
The consolidated financial statements have been prepared using reverse
acquisition accounting principles and therefore represent a continuation of the
financial statements of ImmuPharma UK Limited, the legal subsidiary acquired. As
ImmuPharma UK Limited was incorporated on 13 January 2005, the consolidated
financial statements are for the period from 13 January 2005 to 31 March 2006
and no comparatives have been presented.
2 EARNINGS PER SHARE Period ended 31
March 2006
#
Earnings
Earnings for the purposes of basic earnings per share being (2,482,778)
net loss attributable to equity shareholders
==========
Number of shares
Weighted average number of ordinary shares for the purposes 59,663,827
of basic earnings per share
==========
Basic and diluted loss per share (4.16)p
==========
As at 31 March 2006 the Group had no potential dilutive
shares.
3 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Group
Share capital Share premium Merger Other Retained Total
reserve reserves* Earnings equity
# # # # # #
At incorporation - - - - - -
Exchange - - - 8 - 8
differences
on
translating
foreign
operations
Loss for the - - - - (2,482,778) (2,482,778)
period ended
31 March 2006
Total - - - 8 (2,482,778) (2,482,770)
recognised
income and
expense for
the period
Equity share 420,000 557,003 - - - 977,003
capital of
the Company
prior to
reverse
acquisition
Reverse 5,875,000 - - (3,541,203) - 2,333,797
acquisition
of the
Company
New issue of 518,815 1,686,148 - - - 2,204,963
equity share
capital
Less: - (635,161) - - - (635,161)
expenses of
new share
issue
Acquisition - - 106,148 - - 106,148
of
subsidiaries
-------- ------- ------- ------- ------- ---------
At 31 March 2006 6,813,815 1,607,990 106,148 (3,541,195) (2,482,778) 2,503,980
======== ======= ======= ======= ======= =========
* other reserves as at 31 March 2006 comprises reverse acquisition reserve #(3,541,203) and translation reserve #8.
4 DIRECTORS' REPORT AND ACCOUNTS
Copies of the report and accounts will be posted to shareholders in early
August 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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