RNS Number:6692E
Immupharma PLC
28 September 2007
For Immediate Release 28 September 2007
ImmuPharma PLC
INTERIM RESULTS ANNOUNCEMENT
For the six month ended 30 June 2007
ImmuPharma plc (LSE:IMM), the specialist pharmaceutical discovery and
development company is pleased to announce its interim results for the six
months ended 30 June 2007.
INTERIM HIGHLIGHTS
* Submitted file to the FDA for phase II / III programme for lead drug for
Lupus
* Discovered new lead drug candidate for inflammation
* Continued development progress of other R&D assets
* Appointed two board members with pharma industry experience
* Appointed Teather & Greenwood (now Landsbanki) as nominated adviser and
broker while retaining Dawnay, Day Corporate Finance as joint financial
adviser
* Cash and cash equivalents at 30th June 2007 were #4,826,994, compared to
#6,459,918 at 31st December 2006.
On outlook, Dimitri Dimitriou, Chief Executive Officer, said:
"The focus of the Group continues to be on the progression of its lead drug
candidates and discovery pipeline. ImmuPharma is in discussions with a number of
large pharmaceutical and biotech companies for potential collaborations whilst
also considering the option of further progressing the development of some of
its assets independently."
For further information please contact:
ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive +44 20 7152 4080
Officer
Dr Robert Zimmer, President & Chief + 33 389 32 76 50
Scientific Officer
Richard Warr, Chairman +44 20 7152 4080
Buchanan Communications + 44 20 7466 5000
Lisa Baderoon
Rebecca Skye Dietrich
Landsbanki Securities (UK) Limited
Thilo Hoffmann +44 20 7426 7710
Statement from the Chairman, Chief Executive Officer
and Chief Scientific Officer
In the first six months of 2007, we have continued to progress our key
development assets and have discovered a new series of lead drug candidates for
inflammation. In parallel, we have strengthened the management team with the
appointment of Ms Tracy Weimar (former Director of Business Development at
GlaxoSmithKline) as Vice President of Operations and also appointed to the Board
Dr Franco Di Muzio, former Glaxo senior executive and Dr Ajay Agrawal with 20
years' experience in the biotech and pharmaceutical industry.
Our pipeline now includes 4 drug candidates, the most advanced one for Systemic
Lupus Erythematosus having completed a phase II study and the 3 others in
preclinical development - one for moderate to severe pain, one for serious
hospital infections and one for inflammatory disorders. In addition to our lead
compounds, our long-term pipeline includes a patented chemical library of over
300,000 small molecules and a technology for converting small peptides to drugs
that can be applied to generate more compounds for the Company.
IPP-201101, treatment of Lupus
Following the successful completion of a Phase II study in the last quarter of
2006, an IND (Investigational New Drug) was submitted to the US Food and Drug
Administration (FDA) for the initiation of a Phase II/III development program.
ImmuPharma believes that IPP-201101, which was developed through its
collaboration with CNRS, has the potential to be a novel 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. IPP-201101
has a unique mechanism of action that modulates the activity of the CD4+ cells
which are involved in the cell-mediated immune response which leads to the Lupus
disease.
Estimates of the size of the market opportunity for the treatment of Lupus vary,
but analysts estimate that, assuming launch in 2010, IPP-201101 could generate
peak annual sales of between $1 billion and $6 billion.
IPP-201007, treatment of inflammation
Arising from research activities on its proprietary chemical library, ImmuPharma
has discovered several new lead drug candidates in the form of a new molecular
series with potential application in inflammatory/allergic conditions such as
asthma and rheumatoid arthritis. These molecules, in the programme code-named
IPP-201007, have utility as selective phospholipase A2 subtype inhibitors and
are already patented through ImmuPharma's library broad patent.
IPP-102199, treatment of moderate and severe pain
Progress continues to be made on IPP-102199, ImmuPharma's lead drug candidate
for the treatment of moderate and severe pain, which is being developed as a
potential morphine replacement. Its advantages may include longer pain relief
and reduced opioid side effects such as respiratory depression and dependency.
IPP-203101, treatment of MRSA and other hospital-acquired infections
Progress also continues to be made on IPP-203101, ImmuPharma's lead drug
candidate for the treatment of MRSA and other hospital-acquired infections.
ImmuPharma, in conjunction with CNRS, has discovered a novel class of
antibiotics that can kill bacteria by disrupting their membranes with small
electrical charges. The potential for IPP-203101 therefore exists due to its
unusual mechanism of action to work even in cases of bacterial resistance to
other antibiotics.
The Discovery Pipeline
In addition to these lead drug candidates, ImmuPharma has a promising
proprietary discovery engine that would augment the Company's long-term
capabilities to sustain the generation of further novel compounds that either
fit with ImmuPharma's strategic focus for internal development or allow
out-licensing opportunities.
During 2007, ImmuPharma has discovered the new lead candidates for inflammation,
IPP-201007, from these research activities.
CORPORATE HIGHLIGHTS
In the first half of 2007, ImmuPharma appointed Tracy Weimar as Vice-President
of Operations. Her most recent position was Director, Worldwide Business
Development at GlaxoSmithKline where she was involved in a number of corporate
licensing deals. Ms Weimar holds an MBA from the London Business School and a BA
in Economics from the University of California, Berkeley. Ms Weimar has also
spent 5 years as tax consultant in a major accounting firm in the US and the UK.
Since joining the Company, Ms Weimar has also been appointed Company Secretary
and assumed responsibility for finance from Mr Walker Taylor who stepped down
from the Board but remains an employee of the Company.
The Company also made two board appointments - Dr. Franco Di Muzio and Dr Ajay
Agrawal joined as non-executive Directors to replace Mr Douglas Paterson and Mr
Tony Johnson (who is now involved with the company in a scientific capacity).
Dr. Di Muzio has 40 years experience in the pharmaceutical and other industries,
encompassing international management experience in business development,
strategic marketing, international finance, and M&A. After graduating in
Economics and Business in 1963, Dr Di Muzio worked for Colgate Palmolive and
Nestle before becoming Executive Vice President of Bristol Myers Squibb's
medical equipment and products division, Weck International Inc., in charge of
Europe, Asia, Middle East and Africa. In 1990, he joined Glaxo Wellcome plc (now
GlaxoSmithKline plc) in London as Area Managing Director and Head of all GW's
business in the Middle East, Africa and Turkey. Following early retirement from
Glaxo Wellcome, in the beginning of 1998, he joined Alza International, the then
world leader in drug delivery systems, as Managing Director, based in London, in
charge of the Company's business expansion in all markets outside the US and
remained there until the company's acquisition by Johnson & Johnson in 2000.
Dr Agrawal has almost 20 years' experience in the biotech and pharmaceutical
industry worldwide. He was a founder of polyMASC Pharmaceuticals plc, London in
1995, the first UK biotech company, derived from a university that was directly
listed on AIM, raising approximately $40 million in 1995, and subsequently
merged with a NASDAQ-listed company, Valentis Inc (USA) in 1999 to become one of
the biggest companies in the delivery of biologics at that time.
He currently sits on the editorial advisory board of three international trade
journals
FINANCIAL HIGHLIGHTS
Our financial results are in line with expectations and show our focused level
of activity in developing our key assets.
The Group has adopted International Financial Reporting Standards as its
accounting basis.
ImmuPharma's drug candidates are not yet marketed and therefore the Group does
not have revenues yet. Our financial results reflect the activities of the
Company undertaken for the development of our potential products. The loss of
the Group for the six months was #1,539,057. Basic and diluted loss per share
were 2.25p. No interim dividend is proposed.
The operating loss was #1,633,440. It represents principally the employment cost
and overhead of maintaining the Group, together with expenditure on research
carried out by Contract Research Organisations.
Cash and cash equivalents at 30th June 2007 were #4,826,994, compared to
#6,459,918 at 31st December 2006.
OUTLOOK
The focus of the Group continues to be on the progression of its lead drug
candidates and discovery pipeline. ImmuPharma is in discussions with a number of
large pharmaceutical and biotech companies for potential collaborations whilst
also considering the option of further progressing the development of some of
its assets independently.
Richard Warr, MA, Chairman
Dimitri Dimitriou, MSc, Chief Executive Officer
Dr Robert Zimmer, MD, PhD, President and Chief Scientific Officer
For company information, visit www.immupharma.com
Independent Review Report to ImmuPharma plc
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the Consolidated Income
Statement, the Consolidated Statement of Recognised Income and Expense, the
Consolidated Balance Sheet, the Consolidated Cash Flow Statement, and the
related notes 1 to 10. 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.
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 the AIM Rules of
the London Stock Exchange. 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, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the AIM
Rules of the London Stock Exchange which require that the accounting policies
and presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Auditing Standards (UK and Ireland)
and therefore provides a lower level of assurance than an audit. Accordingly, we
do not express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.
Nexia Smith & Williamson 25 Moorgate
Chartered Accountants London
Registered Auditors EC2R 6AY
2007
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
6 months 9 months 3 months
ended ended 31 ended
December
30 June 30 June
Note 2007 2006 2006
# # #
Continuing operations
Revenue 26,366 44,818 1,782
Research and development (790,661) (568,139) (227,371)
expenses
Administrative expenses (869,145) (1,447,998) (125,348)
Operating loss (1,633,440) (1,971,319) (350,937)
Finance costs (8,723) (7,739) (1,738)
Investment revenues 103,239 64,307 27,563
Loss before taxation (1,538,924) (1,914,751) (325,112)
Tax (132) 54,713 214
Loss for the period (1,539,057) (1,860,038) (324,898)
Loss per ordinary share
Basic and diluted 6 (2.25)p (2.72)p (0.48)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2007
6 months 9 months 3 months
ended ended 31 ended
December
30 June 30 June
2006
2007 2006
# # #
Exchange differences on
translation of foreign operations (112) (4,143) (9,770)
Loss for the financial period (1,539,057) (1,860,038) (324,898)
Total recognised income and (1,539,169) (1, (334,668)
expense for the period 864,181)
Attributable to:
Equity holders of the parent (1,539,169) (1,864,181) (334,668)
company
ImmuPharma plc
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007
30 June 31 December 30 June
2007 2006
Notes 2006
# # #
Non-current assets
Property, plant and 15,628 11,503 14,100
equipment
Intangible assets 737,250 748,878 758,460
Total non-current assets 752,878 760,381 772,560
Current assets
Trade and other receivables 110,463 103,801 97,702
Cash and cash equivalents 4,826,994 6,459,918 2,409,915
Total current assets 4,937,457 6,563,719 2,507,617
Current liabilities
Financial liabilities - 212,855 192,987 528,284
borrowings and grants
Trade and other payables 565,213 747,615 499,594
Provisions 104,915 94,218 -
Total current liabilities 882,983 1,034,820 1,027,878
Net current assets 4,054,474 5,528,899 1,479,739
Non-current liabilities
Financial liabilities - 369,959 403,634 82,987
borrowings
Net assets 4,437,393 5,885,646 2,169,312
EQUITY
Ordinary shares 7 7,277,615 7,277,615 6,813,815
Share premium 7 3,558,340 3,558,340 1,607,990
Merger reserve 7 106,148 106,148 106,148
Other reserves 7 (622,837) (713,641) (3,550,965)
Retained earnings 7 (5,881,873) (4,342,816) (2,807,676)
Total equity 4,437,393 5,885,646 2,169,312
ImmuPharma plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2007
Notes 6 months 9 months 3 months
ended ended 31 ended
December
30 June 2007 30 June 2006
2006
# # #
Cash flows from operating
activities
Cash used in operations 8 (1,707,156) (1,236,598) (627,510)
Tax (132) - -
Interest paid (8,723) (7,739) (1,738)
Net cash used in operating (1,716,011) (1,244,337) (629,248)
activities
Investing activities
Purchase of property, plant (6,344) (2,389) (3,642)
and equipment
Acquisition of intangibles - - (1,514)
assets
Interest received 103,239 64,307 27,563
Tax received - - 214
Net cash from investing 96,895 61,918 22,621
activities
Financing activities
Net proceeds from share - 2,609,150 -
issues
(Decrease)/increase in bank (24) 2,556 327
overdraft
New loans 100,000 384,754 333,085
Loan repayments (113,784) (68,586) -
Equity shares to be issued - 2,021,563 -
Net cash (used in)/from (13,808) 4,949,437 333,412
financing activities
Net (decrease)/increase in
cash and cash equivalents (1,632,924) 3,767,018 (273,215)
Cash and cash equivalents at 6,459,918 2,692,900 2,692,900
start of period
Effect of foreign exchange - - (9,770)
rate changes
Cash and cash equivalents at 4,826,994 6,459,918 2,409,915
end of period
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007
1 The financial information set out in this interim statement has been prepared
under International Financial Reporting Standards (IFRS) on the basis of the
accounting policies set out in the statutory accounts of ImmuPharma plc for the
period ended 31 December 2006. This interim statement has not been audited but
has been reviewed by the Company's auditors, Nexia Smith & Williamson.
2 The financial information does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985. Statutory accounts for
ImmuPharma plc for the period ended 31 December 2006 reported under IFRS, on
which the auditors gave an unqualified opinion and contained no statement under
s237(2) or s237(3), are available at the Registrar of Companies.
3 Copies of this statement will be posted to shareholders. Further copies are
available free of charge on request from the Company Secretary at the Company's
registered office, 50 Broadway, London, SW1H 0BL.
4 COMPARATIVE INFORMATION
The financial information in respect of the period ended 31 December 2006 is
derived from the audited statutory accounts of the Group for that period. The
financial information in respect of the period ended 30 June 2006 was not
audited but was reviewed by the Company's auditors, Nexia Smith & Williamson.
5 SEGMENT INFORMATION
A segment is a distinguishable component of the Group that is engaged in
providing products or services (business segment), or in providing products or
services within a particular economic environment (geographical segment), which
is subject to risks and rewards that are different from those of other segments.
No analysis of the Group's turnover and contribution to profit from operations
by geographical segment or business segment has been presented as all of the
Group's operating activities are in respect of the development of pharmaceutical
products and all are carried out within Europe.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007
(continued)
6 EARNINGS PER SHARE
9 months
6 months ended 31 3 months
ended 30 December ended 30
June 2007 June 2006
2006
# # #
Earnings
Earnings for the purposes of basic (1,539,057) (1,860,038) (324,898)
earnings per share being net loss
attributable to equity
shareholders
Number of shares
Weighted average number of 68,388,353 68,388,353 68,138,149
ordinary shares for the purposes
of basic earnings per share
Basic and diluted loss per share (2.25)p (2.72)p (0.48)p
The Group has granted share options and warrants in respect of equity shares to
be issued. As a result of the net loss for the period, there are no dilutive
effects of these options and warrants.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007
(continued)
7 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Merger Other Retained Total
capital premium reserve reserves* Earnings equity
# # # # # #
At 1 April 6,813,815 1,607,990 106,148 (3,541,195) (2,482,778) 2,503,980
2006
Exchange
differences
on
translating
foreign - - - (4,143) - (4,143)
operations
Loss for the
period ended
31 December - - - - (1,860,038) (1,860,038)
2006
Total
recognised
income and
expense for
the period - - - (4,143) (1,860,038) (1,864,181)
Equity
shares to be
issued - - - 2,021,563 - 2,021,563
New issue of
equity share
capital 463,800 2,305,200 - - - 2,769,000
Less:
expenses of
new share - (159,850) - - - (159,850)
issue
At 31 7,277,615 3,558,340 106,148 (713,641) (4,342,816) 5,885,646
December
2006
Exchange
differences
on
translating
foreign - - - (112) - (112)
operations
Loss for the
period ended
30 June 2007 - - - - (1,539,057) (1,539,057)
Total
recognised
income and
expense for
the period - - - (112) (1,539,057) (1,539,169)
Equity
shares to be
issued - - - 90,916 - 90,916
At 30 June 7,277,615 3,558,340 106,148 (622,837) (5,881,873) 4,437,393
2007
* other reserves as at 30 June 2007 comprises a reverse acquisition reserve #
(3,541,203), a translation reserve #(4,247) and equity shares to be issued of
#2,922,613.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007
(continued)
8 CASH USED IN OPERATIONS
30 June 31 December 30 June
2007 2006 2006
# # #
Operating loss (1,633,440) (1,971,319) (350,937)
Depreciation and amortisation 13,847 19,032 9,620
Share-based payments 90,916 615,134 -
Decrease/(increase) (6,662) 108,483 59,869
in debtors
(Decrease)/increase (182,514) (102,146) (346,062)
in creditors
Increase in 10,697 94,218 -
provisions
Cash used in (1,707,156) (1,236,598) (627,510)
operations
9 RELATED PARTY TRANSACTIONS
Included within other creditors is an amount of #2,986 (31 December
2006: #3,791) due to R Zimmer, and an amount of #40 (31 December 2006:
#40) due to D Dimitriou. No interest or formal repayment terms apply to
these loans.
Included within financial liabilities is an amount of #53,364 due to R
Zimmer. The loan is repayable on demand. Interest is payable at 3.5% per
annum.
During the period an amount of #19,998 (31 December 2006: #13,187) was
paid to the wife of Dr R Zimmer in respect of services provided to
ImmuPharma AG.
R Zimmer and D Dimitriou are both directors and shareholders of this
company.
10 POST BALANCE SHEET EVENTS
On 31 July 2007 630,000 share options were executed and granted to the
executive directors and 250,000 share options were executed and granted
to employees of ImmuPharma Plc and directors of other group companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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