RNS Number : 2638E
Immupharma PLC
25 September 2008
For Immediate Release 25 September
2008
ImmuPharma plc
Interim Results Announcement
For the six months ended 30 June 2008
ImmuPharma plc (LSE:IMM), the specialist discovery and development pharmaceutical company is pleased to announce its interim results for
the six months ended 30 June 2008.
INTERIM HIGHLIGHTS
* First patients dosed in Phase IIb trial of our lead asset for lupus, IPP-201101, during the period under review with subsequent
ongoing progress being made and headline efficacy data expected later in the year;
* Successfully obtained LUPUZORTM trademark for IPP-201101, our lead asset for lupus
* Encouraging pre-clinical data from new portfolio candidate, IPP-204106 for multiple forms of cancer
* Raised �2.7m in a share placing from UK and Swiss institutional investors;
* In addition to our discovery pipeline, our portfolio now includes five drug candidates:
* IPP-201101, LUPUZORTM for the treatment of lupus
* IPP-204106, for the treatment of cancer
* IPP-201007, for the treatment of inflammation
* IPP-102199, for the treatment of moderate and severe pain
* IPP-203101, for the treatment of MRSA and other hospital-acquired infections
Commenting on the progress to date and the outlook for ImmuPharma, Dimitri Dimitriou, Chief Executive Officer, said:
"The first half of 2008 has been an exciting time for ImmuPharma with the addition of IPP-204106 for the treatment of cancer, the first
patients being dosed with LUPUZOR* and ongoing progress being made in a Phase IIb trial that is anticipated to report headline efficacy data
later in the year, and a successful share placement raising �2.7m. The Company continues to develop its assets and discussions with
potential partners."
For further information please contact:
ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080
Dr Robert Zimmer, President & Chief Scientific Officer + 33 389 32 76 50
Richard Warr, Chairman +44 20 7152 4080
Buchanan Communications + 44 20 7466 5000
Lisa Baderoon
Rebecca Skye Dietrich
Panmure Gordon & Co
NOMAD and Broker +44 20 7459 3600
Andrew Burnett
Ashton Clanfield
Rakesh Sharma
Chairman and the Chief Executive Statement
Summary
The first half of 2008 has been an exciting time for ImmuPharma with the addition of a new drug candidate for cancer, the first patients
being dosed in a Phase IIb trial of our lead asset and two successful share placements. We have continued to progress our key development
assets and have obtained the trademark LUPUZORTM from the US Patent and Trademark Office for our lead drug candidate for lupus, IPP-201101.
Our pipeline now includes five drug candidates, the most advanced one for Systemic Lupus Erythomatosus is currently undergoing a Phase
IIb study with our four others compounds in preclinical development for the treatment of cancer, inflammatory disorders, moderate to severe
pain and serious hospital infections. 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.
Development Pipeline
* IPP-201101, treatment of lupus
Following the successful completion of a Phase II study in patients suffering from lupus, where our lead drug candidate (IPP-201101)
showed a statistically significant clinical improvement in patients' overall symptoms, ImmuPharma has initiated a Phase IIb, double-blind,
placebo-controlled trial in 200 patients in Europe and Latin America. The first patients have been dosed and the Company expects to report
headline efficacy data later this year. Analysts estimate that IPP-201101 for the treatment of lupus has blockbuster sales potential.
In May, we were pleased to receive approval of the trademark name LUPUZORTM for IPP-201101 from the US Patent and Trademark Office.
ImmuPharma has selected the trademark LUPUZORTM for use in association with its peptide therapy for treating immunological disorders,
including systemic lupus erythematosus (SLE).
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.
* IPP-204106, treatment for cancer
In January, ImmuPharma was pleased to announce the addition of IPP-204106, a novel drug candidate for cancer, to its portfolio. The
rights for this compound have been obtained through the Company's ongoing research collaboration with the Centre National de la Recherche
Scientifique (CNRS), France's leading scientific research The molecule is a nucleolin antagonist and has a dual mechanism of action, acting
both in preventing angiogenesis as well as proliferation. Preclinical data has shown that nucleolin antagonists inhibit the growth of
tumours and metastasis in many cancer types.
* 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.
Share Placements
In July 2008, ImmuPharma successfully completed a share placement in two separate tranches raising a combined �2.7 million. The first
tranche of approximately �1.6 million was achieved through principally institutional investors based in the UK. The second tranche of
approximately �1.1 million was completed with principally institutional investors based in Switzerland. The funds raised will be invested in
the continued development of the Company's clinical and preclinical assets.
Financial Review
Our financial results are in line with expectations and show our focused level of activity in developing our key assets.
The Group continues to use International Financial Reporting Standards as its accounting basis.
ImmuPharma's drug candidates are not yet marketed and therefore the Group does not have revenues at this stage of our development. 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 �1,452,450. Basic and diluted loss per share were 2.00p. No interim dividend is proposed.
The operating loss was �1,490,899. 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 30 June 2008 were �1,610,442 compared to �3,331,639 at 31st December 2007. It is important to note that the
funds raised in the share placement are not reflected in the cash and cash equivalent figure at 30th June 2008 as the placement was
completed in early July 2008.
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 alone, which would require additional financing.
Richard Warr, MA, Chairman Dimitri Dimitriou, MSc, Chief Executive Officer
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
6 months ended Year 6 months ended
30 June 2008 ended 31 30 June 2007
December
2007
Note
� � �
Continuing operations
Revenue 97,330 63,199 26,366
Research and development (796,888) (1,970,654) (790,661)
expenses
Administrative expenses (791,341) (1,620,348) (869,145)
Operating loss (1,490,899) (3,527,803) (1,633,440)
Finance costs (4,787) (14,156) (8,723)
Investment revenues 43,236 205,911 103,239
Loss before taxation (1,452,450) (3,336,048) (1,538,924)
Tax - 253,237 (132)
Loss for the period (1,452,450) (3,082,811) (1,539,057)
Loss per ordinary share
Basic and diluted 6 (2.00)p (4,24)p (2.25)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2008
6 months ended Year 6 months ended
30 June ended 31 30 June
2008 December 2007
2007
� � �
Exchange differences on 15,688 115,893 (112)
translation of foreign
operations
Loss for the financial period (1,452,450) (3,082,811) (1,539,057)
Total recognised income and (1,436,762) (2,966,918) (1,539,169)
expense for the period
Attributable to:
Equity holders of the parent (1,436,762) (2,966,918) (1,539,169)
company
ImmuPharma plc
CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2008
30 June 2008 31 December 30 June 2007
Notes 2007
� � �
Non-current assets
Property, plant and equipment 14,139 12,779 15,628
Intangible assets 765,706 755,135 737,250
Total non-current assets 779,845 767,914 752,878
Current assets
Trade and other receivables 434,411 384,724 110,463
Cash and cash equivalents 10 1,176,031 2,946,915 4,826,994
Total current assets 1,610,442 3,331,639 4,937,457
Current liabilities
Financial liabilities - 29,251 173,581 212,855
borrowings and grants
Trade and other payables 308,486 441,380 565,213
Provisions 81511 88,774 104,915
Total current liabilities 419,248 703,735 882,983
Net current assets 1,191,194 2,627,904 4,054,474
Non-current liabilities
Financial liabilities - 308,593 345,475 369,959
borrowings
Net assets 1,662,446 3,050,343 4,437,393
EQUITY
Ordinary shares 7 7,277,615 7,277,615 7,277,615
Share premium 7 3,558,340 3,558,340 3,558,340
Merger reserve 7 106,148 106,148 106,148
Other reserves 7 (401,580) (466,133) (622,837)
Retained earnings 7 (8,878,077) (7,425,627) (5,881,873)
Total equity 1,662,446 3,050,343 4,437,393
ImmuPharma plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
Notes 6 months ended Year 6 months ended
30 June 2008 ended 31 30 June 2007
December
2007
� � �
Cash flows from operating
activities
Cash used in operations 8 (1,641,070) (3,760,613) (1,707,156)
Tax - - (132)
Interest paid (4,787) (14,156) (8,723)
Net cash used in operating (1,645,857) (3,774,769) (1,716,011)
activities
Investing activities
Purchase of property, plant (3,912) (7,944) (6,344)
and equipment
Acquisition of intangibles (25,556) (1,407) -
assets
Interest received 69,966 205,911 103,239
Tax received - - -
Net cash from investing 40,498 196,560 96,895
activities
Financing activities
Net proceeds from share issues - - -
(Decrease)/increase in bank overdraft 1,695 (2,004) (24)
New loans - 93,047 100,000
Loan repayments (182,907) (168,607) (113,784)
Equity shares to be issued - - -
Net cash (used in)/from financing activities (181,212) (77,564) (13,808)
Effects of exchange rates on cash and cash equivalents 15,688 142,770 -
Net (decrease)/increase in cash and cash
equivalents (1,770,884) (3,513,003) (1,632,924)
Cash and cash equivalents at start of period 2,946,915 6,459,918 6,459,918
Cash and cash equivalents at end of period 2,946,915
1,176,031 4,826,994
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2008
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 year ended 31 December 2007. 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 year ended 31 December 2007 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 year ended 31 December 2007 is derived from the audited statutory accounts of the Group
for that period. The financial information in respect of the period ended 30 June 2007 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 2008
(continued)
6 EARNINGS PER SHARE
6 months ended 30 Year ended 31 6 months ended 30
June 2008 December June 2007
2007
� � �
Earnings
Earnings for the purposes of (1,452,450) (1,539,057)
basic earnings per share being (3,082,811)
net loss attributable to
equity shareholders
Number of shares
Weighted average number of 72,776,149 72,776,149 68,388,353
ordinary shares for the
purposes of basic earnings per
share
Basic and diluted loss per (2.00)p (4.24)p (2.25)p
share
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 2008
(continued)
7 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share capital Share premium Total
equity
Merger Other Retained
reserve reserves* Earnings
� � � � � �
At 1 January 2007 7,277,615 3,558,340 106,148 (713,641) (4,342,816) 5,885,646
Exchange differences
on translating
foreign operations
- - - 115,893 - 115,893
Loss for the year
ended 31 December
2007 - - - - (3,082,811 (3,082,811)
Total recognised
income and expense
for the year
- - - 115,893 (3,082,811) (2,966,918)
Equity shares to be
issued
- - - 131,615 - 131,615
At 31 December 2007 7,277,615 3,558,340 106,148 (466,133) (7,425,627) 3,050,343
Exchange differences
on translating
foreign operations
- - - 15,688 - 15,688
Loss for the period
ended 30 June 2008
- - - - (1,452,450) (1,452,450)
Total recognised
income and expense
for the period
- - - 15,688 (1,452,450) (1,436,762)
Equity shares to be
issued
- - - 48,865 - 48,865
At 30 June 2008 7,277,615 3,558,340 106,148 (401,580) (8,878,077) 1,662,446
* Other reserves as at 30 June 2008 comprises a reverse acquisition reserve �(3,541,203) (2006: �(3,541,203)), a translation reserve
�127,446 (2007: �111,758) and equity shares to be issued of �3,012,177 (2006: �2,963,312).
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2008
(continued)
8 CASH USED IN OPERATIONS
30 June 2008 31 December 2007 30 June 2007
� � �
Operating loss (1,517,629) (3,527,803) (1,633,440)
Depreciation and amortisation 17,537 36,312 9,620
Share-based payments 48,865 131,615 90,916
(Increase)/decrease in debtors (49,686) (27,686) (6,662)
(Decrease)/increase in (132,894) (367,607) (182,514)
creditors
(Decrease/increase in (7,263) (5,444) 10,697
provisions
Cash used in operations (1,641,070) (3,760,613) (1,707,156)
9 RELATED PARTY
TRANSACTIONS
Included within financial liabilities is an amount of �2,427 due to R Zimmer. The loan
is repayable on demand. Interest is payable at 3.5% per annum.
During the period an amount of � (31 December 2007: �43,035) was paid to the wife of
Dr R Zimmer in respect of services provided to ImmuPharma AG.
R Zimmer is both a director and shareholder of this company.
10 POST BALANCE SHEET EVENTS
On 7 July 2008 2,697,034 new ordinary 10p shares were issued for a cash
consideration of �1,618,220.
On 15 July 2008 1,876,000 new ordinary 10p shares were issued for a cash
consideration of �1,125,600.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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