TIDMIMM
RNS Number : 3938U
Immupharma PLC
24 June 2009
+-----------------------------------------+-----------------------------------------+
| FOR IMMEDIATE RELEASE | London, 24 June 2009 |
+-----------------------------------------+-----------------------------------------+
PRELIMINARY RESULTS ANNOUNCEMENT
for the year ended 31 December 2008
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug
discovery and development company, is pleased to announce its preliminary
results for the year ended 31 December 2008.
Key Highlights:
* Lead candidate for the treatment of Lupus, LupuzorTM, licensed to Cephalon, Inc
in a transaction worth up to $500m in milestone payments in addition to
significant royalties. $45m in cash been received to date - $15m in Q4 2008 and
$30m post year end in Q1 2009
* Interim analysis for the Phase IIb study of LupuzorTM has demonstrated
statistically significant superiority of LupuzorTM over placebo
* Data for IPP-204106 has confirmed the ability of the programme to effectively
control and stop the growth of a large panel of human cancer cell lines both "in
vitro" and "in vivo"
* Awarded EUR1.15m in grants from prestigious French institutions for the
development of the Group's promising cancer compound, IPP-204106
* Share placings completed in July 2008 raising GBP2.7m before deduction of
placement costs from UK and Swiss institutional investors.
* Strong cash position due to Cephalon deal, share placings and grants awarded
Dimitri Dimitriou, Chief Executive Officer, said: "2008 was a landmark year for
ImmuPharma with the successful licensing of LupuzorTM to Cephalon, Inc,
successful share placings, bringing in additional blue-chip institutional
investors, receipt of prestigious French grants and good progress on our
pipeline. We look forward to reporting further progress throughout 2009."
For further information please contact:
ImmuPharma PLC
+----------------+--------------------+
| Richard | +44 20 7152 4080 |
| Warr, | |
| Chairman | |
+----------------+--------------------+
| Dimitri | +44 20 7152 4080 |
| Dimitriou, | |
| Chief | |
| Executive | |
| Officer | |
+----------------+--------------------+
| Tracy | +44 20 7152 4080 |
| Weimar, | |
| Vice | |
| President, | |
| Operations | |
+----------------+--------------------+
| | |
+----------------+--------------------+
| Buchanan | + 44 20 7466 5000 |
| Communications | |
+----------------+--------------------+
| Lisa | |
| Baderoon | |
+----------------+--------------------+
| Rebecca | |
| Skye-Dietrich | |
+----------------+--------------------+
| Panmure | +44 151 243 0963 |
| Gordon & | |
| Co | |
+----------------+--------------------+
| Andrew | |
| Burnett | |
+----------------+--------------------+
| Rakesh | |
| Sharma | |
+----------------+--------------------+
IMMUPHARMA PLC
The consolidated results for ImmuPharma and its subsidiaries (collectively the
"Group") cover the year ended 31 December 2008.
REPORT FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
2008 was a landmark year for ImmuPharma plc which culminated in November 2008 in
a transaction worth up to $500m in cash milestone payments in addition to
significant royalties, with Cephalon Inc, an S&P500 company, for the worldwide
development and commercialisation of our lead compound LupuzorTM. ImmuPharma has
to date received $45 million in cash from Cephalon, of which $15 million was
paid in Q4 2008 on the signing of the option agreement and $30 million in Q1
2009 on exercise of the option to license the worldwide rights to LupuzorTM .
Cephalon is now responsible for all costs associated with its development and
commercialisation. Cephalon and ImmuPharma have established a joint committee to
oversee these activities.
Since the deal was announced, LupuzorTM successfully completed its ongoing phase
IIb clinical trial in patients suffering with Systemic Lupus Erythematosus.
During Q1 2008 ImmuPharma entered the field of cancer therapy following the
licensing of a novel cancer compound from ImmuPharma's research partner, the
Centre National de la Recherche Scientifique ("CNRS"). The lead compound,
IPP-204106, has since shown outstanding preclinical data confirming the ability
of the series of compounds to effectively control and stop the growth of a large
panel of human cancer cell lines both "in vitro" and "in vivo". Collectively the
studies comprised breast cancer, prostate cancer, melanoma, glioblastoma,
leukaemia, colon cancer and pancreatic cancer cell lines.
In addition, we were proud to receive two grants totalling EUR1.15 million from
prestigious French institutions to expedite the development of our cancer
programme.
In early Q3 2008, we attracted new blue-chip institutional shareholders from the
UK and Switzerland by way of a placing totalling GBP2.7m, before deduction of
placing costs.
Our strong balance sheet enables us to maximise the value of our pipeline,
including the novel cancer compound, a compound for the treatment of serious
pain, a novel antibiotic for MRSA and our library of patented drug candidates,
while LupuzorTM continues to progress through our partnership with Cephalon.
The Board of ImmuPharma plc would like to thank its partners, Cephalon and the
Centre Nationale de la Recherche Scientifique in France for their collaboration
and its shareholders for their continuing support during 2008.
REPORT FROM THE CHIEF SCIENTIFIC OFFICER
2008 was a year of exciting progress for ImmuPharma with the achievement of
notable, key milestones. The pivotal, double-blind, placebo-controlled Phase IIb
trial for LupuzorTM yielded statistically significant positive data in its
interim analysis. ImmuPharma successfully concluded an option agreement with
Cephalon, Inc. for LupuzorTM which has subsequently been exercised bringing the
Company $45m in cash. Data for IPP-204106 has confirmed the ability of the
programme to effectively control and stop the growth of a large panel of human
cancer cell lines both "in vitro" and "in vivo". EUR1.15m of grants have been
awarded for the advancement of the cancer programme from prestigious French
national institutions. With a successful share placement in the summer and the
payments from Cephalon, Inc for LupuzorTM, the Group is well-placed to continue
the development of all of its development assets.
The past year has seen a number of key developments for LupuzorTM our lead drug
candidate for the treatment of lupus, a chronic, life-threatening autoimmune
disease. These developments include: LupuzorTM completing the mandatory long
term toxicology study package with no clinical or laboratory findings to suggest
any safety issues. The LupuzorTM patent was approved in Japan and Australia and
received notice of allowance from the US Patent Office, and ImmuPharma also
received approval of the trademark name LupuzorTM by the US Patent and Trademark
Office.
Importantly, the mechanism of action of LupuzorTM has been identified by
researchers working with ImmuPharma at the Centre National de la Recherche
Scientifique in Strasbourg. LupuzorTM has shown that it modulates, through a
unique mechanism, a specific subset of CD4 T cells which play a critical role in
the physiopathology of Lupus. A new patent which covers this discovery has been
filed. This mechanism is consistent with and explains the very favourable safety
profile of LupuzorTM (maintenance of the overall immune system while being
effective) and its activity as a specific immune-modulator.
Furthermore, during the LupuzorTM's Phase IIB study, an interim analysis was
performed and reviewed by an independent Data Monitoring Committee according to
ICH guidelines. This interim analysis demonstrated statistically significant
superiority of LupuzorTM over placebo. This analysis was conducted after 125
randomised patients had completed the 12 week treatment period, half of them
having also completed the additional 12 week follow up (week 24). The primary
efficacy measure was a 'SLEDAI response' defined as a decrease of at least 4
points in the SLEDAI score, a scale generally accepted by physicians as an
assessment of the clinical activity of Lupus patients, a lower score
representing lower disease activity. The analysis of the data has demonstrated
that the 200mcg dose of LupuzorTM administered every four weeks was
statistically significantly superior to placebo (p=0.015). LupuzorTM was
generally well-tolerated with no significant drug related adverse events
recorded. This data follows on from the successful results which we observed
with the preliminary Phase IIa trial.
In November, ImmuPharma was delighted to announce the signature of an option
agreement with Cephalon, Inc. to obtain an exclusive, worldwide license to
LupuzorTM. With the data arising from the interim analysis, Cephalon decided to
exercise their option thereby assuming all expenses for Phase III studies and
subsequent commercialisation of the product. We are delighted to have formed
this partnership with Cephalon and to have secured the future development for
LupuzorTM. The $45m cash arising from the signature of the option agreement and
its subsequent exercise has provided a valuable cash base on which to further
develop our other pipeline assets.
During the year, data on ImmuPharma's anti-cancer nucleolin antagonist
("Nucant") peptide programme, IPP-204106 was obtained confirming the ability of
the compounds to effectively control and stop the growth of a large panel of
human cancer cell lines both "in vitro" and "in vivo". Collectively the studies
comprised breast cancer, prostate cancer, melanoma, glioblastoma, leukaemia,
colon cancer and pancreatic cancer cell lines. "In vivo" studies showed that
tumours were completely eradicated and survival time increased without
additional treatment. ImmuPharma has filed appropriate patents on the
composition of matter relating to the peptides covering a large variety of
Nucant structures. Manufacturing processes transferable to large scale
production have also been successfully developed. Due to the considerable
progress made, ImmuPharma has initiated the regulatory studies necessary for the
development program of IPP-204106, and has applied for and successfully been
awarded EUR1.15m of prestigious grants from French national research agencies.
While our core strategy is to focus on the progression of our Lupus and cancer
compounds, we are also progressing our other lead candidates. Our two other lead
drug candidates each represent a breakthrough approach and are very exciting
compounds that fit perfectly with the Company's model of niche diseases.
On behalf of the Board we would also like to extend our particular thanks to the
team at the CNRS in Strasbourg with whom ImmuPharma has key collaborations.
Financial Review
The year ended 31 December 2008 had several notable financial milestones. The
Group successfully raised GBP2.7m of new funds through a share placing with both
UK and Swiss institutional investors in difficult market conditions. With our
promising cancer program, the Group was awarded EUR1.15m of grants from
prestigious French research agencies to further its development.
Furthermore, the Group entered into an option agreement with Cephalon, Inc in
November which was exercised in February 2009 providing a total of $45m in cash.
Coupled with the Group's continued emphasis on controlled expenditure for the
development of its assets, these additional funds will help secure the
development of the Group through the next few years.
The Group continues to adopt International Financial Reporting Standards (IFRS)
as its primary accounting basis.
Financial results for the period
The Operating Loss of GBP4.6m represents principally the expenditure on
development carried out by Contract Research Organisations and the employment
and running costs of the Group. The timing and extent of the research and
development programme continues to be well controlled.
Research and development expenditure was GBP2.8m while administrative expenses
were GBP1.8m. Research and development expenditure has risen in line with the
progression of the Group's assets, in particular the Phase IIb trial of
LupuzorTM. Administrative expenditure increased slightly from previous years in
line with expectations.
However, with the completion of the option agreement with Cephalon, Inc for
LupuzorTM, the Group achieved a profitable position for the first time with a
profit before tax for the year of GBP4.9m.The profit of the Group for the period
after tax was GBP4.7m (compared to a loss of GBP3.1m for the year ended 31
December 2007).
Basic and diluted earnings per share was 6.23p and 5.72p respectively (prior
period loss per share of 4.24p). No dividend is proposed.
In previous years, IFRS2, relating to share-based payments has had an impact on
the Group's results. While no new options were granted in 2008, there is a
charge in the accounts of GBP97,730 which represents the current year charge for
options previously granted. This is purely a notional amount stipulated by IFRS2
(and calculated using a statistical model) as a result of granting the options.
A further GBP153,963 is due to be charged in the following years accounts under
IFRS2, being the remainder of the fair value charge.
Net Funds
At 31 December 2008, the Group had cash and cash equivalents of GBP12.5M (31
December 2007 was GBP2.9M).Furthermore, in February 2009, Cephalon, Inc
exercised their option to license LupuzorTM for a payment of $30m in cash,
thereby further strengthening the Group's cash position.
Treasury Policy
The policy continues to be that surplus funds of the Group are held in
interest-bearing bank accounts on short or medium maturities, until commitments
to future expenditure are made, when adequate funds are released to enable
future expenditure to be incurred. The Group's Treasury Policy and controls are
straightforward and approved by the Board. The Group does not engage in
speculative transactions.
Financial Strategy
The expenditure of the Group has been directed towards progressing its assets
through clinical development to maximise their potential.
The overall strategy is to maintain a tight control over cash resources whilst
enabling controlled development of the potential product portfolio. The Board
remains alert to opportunities to raising further finance.
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+----------------------------------+--------+-------------+--+-------------+--+
| | Notes | Year ended | | Year ended | |
| | | 31 December | | 31 | |
| | | 2008 | | December | |
| | | | | 2007 | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | GBP | | GBP | |
+----------------------------------+--------+-------------+--+-------------+--+
| Continuing operations | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Revenue | | 57,120 | | 63,199 | |
+----------------------------------+--------+-------------+--+-------------+--+
| Research and development | | (2,792,767) | | (1,970,654) | |
| expenses | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Administrative expenses | | (1,838,913) | | (1,620,348) | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Operating loss | 2 | (4,574,560) | | (3,527,803) | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Other income | 3 | 9,351,562 | | - | |
+----------------------------------+--------+-------------+--+-------------+--+
| Finance costs | | (8,078) | | (14,156) | |
+----------------------------------+--------+-------------+--+-------------+--+
| Investment revenues | | 94,755 | | 205,911 | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Profit/(loss) before taxation | | 4,863,679 | | (3,336,048) | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Tax | | (186,220) | | 253,237 | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Profit/(loss) for the year | | 4,677,459 | | (3,082,811) | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Attributable to: | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Equity holders of the parent | | 4,677,459 | | (3,082,811) | |
| company | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Profit/(loss) per ordinary share | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Basic | 4 | 6.23p | | (4.24)p | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
| Diluted | 4 | 5.72p | | (4.24)p | |
+----------------------------------+--------+-------------+--+-------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+-------------+--+
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE YEAR ENDED
31 DECEMBER 2008
+-------------------------------------------+-------------+--+-------------+--+
| | Year ended | | Year ended | |
| | 31 December | | 31 December | |
| | 2008 | | 2007 | |
+-------------------------------------------+-------------+--+-------------+--+
| | GBP | | GBP | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| Exchange differences on translation of | 890,067 | | 115,893 | |
| foreign operations | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| Profit/(loss) for the financial year | 4,677,459 | | (3,082,811) | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| Total recognised income and expense for | 5,567,526 | | (2,966,918) | |
| the year | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| Attributable to: | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| Equity holders of the parent company | 5,567,526 | | (2,966,918) | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
| | | | | |
+-------------------------------------------+-------------+--+-------------+--+
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008
+----------------------------------+--------+-------------+--+------------+--+
| | | 31 December | | 31 | |
| | | 2008 | | December | |
| | | | | 2007 | |
+----------------------------------+--------+-------------+--+------------+--+
| | Notes | GBP | | GBP | |
+----------------------------------+--------+-------------+--+------------+--+
| Non-current assets | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Property, plant and equipment | | 13,319 | | 12,779 | |
+----------------------------------+--------+-------------+--+------------+--+
| Intangible assets - goodwill | | - | | - | |
+----------------------------------+--------+-------------+--+------------+--+
| Intangible assets - other | | 809,213 | | 755,135 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Total non-current assets | | 822,532 | | 767,914 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Current assets | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Trade and other receivables | | 120,914 | | 384,724 | |
+----------------------------------+--------+-------------+--+------------+--+
| Cash and cash equivalents | 3, 5 | 12,458,417 | | 2,946,915 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Total current assets | | 12,579,331 | | 3,331,639 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Current liabilities | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Financial liabilities - | | 29,611 | | 173,581 | |
| borrowings | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Trade and other payables | | 1,106,357 | | 441,380 | |
+----------------------------------+--------+-------------+--+------------+--+
| Tax payable | | 202,648 | | - | |
+----------------------------------+--------+-------------+--+------------+--+
| Provisions | | 46,808 | | 88,774 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Total current liabilities | | 1,385,424 | | 703,735 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Net current assets | | 11,193,907 | | 2,627,904 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Non-current liabilities | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Financial liabilities - | | 776,085 | | 345,475 | |
| borrowings | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
| Net assets | | 11,240,354 | | 3,050,343 | |
+----------------------------------+--------+-------------+--+------------+--+
| | | | | | |
+----------------------------------+--------+-------------+--+------------+--+
+-------------------------------------+------+-------------+--+-------------+--+
| EQUITY | | | | | |
+-------------------------------------+------+-------------+--+-------------+--+
| Ordinary shares | | 7,748,118 | | 7,277,615 | |
+-------------------------------------+------+-------------+--+-------------+--+
| Share premium | | 5,486,985 | | 3,558,340 | |
+-------------------------------------+------+-------------+--+-------------+--+
| Merger reserve | | 106,148 | | 106,148 | |
+-------------------------------------+------+-------------+--+-------------+--+
| Other reserves | | 647,271 | | (466,133) | |
+-------------------------------------+------+-------------+--+-------------+--+
| Retained earnings | | (2,748,168) | | (7,425,627) | |
+-------------------------------------+------+-------------+--+-------------+--+
| | | | | | |
+-------------------------------------+------+-------------+--+-------------+--+
| | | | | | |
+-------------------------------------+------+-------------+--+-------------+--+
| Total equity | | 11,240,354 | | 3,050,343 | |
+-------------------------------------+------+-------------+--+-------------+--+
| | | | | | |
+-------------------------------------+------+-------------+--+-------------+--+
The financial statements were approved by the Board of Directors and authorised
for issue on 23 June 2009.
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
+-----------------------------------+------+------+----+--+-------------+--+-------------+
| | Notes | | Year ended | | Year ended |
| | | | 31 | | 31 |
| | | | December | | December |
| | | | 2008 | | 2007 |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | GBP | | GBP |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Cash flows from operating | | | | | |
| activities | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Cash used in operations | | | (3,556,364) | | (3,760,613) |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Interest paid | | | (8,078) | | (14,156) |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Net cash used in operating | | | (3,564,442) | | (3,774,769) |
| activities | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Investing activities | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Purchase of property, plant and | | | (5,033) | | (7,944) |
| equipment | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Disposal/(acquisition) of | | | (259) | | (1,407) |
| intangibles assets | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Interest received | | | 94,755 | | 205,911 |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Net cash generated from investing | | | 89,463 | | 196,560 |
| activities | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Financing activities | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Net proceeds from share issue - Company | | 2,524,756 | | - |
+------------------------------------------------------+--+-------------+--+-------------+
| Decrease in bank overdraft | | | (932) | | (2,004) |
+-----------------------------------+------------------+--+-------------+--+-------------+
| New loans | | | 390,033 | | 93,047 |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Loan repayments | | | (269,851) | | (168,607) |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Other income | 3 | | 9,351,562 | | - |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Net cash generated from/(used in) financing | | | 11,995,568 | | (77,564) |
| activities | | | | | |
+-------------------------------------------------+----+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Effects of exchange rates on cash and cash | | | 990,913 | | 142,770 |
| equivalents | | | | | |
+-------------------------------------------------+----+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------+-----------+--+-------------+--+-------------+
| Net increase/(decrease) in cash and cash | | | 9,511,502 | | (3,513,003) |
| equivalents | | | | | |
+------------------------------------------+-----------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Cash and cash equivalents at | | | 2,946,915 | | 6,459,918 |
| beginning of period | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| Cash and cash equivalents at end | | | 12,458,417 | | 2,946,915 |
| of period | | | | | |
+-----------------------------------+------------------+--+-------------+--+-------------+
| | | | | | |
+-----------------------------------+------+------+----+--+-------------+--+-------------+
NOTES
1.The financial information set out in this announcement does not comprise the
Group's statutory accounts for the year ended 31 December 2008 or 31 December
2007.
The financial information for the year ended 31 December 2007 is derived from
the statutory accounts for the year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under either Section 237 (2) or
Section 237 (3) of the Companies Act 1985.
The full statutory accounts for the year ended 31 December 2008 will be
finalised on the basis of the financial information presented by the Directors
in this preliminary announcement and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting.
The accounting policies are consistent with those applied in the preparation of
the interim results for the period ended 30 June 2008 and the statutory accounts
for the year ended 31 December 2007, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS").
The financial information is for the year ended 31 December 2008 and the
comparatives are for the year ended 31 December 2007.
The Group's financial statements incorporate the financial statements of
ImmuPharma plc, ImmuPharma (UK) Limited and other entities controlled by the
company ("the subsidiaries") comprising ImmuPharma AG and ImmuPharma (France)
SA. Control is achieved where the company has the power to govern the financial
and operating policies of an investee entity so as to obtain benefits from its
activities.
+------+---------------------------------------------+------------+--+------------+
| 2 | OPERATING LOSS | | | |
+------+---------------------------------------------+------------+--+------------+
| | | Year ended | | Year ended |
| | | 31 | | 31 |
| | | December | | December |
| | | 2008 | | 2007 |
+------+---------------------------------------------+------------+--+------------+
| | | GBP | | GBP |
+------+---------------------------------------------+------------+--+------------+
| | Operating loss is stated after | | | |
| | charging/(crediting): | | | |
+------+---------------------------------------------+------------+--+------------+
| | | | | |
+------+---------------------------------------------+------------+--+------------+
| | Foreign exchange (gains)/losses | (206,368) | | 13,338 |
+------+---------------------------------------------+------------+--+------------+
| | Share based payments charge | 97,730 | | 131,615 |
+------+---------------------------------------------+------------+--+------------+
| | Employers National Insurance provision in | (41,966) | | (5,444) |
| | respect of share based payments charge | | | |
+------+---------------------------------------------+------------+--+------------+
| | Depreciation of property, plant and | 7,045 | | 7,330 |
| | equipment | | | |
| | - owned | | | |
+------+---------------------------------------------+------------+--+------------+
| | Amortisation of intangible assets | 34,951 | | 28,982 |
| | - patents | | | |
+------+---------------------------------------------+------------+--+------------+
| | Loss on disposal of intangible assets | 19,090 | | - |
+------+---------------------------------------------+------------+--+------------+
| | Services provided by Company auditors: | 35,716 | | 41,125 |
| | - Audit services | | | |
| | - Other services (split between): | | | |
+------+---------------------------------------------+------------+--+------------+
| | - Other services relating to taxation | 14,181 | | 9,812 |
+------+---------------------------------------------+------------+--+------------+
| | - Services relating to share option schemes | - | | 16,979 |
+------+---------------------------------------------+------------+--+------------+
| | - All other services | 6,463 | | 9,136 |
+------+---------------------------------------------+------------+--+------------+
| | Audit services provided by other auditors | 9,795 | | 8,741 |
| | | | | |
+------+---------------------------------------------+------------+--+------------+
3. OTHER INCOME
Other income totalling GBP9,351,562 represents a non-refundable upfront option
payment by Cephalon, Inc in relation to the Group's LupuzorTM product. Under the
terms of the option agreement, if exercised, Cephalon, Inc will make a further
non-refundable payment of $30 million for the worldwide rights to LupuzorTM and,
under the terms of the subsequent license agreement, the Group may be entitled
to various future cash milestone payments and royalties on commercial sales of
LupuzorTM. Cephalon, Inc will be responsible for all activities and expenses in
respect of the Phase III clinical trials, regulatory filing and the subsequent
commercialisation and sale of the product worldwide.
+------+---------------------------------------------+------------+----+-------------+
| 4 | EARNINGS PER SHARE | Year ended | | Year ended |
| | | 31 | | 31 |
| | | December | | December |
| | | 2008 | | 2007 |
+------+---------------------------------------------+------------+----+-------------+
| | | GBP | | GBP |
+------+---------------------------------------------+------------+----+-------------+
| | Earnings | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Earnings for the purposes of basic earnings | 4,677,461 | | (3,082,811) |
| | per share being net profit/(loss) | | | |
| | attributable to equity shareholders | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Number of shares | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Weighted average number of ordinary shares | 75,049,193 | | 72,776,149 |
| | for the purposes of basic earnings per | | | |
| | share | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Effect of dilutive potential ordinary | | | |
| | shares: | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Share options | 3,545,000 | | - |
+------+---------------------------------------------+------------+----+-------------+
| | Warrants (see note 22) | 3,245,280 | | - |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | 81,839,473 | | 72,776,149 |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Basic profit/(loss) per share | 6.23p | | (4.24)p |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | Diluted profit/(loss) per share | 5.72p | | (4.24)p |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | | | | |
+------+---------------------------------------------+------------+----+-------------+
| | The Group has granted share options and warrants in respect of equity |
| | shares to be issued, the details of which are disclosed in notes 21 and 22 |
| | of the statutory accounts. |
+------+---------------------------------------------+------------+----+-------------+
+-----+---------------------------------------------------------------------------------+
| 4 | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY |
| | |
+-----+---------------------------------------------------------------------------------+
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | Share | | Share | | Merger | | Other | | Retained | | Total |
| | | capital | | premium | | reserve | | reserves* | | Earnings | | equity |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | At 1 January | 7,277,615 | | 3,558,340 | | 106,148 | | (713,641) | | (4,342,816) | | 5,885,646 |
| | 2007 | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Exchange | - | | - | | - | | 115,893 | | - | | 115,893 |
| | differences | | | | | | | | | | | |
| | on | | | | | | | | | | | |
| | translating | | | | | | | | | | | |
| | foreign | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Loss for the | - | | - | | - | | - | | (3,082,811) | | (3,082,811) |
| | year ended | | | | | | | | | | | |
| | 31 December | | | | | | | | | | | |
| | 2007 | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Total | - | | - | | - | | 115,893 | | (3,082,811) | | (2,966,918) |
| | recognised | | | | | | | | | | | |
| | income and | | | | | | | | | | | |
| | expense for | | | | | | | | | | | |
| | the year | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Share based | - | | | | - | | 131,615 | | - | | 131,615 |
| | payments | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | At 31 | 7,277,615 | | 3,558,340 | | 106,148 | | (466,133) | | (7,425,627) | | 3,050,343 |
| | December | | | | | | | | | | | |
| | 2007 | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Exchange | - | | - | | - | | 890,067 | | - | | 890,067 |
| | differences | | | | | | | | | | | |
| | on | | | | | | | | | | | |
| | translating | | | | | | | | | | | |
| | foreign | | | | | | | | | | | |
| | operations | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Profit for | - | | - | | - | | - | | 4,677,459 | | 4,677,459 |
| | the year | | | | | | | | | | | |
| | ended 31 | | | | | | | | | | | |
| | December | | | | | | | | | | | |
| | 2008 | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Total | - | | - | | - | | 890,067 | | 4,677,459 | | 5,567,526 |
| | recognised | | | | | | | | | | | |
| | income and | | | | | | | | | | | |
| | expense for | | | | | | | | | | | |
| | the year | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | New issue of | 470,503 | | 2,306,317 | | - | | - | | - | | 2,776,820 |
| | equity | | | | | | | | | | | |
| | capital | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Less: | - | | (377,672) | | - | | - | | - | | (377,672) |
| | expenses of | | | | | | | | | | | |
| | new share | | | | | | | | | | | |
| | issue | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Share based | - | | - | | - | | 97,730 | | - | | 97,730 |
| | payments | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Equity | - | | - | | - | | 125,607 | | - | | 125,607 |
| | shares to be | | | | | | | | | | | |
| | issued | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | At 31 | 7,748,118 | | 5,486,985 | | 106,148 | | 647,271 | | (2,748,168) | | 11,240,354 |
| | December | | | | | | | | | | | |
| | 2008 | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | * Other reserves as at 31 December 2008 comprises a reverse acquisition reserve |
| | GBP(3,541,203) (2007: GBP(3,541,203)), a translation reserve on translation of |
| | overseas subsidiaries GBP1,001,825 (2007: GBP111,758) and equity shares to be issued |
| | of GBP3,186,649 (2007: GBP2,963,312) (see notes 20 and 21). |
+-----+-------------------------------------------------------------------------------------------------------+
| | Attributable | | | | | | | | | | | |
| | to:- | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | Equity | 7,748,118 | | 5,486,985 | | 106,148 | | 647,271 | | (2,748,168) | | 11,240,354 |
| | holders of | | | | | | | | | | | |
| | the parent | | | | | | | | | | | |
| | company | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+--------------+-----------+--+-----------+--+---------+--+-----------+--+-------------+--+-------------+
5 POST BALANCE SHEET EVENTS
In February 2009 Cephalon Inc exercised its option to license the exclusive
worldwide rights to Lupuzor and has made a further non refundable payment of $30
million to the Group, through its subsidiary ImmuPharma (France) SA.
Under the terms of the licence agreement, the Group may be entitled to various
future cash milestone payments and royalties on commercial sales of Lupuzor.
Cephalon Inc will be responsible for all activities and expenses in respect of
the Phase III clinical trials, regulatory filing and the subsequent
commercialisation and sale of the product worldwide.
Under the terms of an existing arrangement in place with Centre National
Recherche Scientifique (CNRS), upon Cephalon Inc exercising its option and the
Group's receipt of $30m in connection with the exclusive license agreement
referred to above, the Group is obliged to make a payment of up to 15% of the
license payment received.
6 DIRECTORS' REPORT AND ACCOUNTS
Copies of the report and accounts will be posted to shareholders in June 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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