TIDMIMM
RNS Number : 8000Z
Immupharma PLC
29 September 2009
+------------------------------------------+------------------------------------------+
| For Immediate Release | 29 September 2009 |
+------------------------------------------+------------------------------------------+
Interim Results for the six months ended 30 June 2009
ImmuPharma plc reports revenue of GBP21.6m
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 2009.
INTERIM HIGHLIGHTS
* Revenue reported of GBP21.6m for the period following the receipt of $30m from
Cephalon, Inc. as a license payment for LupuzorTM in February
* Basic and diluted earnings per share were 15.05p and 13.69p respectively (31
December 2008: 6.23p and 5.72p respectively)
* Strong cash position of GBP27m (as at 30 June 2009)
* Interim analysis of Phase IIb data for LupuzorTM showed statistically
significant superiority over placebo
* Cephalon, Inc. exercised their right to license LupuzorTM with a $30m license
payment with the potential for various future cash milestone payments totalling
up to $500m as well as royalties on any future sales. Cephalon, Inc. will also
assume responsibility for all future costs and activities for LupuzorTM.
* Received 'Breakthrough of the Year 2009' European Mediscience Award
Post Review Period
* A total of 12.5 million ordinary shares (16.1% of the issued share capital) was
acquired at a price of 86 pence per share to institutional investors on 23 July
2009, including M&G Investments
Commenting on the progress to date and the outlook for ImmuPharma, Dimitri
Dimitriou, Chief Executive Officer, said:
"The first half of 2009 has been a truly exciting time in the history of
ImmuPharma. The promising interim analysis for LupuzorTM's Phase IIb data and
its subsequent licensing to Cephalon, Inc. has been a big step forward in
ImmuPharma's development. We look forward to building on this success during the
rest of 2009 and in the coming years."
For further information, please contact:
ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080
Richard Warr, Chairman
Tracy Weimar, VP, Operations
Buchanan Communications
Lisa Baderoon +44 20 7466 5000
Panmure, Gordon & Co., NOMAD & Broker
Andrew Burnett +44 20 7459 3600
Chairman and Chief Executive Statement
Summary
The first six months of 2009 have been a momentous time for ImmuPharma with the
announcement of an interim analysis of the Phase IIb data for LupuzorTM, our
lead candidate for the treatment of Lupus, a chronic, life-threatening
autoimmune disease, demonstrating statistically significant superiority over
placebo and Cephalon Inc's exercise of their right to license LupuzorTM with
a $30m license payment. The various future cash milestone payments upon the
achievement of certain regulatory and sales milestones (including the option and
license fees) may total up to approximately $500m. In addition to the cash
milestone payments, ImmuPharma will receive royalties on commercial sales of
LupuzorTM. Furthermore, Cephalon, Inc. will assume responsibility for all
future costs and activities associated with LupuzorTM's development and
commercialisation. The licensing of LupuzorTM has strengthened the Group's cash
position and secures ImmuPharma's ability to progress our other compounds in the
coming years. Furthermore, we have been delighted to add a number of blue chip,
institutional investors to our shareholder base.
Our pipeline now includes 5 drug candidates. The most advanced, LupuzorTM has
been licensed to Cephalon, Inc. who will take over responsibility for its
development and all associated costs. Another drug candidate, IPP-204106 is for
the treatment of cancer and has been awarded grants totalling EUR1.15m by French
government organisations. Three other earlier stage programmes are in
preclinical development for - 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 potentially generate further compounds for the Company.
Development Pipeline
LupuzorTM
Early in the year, ImmuPharma announced that a planned interim analysis of the
Phase IIb clinical trial comparing LupuzorTM to placebo in patients with
systemic lupus erythematosus (also known as Lupus) demonstrated statistically
significant superiority of LupuzorTM over placebo. This interim analysis was
performed and reviewed by an independent Data Monitoring Committee according to
ICH guidelines and was conducted after 125 randomised patients had completed the
12 week treatment period with half of them having also completed the additional
12 week follow-up. 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. Analysis of the
data 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 followed on from the successful results of the Phase IIa
trial.
Following on from the option agreement between Cephalon, Inc and ImmuPharma
agreed in November, 2008 and based on the interim analysis of the Phase IIb
data, Cephalon exercised their right to license LupuzorTM in February 2009. This
brought an immediate license payment of $30m to the Group and holds the
potential for a total of approximately $500m in future cash milestone payments
upon the achievement of certain regulatory and sales milestones. In addition to
the cash milestone payments, ImmuPharma will receive royalties on commercial
sales of LupuzorTM.
IPP-204106, treatment for cancer
IP-204106 is ImmuPharma's lead compound for cancer. 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. Having confirmed the EUR1.15m of
French government grants, the first half of 2009 has seen ImmuPharma move
forward with the clinical development plans of IPP-204106.
Other pipeline compounds
More limited progress has been made on ImmuPharma's other pipeline compounds for
inflammation, pain, MRSA and other hospital-acquired infections during the
period. The Group remains committed to their development either alone or with a
partner.
Financial Review
There are several key highlights to the financial position of the Group for the
first half of 2009. ImmuPharma received $30m from Cephalon, Inc. as a license
payment for LupuzorTM in February which is reflected in the Group's reported
GBP21.6m revenue for the period. This $30m payment added to the $15m received
in November 2008 has ensured a strong cash position for the Group of GBP27m at
the end of the period. Basic and diluted earnings per share were 15.05p and
13.69p respectively (31 December 2008: 6.23p and 5.72p). In line with the
Company's current policy, no interim dividend is proposed.
The Group continues to use International Financial Reporting Standards as its
accounting basis.
Operating profit for the period was GBP13.6m representing the license income
received from Cephalon, Inc. as well as the royalty expense due to the Centre
National Recherche Scientifique (CNRS) under the terms of an existing agreement
for both the $15m option payment received in November 2008 and the $30m license
payment received in February 2009. Royalties attributable to both payments
received have been included in royalty expense in these interim accounts under
the terms of the agreement with the CNRS. The $30m license payment received in
2009 is reported as revenue while for the $15m option payment received in
November 2008 is reported as other income in the accounts for the year ended 31
December 2008. The remaining amounts are 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 2009 were GBP27m compared to GBP12m at 31
December 2008. The Group's strong cash position is due to the receipt from
Cephalon, Inc. of an option payment of $15m in November 2008 and a license
payment of $30m in February 2009.
Outlook
With a strong cash position, the focus of the Group continues to be on the
progression of its lead drug candidates, in particular our promising cancer
compound, IPP-204106, and discovery pipeline. We are looking forward to
announcing the final results of the Phase IIb trial for LupuzorTM in the coming
months and will continue to work together with our partner, Cephalon, Inc. to
ensure progression of LupuzorTM through its next phase of development and
beyond. ImmuPharma is in discussions with a number of pharmaceutical and biotech
companies for potential collaborations whilst also considering the option of
progressing further the development of some of its assets alone.
Richard Warr, Chairman
Dimitri Dimitriou, Chief Executive Officer
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2009
+---------------------------------+------+-------------+--+-------------+--+-------------+
| |Note | 6 months | | Year | | 6 months |
| | | ended | | ended | | ended |
| | | 30 June | | 31 | | 30 June |
| | | 2009 | | December | | 2008 |
| | | | | 2008 | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Continuing operations | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Revenue | 4 | 21,569,869 | | 57,120 | | 97,330 |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Royalty expense | 4 | (4,301,044) | | - | | - |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Research and development | | (1,961,398) | | (2,792,767) | | (796,888) |
| expenses | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Administrative expenses | | (1,683,426) | | (1,838,913) | | (791,341) |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Operating profit/(loss) | | 13,624,001 | | (4,574,560) | | (1,490,899) |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Other income | 4 | - | | 9,351,562 | | - |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Finance costs | | (1,747) | | (8,078) | | (4,787) |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Finance income | | 31,006 | | 94,755 | | 43,236 |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Profit/(loss) before taxation | | 13,653,260 | | 4,863,679 | | (1,452,450) |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Tax | | (1,992,325) | | (186,220) | | - |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Profit/(loss) for the period | | 11,660,935 | | 4,677,459 | | (1,452,450) |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Attributable to: | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Equity holders of the parent | | 11,660,935 | | 4,677,459 | | (1,452,450) |
| company | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Earnings/(loss) per ordinary | | | | | | |
| share | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| Basic | 2 | 15.05p | | 6.23p | | (2.00)p |
+---------------------------------+------+-------------+--+-------------+--+-------------+
| | | | | | | |
+---------------------------------+------+-------------+--+-------------+--+-------------+
+---------------------------------+------+----------+--+----------+--+----------+
| Diluted | 2 | 13.69p | | 5.72p | | (2.00)p |
+---------------------------------+------+----------+--+----------+--+----------+
| | | | | | | |
+---------------------------------+------+----------+--+----------+--+----------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE
2009
+------------------------------------+-------------+--+-----------+--+-------------+
| | 6 months | | Year | | 6 months |
| | ended | | ended 31 | | ended |
| | 30 June | | December | | 30 June |
| | 2009 | | 2008 | | 2008 |
+------------------------------------+-------------+--+-----------+--+-------------+
| | GBP | | GBP | | GBP |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| Profit/(loss) for the financial | 11,660,935 | | 4,677,459 | | (1,452,450) |
| period | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| Other comprehensive income | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| Exchange differences on | (1,495,946) | | 890,067 | | 15,688 |
| translation of foreign operations | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| Other comprehensive income for the | (1,495,946) | | 890,067 | | 15,688 |
| period, net of tax | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| Total comprehensive income for the | 10,164,989 | | 5,567,526 | | (1,436,762) |
| period | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
| | | | | | |
+------------------------------------+-------------+--+-----------+--+-------------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2009
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | 30 June | | 31 December | | 30 June |
| | | 2009 | | 2008 | | 2008 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Non-current assets | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Intangible assets | | 748,697 | | 809,213 | | 765,706 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Property, plant and equipment | | 9,894 | | 13,319 | | 14,139 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Total non-current assets | | 758,591 | | 8,22,532 | | 779,845 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Current assets | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Trade and other receivables | | 422,369 | | 120,914 | | 434,411 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Cash and cash equivalents | | 27,123,016 | | 12,458,417 | | 1,176,031 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Total current assets | | 27,545,385 | | 12,579,331 | | 1,610,442 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Current liabilities | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Financial liabilities - | | 42,207 | | 29,611 | | 29,251 |
| borrowings | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Trade and other payables | | 4,317,812 | | 1,106,357 | | 308,486 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Tax payable | | 1,881,169 | | 202,648 | | - |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Provisions | | 160,612 | | 46,808 | | 81,511 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Total current liabilities | | 6,401,800 | | 1,385,424 | | 419,248 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Net current assets | | 21,143,585 | | 11,193,907 | | 1,191,194 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Non-current liabilities | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Financial liabilities - | | 409,008 | | 776,085 | | 308,593 |
| borrowings | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Net assets | | 21,493,168 | | 11,240,354 | | 1,662,446 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| EQUITY | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Ordinary shares | | 7,748,118 | | 7,748,118 | | 7,277,615 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Share premium | | 5,486,985 | | 5,486,985 | | 3,558,340 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Merger reserve | | 106,148 | | 106,148 | | 106,148 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Other reserves | | (760,850) | | 647,271 | | (401,580) |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Retained earnings | | 8,912,767 | | (2,748,168) | | (8,878,077) |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
| Total equity | | 21,493,168 | | 11,240,354 | | 1,662,446 |
+--------------------------------+------+------------+--+-------------+--+-------------+
| | | | | | | |
+--------------------------------+------+------------+--+-------------+--+-------------+
ImmuPharma plc
CONCOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2009
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | 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 | | (466,133) | | (7,425,627) | | 3,050,343 |
| | 2008 | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | Total | - | | - | | - | | 15,688 | | (1,452,450) | | (1,436,762) |
| | comprehensive | | | | | | | | | | | |
| | income for | | | | | | | | | | | |
| | the period | | | | | | | | | | | |
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | Share based | - | | - | | - | | 48,865 | | - | | 48,865 |
| | payments | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | At 30 June | 7,277,615 | | 3,558,340 | | 106,148 | | (401,580) | | (8,878,077) | | 1,662,446 |
| | 2008 | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | At 1 January | 7,277,615 | | 3,558,340 | | 106,148 | | (466,133) | | (7,425,627) | | 3,050,343 |
| | 2008 | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | Total | - | | - | | - | | 890,067 | | 4,677,459 | | 5,567,526 |
| | comprehensive | | | | | | | | | | | |
| | income 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 | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | Total | - | | - | | - | | (1,495,946) | | 11,660,935 | | 10,164,989 |
| | comprehensive | | | | | | | | | | | |
| | income for | | | | | | | | | | | |
| | the period | | | | | | | | | | | |
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | Share based | - | | - | | - | | 87,825 | | - | | 87,825 |
| | payments | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | At 30 June | 7,748,118 | | 5,486,985 | | 106,148 | | (760,850) | | 8,912,767 | | 21,493,168 |
| | 2009 | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
| | | | | | | | | | | | | |
+-----+---------------+------------------+--+-----------+--+---------+--+-------------+--+-------------+--+-------------+
*Other reserves as at 30 June 2009 comprises a reverse acquisition reserve
GBP(3,541,203) (2008: GBP(3,541,203)), a translation reserve GBP(494,121) (2008:
GBP1,001,825) and equity shares to be issued of GBP3,274,474 (2008:
GBP3,186,649).
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2009
+------------------------------+---+---+---+------------+--+---+-------------+--+-------------+
| | Notes | 6 months | | Year | | 6 months |
| | | ended | | ended 31 | | ended |
| | | 30 June | | December | | 30 June |
| | | 2009 | | 2008 | | 2008 |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Cash generated from/(used | 3 | 17,446,000 | | (3,556,364) | | (1,601,085) |
| in) operations | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Interest paid | | (1,747) | | (8,078) | | (4,787) |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Net cash generated | | 17,444,253 | | (3,564,442) | | (1,605,872) |
| from/(used in) operating | | | | | | |
| activities | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Investing activities | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Purchase of property, plant | | (908) | | (5,033) | | (3,450) |
| and equipment | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Disposal of intangibles | | (841) | | (259) | | - |
| assets | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Finance income | | 31,006 | | 94,755 | | 43,236 |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Net cash from investing | | 29,257 | | 89,463 | | 39,786 |
| activities | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Financing activities | | | | | | |
+------------------------------+-----------+------------+------+-------------+--+-------------+
| Net proceeds from share issue - | | - | | 2,524,756 | | - |
| Company | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Decrease in bank overdraft | | 15,096 | | (932) | | 1,540 |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| New loans | | 1,706 | | 390,033 | | - |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Loan repayments | | (297,663) | | (269,851) | | (212,594) |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Other income | | - | | 9,351,562 | | - |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Net cash (used in)/generated | | (280,861) | | 11,995,568 | | (211,054) |
| from financing activities | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Effects of exchange rates on cash | (2,528,050) | | 990,913 | | 6,256 |
| and | | | | | |
| cash equivalents | | | | | |
+--------------------------------------+----------------+--+-----------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Net increase/(decrease) in cash | | 14,664,599 | | 9,511,502 | | (1,770,884) |
| and cash equivalents | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Cash and cash equivalents at | | 12,458,417 | | 2,946,915 | | 2,946,915 |
| start of period | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| Cash and cash equivalents at end | | 27,123,016 | | 12,458,417 | | 1,176,031 |
| of period | | | | | | |
+----------------------------------+-------+------------+------+-------------+--+-------------+
| | | | | | | |
+------------------------------+---+---+---+------------+--+---+-------------+--+-------------+
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2009
1. ACCOUNTING POLICIES
Basis of preparation
The interim financial information in this report has been prepared
using accounting policies consistent with IFRS as adopted by the European
Union. IFRS is subject to amendment and interpretation by the
International Accounting Standards Board (IASB) and the International Financial
Reporting Interpretations Committee (IFRIC) and there is an ongoing process of
review and endorsement by the European Commission. The financial information
has been prepared on the basis of IFRS that the Directors expect to be adopted
by the European Union and applicable as at 31 December 2009.
Except as described below, the accounting policies applied are consistent
with those of the annual financial statements for the year ended 31 December
2008.
The presentation of the primary financial statements has been modified in
order to comply with IAS 1 (revised). However the revised standard has no impact
on the reported results or financial position of the group.
Taxes on income in the interim periods are accrued using the tax rate that would
be applicable to expected total annual earnings.
Non-Statutory accounts
The financial information for the year ended 31 December 2008 set out in
this interim report does not constitute the Group's statutory accounts for that
period.The statutory accounts for the year ended 31 December 2008 have
been delivered to the Registrar of Companies. The auditors reported on
those accounts; their report was unqualified, did not contain a statement under
either Section 237 (2) or Section 237 (3) of the Companies Act 1985 and did
not include references to any matters to which the auditor drew attention by way
of emphasis.The financial information for the 6 months ended 30 June 2009 and 30
June 2008 is unaudited.
Copies of this statement will be available on the Company's website -
www.immupharma.com.
2. EARNINGS PER SHARE
+-----------------------------------+------------+---+------------+--+-------------+
| | 6 months | | Year | | 6 months |
| | ended 30 | | ended 31 | | ended 30 |
| | June 2009 | | December | | June |
| | | | 2008 | | 2008 |
+-----------------------------------+------------+---+------------+--+-------------+
| | GBP | | GBP | | GBP |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Earnings | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Earnings for the purposes of | 11,660,935 | | 4,677,461 | | (1,452,450) |
| basic and diluted earnings per | | | | | |
| share being net profit/(loss) | | | | | |
| attributable to equity | | | | | |
| shareholders | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Number of shares | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Weighted average number of | 77,482,183 | | 75,049,193 | | 72,776,149 |
| ordinary shares for the purposes | | | | | |
| of basic earnings per share | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Effect of dilutive potential | | | | | |
| ordinary shares: | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Share options | 4,475,000 | | 3,545,000 | | - |
+-----------------------------------+------------+---+------------+--+-------------+
| Warrants | 3,245,280 | | 3,245,280 | | - |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | 85,202,463 | | 81,839,473 | | 72,776,149 |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Basic earnings/(loss) per share | 15.05p | | 6.23p | | (2.00)p |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| Diluted earnings/(loss) per share | 13.69p | | 5.72p | | (2.00)p |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
| | | | | | |
+-----------------------------------+------------+---+------------+--+-------------+
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| 3 | CASH GENERATED FROM/(USED IN) OPERATIONS |
+-------+--------------------------------------------------------------------------------------------------------+
| | | | | 30 June | | 31 December | | 30 June |
| | | | | 2009 | | 2008 | | 2008 |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | | | | GBP | | GBP | | GBP |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Operating profit/(loss) | | | 13,624,001 | | (4,574,560) | | (1,490,899) |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Depreciation and amortisation | | 20,722 | | 41,996 | | 13,847 |
+-------+---------------------------------------------+---+---------------+---+---------------+---+--------------+
| | Loss on sale of intangible | | | - | | 19,090 | | |
| | assets | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Share-based payments | | | 87,825 | | 97,730 | | 48,865 |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Decrease/(increase) in debtors | | | 316,928 | | 348,113 | | (13,368) |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Increase/(decrease) in | | | 3,282,720 | | 553,233 | | (156,102) |
| | creditors | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Increase/(decrease) in | | | 113,804 | | (41,966) | | (7,263) |
| | provisions | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | Cash generated from/(used in) | | | | | (3,556,364) | | |
| | operations | | | 17,446,000 | | | | (1,601,085) |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
| | | | | | | | | |
+-------+--------------------------------+------------+---+---------------+---+---------------+---+--------------+
+-----+------------------------------------------------------------------------+
| 4 | LUPUZORTM REVENUE AND ROYALTY EXPENSE |
+-----+------------------------------------------------------------------------+
| | In February 2009 Cephalon Inc exercised its option to license the |
| | exclusive worldwide rights to Lupuzor and has made a non refundable |
| | payment of $30million to the Group (disclosed as "Revenue"), in |
| | addition to the non refundable upfront option payment of $15million |
| | made in November 2008 (shown in the comparative figures as "Other |
| | income"). |
| | |
| | Under the terms of the licence agreement, the Group is entitled to |
| | various future cash milestone payments and royalties on commercial |
| | sales of Lupuzor. Cephalon Inc will be responsible for all future |
| | costs and activities, including Phase III clinical trials, regulatory |
| | filing and the subsequent commercialisation and sale of the product |
| | worldwide. |
| | Under the terms of the existing arrangement in place with Centre |
| | National Recherche Scientifique (CNRS), upon Cephalon Inc exercising |
| | its option in connection with the exclusive license agreement referred |
| | to above, the Group is obliged to make payments of up to 15% of the |
| | payments received from Cephalon Inc. At the date of approval of these |
| | interim results, discussions are ongoing with CNRS in relation to the |
| | final amounts payable by the Group, and an amount of GBP4.3million has |
| | been accrued as a royalty expense in the period reflecting the Board's |
| | estimate of the maximum amount payable in respect of relevant income |
| | earned to date. |
| | |
+-----+------------------------------------------------------------------------+
| | |
+-----+------------------------------------------------------------------------+
+-----+------------------------------------------------------------------------+
| 5 | SUBSEQUENT EVENTS |
+-----+------------------------------------------------------------------------+
| | |
+-----+------------------------------------------------------------------------+
| | There have been no subsequent events since 30 June 2009. |
+-----+------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKNPADENEFE
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