TIDMIMM
RNS Number : 1611M
Immupharma PLC
19 May 2010
FOR IMMEDIATE RELEASE
19 May 2010
PRELIMINARY RESULTS ANNOUNCEMENT
for the year ended 31 December 2009
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug
discovery and development company, is pleased to announce its preliminary
audited results for the year ended 31 December 2009.
Key Highlights:
· Revenue reported of GBP22 million for the period following the receipt of
$30 million from Cephalon, Inc. as a license payment for LupuzorTM in February,
2009
· Basic and diluted earnings per share were 10.46p and 9.99p respectively
(31 December 2008: 6.23p and 6.07p respectively)
· Strong cash position of GBP22.5 million. Cash balance resulting from
LupuzorTM agreement to be used to develop the other promising compounds in the
pipeline
· 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 received to date - $15m in Q4
2008 and $30m in Q1 2009
· Final results of the Phase IIb study of LupuzorTM showed a clinically
significant improvement in patient response rate versus placebo
· Received IND approval from AFSSAPS, Agence Francaise de Securite
Sanitaire des Produits de Sante, for a Phase I/IIa study in patients,
IPP-204106, our anti-cancer compound with a novel and promising mechanism of
action. First patients expected to be dosed within the next few weeks
· Received numerous awards during the year, including: 'Breakthrough of
the Year 2009' European Mediscience Award, 'Best Technology 2009' AIM Award and
'Best Drug Development Company Europe 2010' New Economy Award.
Richard Warr, Chairman, said: "We are proud to report on our strong revenue and
balance sheet performance . 2009 was a landmark year for ImmuPharma with the
successful licensing of LupuzorTM to Cephalon, the promising results of our
Phase IIb trial for LupuzorTM, the addition of further blue-chip institutional
investors, and the receipt of prestigious industry awards. In addition to our
successes in 2009 we are delighted to have received approval from the French
regulatory authorities to commence our Phase I/IIa study in cancer patients
with IPP-204106. This novel compound is the second ImmuPharma programme to move
into clinical testing in patients and is an important part of our future. We
look forward to reporting further progress throughout 2010."
For further information please contact:
ImmuPharma PLC
Richard Warr, Chairman
+44 20 7152 4080
Dimitri Dimitriou, Chief Executive Officer
+44 20 7152 4080
Tracy Weimar, Vice President, Operations
+44 20 7152 4080
Buchanan Communications + 44 20
7466 5000
Lisa Baderoon
Catherine Breen
George Prassas
Panmure Gordon & Co
+44 151 243 0963
Andrew Burnett
Rakesh Sharma
Execution Noble & Co
James Bromhead
+44 20 7456 9191
IMMUPHARMA PLC
The consolidated results for ImmuPharma and its subsidiaries (collectively the
"Group") cover the year ended 31 December 2009.
Report of the Chairman and of the Chief Executive Officer
We are delighted to report on another year of significant developments and
progress for ImmuPharma. 2009 saw the achievement of a landmark licensing deal
with Cephalon, Inc., ("Cephalon") an S&P 500 company, for the worldwide
development and commercialisation of our lead compound, LupuzorTM. In
addition, ImmuPharma received several awards including the AIM award for Best
Technology 2009 and the European Mediscience award for Breakthrough of the
Year. The Company also attracted new blue-chip shareholders during the period .
We ended 2009 by hosting in December an analyst and investor technology forum in
Paris where a number of our key scientific investigators presented on our
promising cancer programme.
In February 2009, Cephalon exercised its option to license LupuzorTM for an
exercise fee of $30m. This payment was in addition to the $15m option payment
Cephalon made in November 2008. The overall value of the transaction is up to
$500m in cash milestone payments in addition to significant royalties. Cephalon
has licensed the worldwide rights to LupuzorTM and is now responsible for all
costs associated with its development and commercialisation. Cephalon and
ImmuPharma have established a joint committee to oversee these activities.
Cephalon is currently moving forward with a second Phase IIb study in US and
European patients with Systemic Lupus Erythematosus to build upon the work done
by ImmuPharma.
In November 2009, we reported the final analysis of the ImmuPharma Phase IIb
study of LupuzorTM in patients with Systemic Lupus Erythematosus. LupuzorTM
achieved a clinically significant improvement in patient response rate versus
placebo. The improvement was statistically significant in a subgroup of
moderate to severe patients. 62% of this sub-group of patients were responders
compared to 41% on placebo. Furthermore, LupuzorTM was generally well tolerated
with fewer serious adverse events leading to discontinuation. We are excited
that this study has delivered such encouraging clinical efficacy data. Further
details on these promising results are given in the LupuzorTM section of this
report.
The past 12 months has seen ImmuPharma gain a number of prestigious awards. In
October, ImmuPharma received the AIM award for Best Technology 2009, an award
that is presented to the Company which 'reflects the innovation and
entrepreneurial skills that are the cornerstone of the AIM culture'. In June,
the Company received the European Mediscience award for Breakthrough of the
Year. In addition, ImmuPharma has just received the Best Drug Development
Company, Europe 2010. We are honoured to have been recognised in this way by so
many prestigious organisations.
We have been working hard to raise ImmuPharma's profile in the investment
community with presentations at the 8th Annual Bio Investor Forum in San
Francisco, the JMP Securities Healthcare Focus Conference in New York and the
Piper Jaffray Europe Conference to name but a few. We are pleased to have added
a number of blue-chip investors to our shareholder base.
With the LupuzorTM agreement with Cephalon and the completion of the ImmuPharma
Phase IIb trial, we have been able to increase the focus on our other assets,
specifically our cancer programme. To this end, we were delighted to hold an
analyst day devoted to the potential of this programme, hosted at the
headquarters of the Centre Nationale de la Recherche Scientifique ("CNRS").
Furthermore, we are excited by the news that the French authorities, AFSSAPS,
have just given their approval to initiate Phase I/IIa studies in patients for
IPP-204106 and are looking forward to beginning Phase I in patients in Q2 2010.
.
ImmuPharma is looking forward to another promising year in 2010. The Board
would like to thank its shareholders for their ongoing support as well as its
scientific advisors and the CNRS in France for their collaboration.
Richard Warr, MA
Chairman
Dimitri Dimitriou, MSc
Chief Executive Officer
ImmuPharma plc
Report of the Chief Scientific Officer
2009 proved to be another remarkable year for ImmuPharma with the very promising
results of the first Phase IIb study for LupuzorTM, the licensing agreement with
Cephalon and the growing potential of the cancer programme. The rest of our
development portfolio, our continued relationship with the CNRS and our strong
cash position provides us with a solid basis for future growth.
During 2009, the first Phase IIb study of LupuzorTM was concluded with an
interim and final analysis completed. The Phase IIb trial of LupuzorTM was
undertaken in patients with active Systemic Lupus Erythematosus (SLE).
LupuzorTM administered at 200 mcg once-a-month for 3 months plus standard of
care achieved a clinically significant improvement in patient response rate as
measured by the combined score compared to placebo plus standard of care. The
study results also show that LupuzorTM was generally well tolerated, with
adverse event rates lower with LupuzorTM when compared with placebo.
Key highlights of the Phase IIb trial of LupuzorTM are:
· LupuzorTM achieved a clinically significant improvement in patient
response rate versus placebo in the intention to treat (ITT) analysis
· The improvement was statistically significant in a sub-group (90% of the
ITT population) of moderate to severe patients
· 62% of this sub-group of patients were responders according to both a
composite clinical score and a decrease of 4 points of the SLEDAI score when
treated with LupuzorTM 200 mcg every 4 weeks for 12 weeks compared to 41% on
placebo
· LupuzorTM was generally well-tolerated with fewer serious adverse events
leading to discontinuation
In February, we were delighted to announce that Cephalon exercised its option to
take an exclusive license to LupuzorTM for $30 million bringing the total
received to $45 million including the option payment made in November 2008.
Under the terms of the agreement, Cephalon assumes full responsibility for the
clinical development and commercialisation of LupuzorTM going forward. Cephalon
is moving forward with plans to begin a further Phase IIb trial in US and
European patients in the coming months with plans to commence Phase III trial
immediately thereafter. We are delighted to have formed this partnership with
Cephalon and to have secured the future development for LupuzorTM.
Following the data on our anti-cancer nucleolin antagonist ("Nucant") peptide
programme which confirmed 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", ImmuPharma has been working toward initiation of Phase I studies
in Q2 2010 and has been delighted to receive approval from the French
authorities, AFSSAPS, to begin Phase I/IIa studies in patients. Collectively
the pre-clinical 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 was awarded EUR1.15m of prestigious grants from French
national research agencies in 2008 to further their development.
During 2009, our core strategy has been to focus on the progression of our Lupus
and cancer compounds. However, we remain committed to our other pipeline assets
and Peptide-to-Drug-Converting technology and are actively seeking innovative
ways of establishing productive collaborations that will enable their future
progression.
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.
Dr Robert Zimmer
President and Chief Scientific Officer
ImmuPharma plc
Financial Review
The year ended 31 December 2009 saw ImmuPharma reach a key stage in its
development with the successful licensing of LupuzorTM to Cephalon. This license
agreement, combined with the option agreement completed late in 2008, brought a
total of $45 million to the Group. This funds received in connection with this
agreement has strengthened the Group's cash position and provides a solid basis
on which to build the development of the Group's other assets. Together with
the Group's continued emphasis on controlled expenditure for the development of
its assets, these funds will help secure the development of the Group through
the next few years.
With the completion of the license agreement with Cephalon for LupuzorTM, the
Group recorded profit before taxation of GBP9.1m for the year building on the
profit of GBP4.9m recorded in 2008. Royalty expense of GBP4.2m is payable to
the CNRS on revenues arising from the LupuzorTM agreement. Research and
development expenditure was GBP4m while administrative expenses were GBP4.9m.
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 from previous years in line with
expectations and due to exchange rate movement during the year. The Group
continues to adopt International Financial Reporting Standards (IFRS) as its
primary accounting basis.
In previous years, IFRS2, relating to share-based payments, has had an impact on
the Group's results. New options were granted in February 2009, and there is a
charge in the accounts of GBP229,169 which represents the current year charge
for the 2009 options and for those 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 GBP360,220 is due to be charged
in next years accounts under IFRS2, being the remainder of the fair value
charge.
In December 2009, in fulfilment of the transaction entered into in December
2006, ING Belgium SA ('ING') exercised the warrants to subscribe for 3,245,280
Ordinary Shares of 10p each for cash of EUR3,000,000. At the same time,
ImmuPharma (France) SA repaid ING the 187,500 EUR16 unsecured bonds for a total
consideration of EUR3,000,000.
Results
The revenue of the Group for the period before taxation was GBP22m. Basic and
diluted earnings per share were 10.46p (prior period 6.23p) and 9.99p (6.07p)
respectively. No dividend is proposed.
The expenditure of the Group has been directed towards progressing its assets
through the clinical process to maximise their potential.
Operating Profit
The Operating profit of GBP9.04m represents principally the income received from
Cephalon for the Option Agreement on LupuzorTM, less expenditure on development
carried out by Contract Research Organisations, royalties due to the CNRS, and
the employment and running costs of the Group. The timing and extent of the
research and development programme continues to be well controlled.
Net Funds
At 31 December 2009, the Group had cash and cash equivalents of GBP22.5m (31
December 2008 was GBP12.5m).
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 overall strategy is to maintain a tight control over cash resources whilst
enabling controlled development of the potential product portfolio
Tracy Weimar
Vice President, Operations
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2009
+----------------------------+-------+-------------+----------+-------------+----------+
| | | Year | | Year | |
| |Notes | ended | | ended | |
| | | 31 | | 31 | |
| | | December | | December | |
| | | 2009 | | 2008 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | GBP | | GBP | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Continuing operations | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Revenue | 3 | 22,054,544 | | 57,120 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Royalty expense | 3 | (4,155,765) | | - | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Research and development | | (4,034,173) | | (2,792,767) | |
| expenses | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Administrative expenses | | (4,822,045) | | (1,838,913) | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Operating profit/(loss) | 2 | 9,042,561 | | (4,574,560) | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Other income | 3 | - | | 9,351,562 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Finance costs | | (2,978) | | (8,078) | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Investment revenues | | 61,243 | | 94,755 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Profit before taxation | | 9,100,826 | | 4,863,679 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Tax | | (997,448) | | (186,220) | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Profit for the year | | 8,103,378 | | 4,677,459 | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Attributable to: | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Equity holders of the | | 8,103,378 | | 4,677,459 | |
| parent company | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Earnings per ordinary | | | | | |
| share | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Basic | 4 | 10.46p | | 6.23p | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
| Diluted | 4 | 9.99p | | 6.07p | |
+----------------------------+-------+-------------+----------+-------------+----------+
| | | | | | |
+----------------------------+-------+-------------+----------+-------------+----------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31
DECEMBER 2009
+------------------------------------+-------------+----------+-----------+----------+
| | Year | | Year | |
| | ended | | ended | |
| | 31 | | 31 | |
| | December | | December | |
| | 2009 | | 2008 | |
+------------------------------------+-------------+----------+-----------+----------+
| | GBP | | GBP | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| Profit for the financial year | 8,103,378 | | 4,677,459 | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| Other comprehensive income | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| Exchange differences on | (1,644,702) | | 890,067 | |
| translation of foreign operations | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| Other comprehensive income for the | (1,644,702) | | 890,067 | |
| period, net of tax | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| Total comprehensive income for the | 6,458,676 | | 5,567,526 | |
| period | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
| | | | | |
+------------------------------------+-------------+----------+-----------+----------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2009
+-------------------------------+----+------------+----------+------------+----------+
| | | 31 | | 31 | |
| | | December | | December | |
| | | 2009 | | 2008 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | GBP | | GBP | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Non-current assets | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Intangible assets - goodwill | | - | | - | |
+-------------------------------+----+------------+----------+------------+----------+
| Intangible assets - other | | 746,705 | | 809,213 | |
+-------------------------------+----+------------+----------+------------+----------+
| Property, plant and equipment | | 9,336 | | 13,319 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Total non-current assets | | 756,041 | | 822,532 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
| Current assets | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Trade and other receivables | | 1,361,458 | | 120,914 | |
+-------------------------------+----+------------+----------+------------+----------+
| Cash and cash equivalents | | 22,525,509 | | 12,458,417 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Total current assets | | 23,886,967 | | 12,579,331 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Current liabilities | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Financial liabilities - | | 32,549 | | 29,611 | |
| borrowings | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Trade and other payables | | 5,306,660 | | 1,106,357 | |
+-------------------------------+----+------------+----------+------------+----------+
| Tax payable | | 620,275 | | 202,648 | |
+-------------------------------+----+------------+----------+------------+----------+
| Provisions | | 174,529 | | 46,808 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Total current liabilities | | 6,134,013 | | 1,385,424 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Net current assets | | 17,752,954 | | 11,193,907 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Non-current liabilities | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Financial liabilities - | | 425,671 | | 776,085 | |
| borrowings | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| Net assets | | 18,083,324 | | 11,240,354 | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
| | | | | | |
+-------------------------------+----+------------+----------+------------+----------+
+-------------------------------+----+-------------+----------+-------------+----------+
| EQUITY | | | | | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Ordinary shares | | 8,109,146 | | 7,748,118 | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Share premium | | 7,302,645 | | 5,486,985 | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Merger reserve | | 106,148 | | 106,148 | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Other reserves | | (2,888,375) | | 647,271 | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Retained earnings | | 5,453,759 | | (2,748,168) | |
+-------------------------------+----+-------------+----------+-------------+----------+
| | | | | | |
+-------------------------------+----+-------------+----------+-------------+----------+
| | | | | | |
+-------------------------------+----+-------------+----------+-------------+----------+
| Total equity | | 18,083,324 | | 11,240,354 | |
+-------------------------------+----+-------------+----------+-------------+----------+
| | | | | | |
+-------------------------------+----+-------------+----------+-------------+----------+
| | | | | | |
+-------------------------------+----+-------------+----------+-------------+----------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 DECEMBER 2009
+--------------------------------+--+--+----+----------+-------------+----------+-------------+------------+
| | Notes | | Year | | Year | |
| | | | ended | | ended | |
| | | | 31 | | 31 | |
| | | | December | | December | |
| | | | 2009 | | 2008 | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | GBP | | GBP | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Cash generated from/(used in) | 5 | | 12,478,048 | | (3,556,364) | |
| operations | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Tax | | | (510,591) | | - | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Interest paid | | | (2,978) | | (8,078) | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Net cash generated from/(used | | | 11,964,479 | | (3,564,442) | |
| in)operating activities | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Investing activities | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Purchase of property, plant | | | (3,611) | | (5,033) | |
| and equipment | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Acquisition of intangibles | | | (779) | | (259) | |
| assets | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Interest received | | | 61,243 | | 94,755 | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Net cash generated from | | | 56,853 | | 89,463 | |
| investing activities | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Financing activities | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Net proceeds from share issue - Company | | 155,124 | | 2,524,756 | |
+-------------------------------------------+----------+-------------+----------+-------------+------------+
| Increase/(decrease) in bank | | | 1,546 | | (932) | |
| overdraft | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| New loans | | | 3,796 | | 390,033 | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Loan repayments | | | (303,962) | | (269,851) | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Non-refundable upfront option | | | - | | 9,351,562 | |
| payment | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Net cash (used in)/generated from | | | (143,496) | | 11,995,568 | |
| financing activities | | | | | | |
+--------------------------------------+----+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Effects of exchange rates on cash | | | (1,810,744) | | 990,913 | |
| and cash equivalents | | | | | | |
+--------------------------------------+----+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+-----------------------------------+-------+----------+-------------+----------+-------------+------------+
| Net increasen cash and cash | | | 10,067,092 | | 9,511,502 | |
| equivalents | | | | | | |
+-----------------------------------+-------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Cash and cash equivalents at | | | 12,458,417 | | 2,946,915 | |
| beginning of period | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| Cash and cash equivalents at | | | 22,525,509 | | 12,458,417 | |
| end of period | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | |
+--------------------------------+----------+----------+-------------+----------+-------------+------------+
| | | | | | | | | |
+--------------------------------+--+--+----+----------+-------------+----------+-------------+------------+
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2009
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | |Share capital | | Share premium | | | | | | | | Equity shares | | | | Total |
| | | | | | | | | | | | | to be issued | | | | equity |
| | | | | | | Merger | | Acquisition | | Translation | | | | Retained | | |
| | | | | | | reserve | | reserve | | Reserve | | | | Earnings | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | At 1 January 2008 | 7,277,615 | | 3,558,340 | | 106,148 | | (3,541,203) | | 111,758 | | 2,963,312 | | (7,425,627) | | 3,050,343 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Total comprehensive income for the | | | | | | | | | | | | | | | |
| | year | - | | - | | - | | - | | 890,067 | | - | | 4,677,459 | | 5,567,526 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | New issue of equity capital | 470,503 | | 2,306,317 | | - | | - | | - | | - | | - | | 2,776,820 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Less: expenses of new share issue | - | | (377,672) | | - | | - | | - | | - | | - | | (377,672) |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Share based payments | - | | - | | - | | - | | - | | 97,730 | | - | | 97,730 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Equity shares to be issued | - | | - | | - | | - | | - | | 125,607 | | - | | 125,607 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | At 31 December 2008 | 7,748,118 | | 5,486,985 | | 106,148 | | (3,541,203) | | 1,001,825 | | 3,186,649 | | (2,748,168) | | 11,240,354 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Total comprehensive income for the | | | | | | | | | | | | | | | |
| | year | - | | - | | - | | - | | (1,644,702) | | - | | 8,103,377 | | 6,468,165 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | New issue of equity capital | 36,500 | | 118,625 | | - | | - | | - | | - | | - | | 155,125 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Share based payments | - | | - | | - | | - | | - | | 229,169 | | - | | 229,169 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Share option exercise | - | | - | | - | | - | | - | | (98,550) | | 98,550 | | - |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
| | Exercise of warrants | 324,528 | | 1,697,035 | | - | | - | | - | | (2,021,563) | | - | | - |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | At 31 December 2009 | 8,109,146 | | 7,302,645 | | 106,148 | | (3,541,203) | | (642,877) | | 1,295,705 | | 5,453,759 | | 18,083,324 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Attributable to:- | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | Equity holders of the parent company | 8,109,146 | | 7,302,645 | | 106,148 | | (3,541,203) | | (642,877) | | 1,295,705 | | 5,453,759 | | 18,083,324 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+-------------+-----+-------------+-----+---------------+-----+-------------+-----+------------+
ImmuPharma plc
NOTES
1. The financial information set out in this announcement does not comprise
the Group's statutory accounts for the year ended 31 December 2009or 31 December
2008.
The financial information has been extracted from the statutory accounts for the
years ended 31 December 2009 and 31 December 2008. The auditors reported on
those accounts; their reports were unqualified and did not contain a statement
under either Section 498(2) or Section 498(3) of the Companies Act 2006 in
respect of the year ended 31 December 2009 or Section 237(2) or Section 237(3)
of the Companies Act 1985 in respect of the year ended 31 December 2008 and did
not include references to any matters to which the auditor drew attention by way
of emphasis.
The statutory accounts for the year ended 31 December 2008 have been delivered
to the Registrar of Companies, whereas those for the year ended 31 December 2009
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 2009 and the statutory accounts
for the year ended 31 December 2008, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS").
The financial information is for the year ended 31 December 2009 and the
comparatives are for the year ended 31 December 2008.
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 PROFIT/(LOSS) | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | - Group | Year | | Year |
| | | ended | | ended |
| | | 31 | | 31 |
| | | December | | December |
| | | 2009 | | 2008 |
+---+--------------------------------------+-----------+----------+-----------+
| | | GBP | | GBP |
+---+--------------------------------------+-----------+----------+-----------+
| | Operating profit/loss is stated | | | |
| | after charging/(crediting): | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | Foreign exchange losses/(gains) | 1,247,723 | | (206,368) |
+---+--------------------------------------+-----------+----------+-----------+
| | Share based payments charge | 229,169 | | 97,730 |
+---+--------------------------------------+-----------+----------+-----------+
| | Employers National Insurance | | | |
| | provision in respect of share based | 127,721 | | (41,966) |
| | payments charge | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | Depreciation of property, plant and | | | |
| | equipment | 6,947 | | 7,045 |
| | - owned | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | Amortisation of intangible assets | | | |
| | - patents | 32,346 | | 34,951 |
+---+--------------------------------------+-----------+----------+-----------+
| | Loss on disposal of intangible | - | | 19,090 |
| | assets | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | Services provided by Company | | | |
| | auditors: | 53,480 | | 35,716 |
| | - Audit services (includes GBP2,000 | | | |
| | re subsidiaries) | | | |
| | - Other services (split between): | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | - Other services relating to | 14,520 | | 14,181 |
| | taxation | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | - Services relating to share option | 1,500 | | - |
| | schemes | | | |
+---+--------------------------------------+-----------+----------+-----------+
| | - All other services | - | | 6,463 |
+---+--------------------------------------+-----------+----------+-----------+
| | Audit services provided by other | 12,357 | | 9,795 |
| | auditors | | | |
| | | | | |
+---+--------------------------------------+-----------+----------+-----------+
ImmuPharma plc
NOTES (continued)
+---+--------------------------------------+---------+----------+---------+
| 3 | LUPUZORTM REVENUE AND ROYALTY | | | |
| | EXPENSE | | | |
+---+--------------------------------------+---------+----------+---------+
| | |
| | In February 2009, Cephalon exercised its option to license the |
| | exclusive worldwide rights to Lupuzor and has made a non refundable |
| | payment of $30 million to the Group (disclosed as "Revenue"), in |
| | addition to the non refundable upfront option payment of $15 |
| | million 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 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. |
| | |
| | Revenue of GBP21,858,617 (2008: GBPnil) relates to product |
| | licensing, all of which is generated from customers based in the |
| | United States of America. Grant income of GBP195,927 (2008: |
| | GBP57,120) relates to grants received from the French government. |
| | All revenues originate in France. |
| | |
| | Profit before taxation of GBP10,418,080 (2008: GBP6,817,336) |
| | originates in France, with losses before taxation of GBP1,309,311 |
| | (2008: GBP1,984,494) and GBP7,943 (2008: profit GBP30,235) |
| | originating in the United Kingdom and Switzerland respectively. |
| | |
| | Under the terms of the licence arrangement in place with Centre |
| | National Recherche Scientifique (CNRS), upon Cephalon exercising |
| | its option in connection with the exclusive license agreement |
| | referred to above, the Group is obliged to make payments up to 15% |
| | of the payments received from Cephalon. |
| | |
+---+--------------------------------------+---------+----------+---------+
ImmuPharma plc
NOTES (continued)
+---+----------------------------------------+------------+----------+------------+
| 4 | EARNINGS PER SHARE | Year | | Year |
| | - Group | ended | | ended |
| | | 31 | | 31 |
| | | December | | December |
| | | 2009 | | 2008 |
+---+----------------------------------------+------------+----------+------------+
| | | GBP | | GBP |
+---+----------------------------------------+------------+----------+------------+
| | Earnings | | | |
+---+----------------------------------------+------------+----------+------------+
| | Earnings for the purposes of basic | | | |
| | earnings per share being net profit | 8,103,378 | | 4,677,461 |
| | after tax attributable to equity | | | |
| | shareholders | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | Number of shares | | | |
+---+----------------------------------------+------------+----------+------------+
| | Weighted average number of ordinary | | | |
| | shares for the purposes of basic | 77,498,096 | | 75,049,193 |
| | earnings per share | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | Effect of dilutive potential ordinary | | | |
| | shares: | | | |
+---+----------------------------------------+------------+----------+------------+
| | Share options | 2,922,796 | | 1,794,803 |
+---+----------------------------------------+------------+----------+------------+
| | Warrants | 685,540 | | 178,874 |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | 81,608,096 | | 81,839,473 |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | Basic earnings per share | 10.46p | | 6.23p |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | Diluted earnings per share | 9.99p | | 6.07p |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | | | | |
+---+----------------------------------------+------------+----------+------------+
| | The Group has granted share options and warrants in respect of equity |
| | shares to be issued, the details of which are disclosed in the full |
| | set of accounts. |
+---+----------------------------------------+------------+----------+------------+
5 CASH GENERATED/(USED) IN OPERATIONS
+-------------------+----------+-+-+-------+----------+---------+----------+-------------+----------+--------------------+
| |
+------------------------------------------------------------------------------------------------------------------------+
| | | | | | Group | | Group |
| | | | | | 31 | | 31 December 2008 |
| | | | | | December | | |
| | | | | | 2009 | | |
+-------------------+----------------------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | GBP | | GBP |
+-------------------+----------------------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | | | |
+-------------------+----------------------+----------+---------+----------+-------------+----------+--------------------+
| Operating | | | | | 9,042,561 | | (4,574,560) |
| profit/(loss) | | | | | | | |
+-------------------+----------------------+----------+---------+----------+-------------+----------+--------------------+
| Depreciation and amortisation | | | | | 40,739 | | 41,996 |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| Loss on sale of intangible | | | | | - | | 19,090 |
| assets | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| Share-based payments | | | | | 229,169 | | 97,730 |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| (Increase)/decrease in trade | | | | | (1,284,377) | | 348,113 |
| and other receivables | | | | | | | |
+--------------------------------+---------+----------+---------+----------+-------------+----------+--------------------+
| Increase in trade and other | | | | | 4,322,235 | | 553,233 |
| payables | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| Increase/(decrease) in | | | | | 127,721 | | (41,966) |
| provisions | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| Cash generated/(used) in | | | | | | | |
| operations | | | | | 12,478,048 | | (3,556,364) |
+------------------------------+-----------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | | | |
+----------------------------------+-------+----------+---------+----------+-------------+----------+--------------------+
| | | | | | | | | | | |
+-------------------+----------+-+-+-------+----------+---------+----------+-------------+----------+--------------------+
The directors consider that the carrying amount of trade and other payables
approximates to their fair value.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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