TIDMIMM
RNS Number : 5579T
Immupharma PLC
30 September 2010
+------------------------------------+------------------------------------+
| For Immediate Release | 30 September 2010 |
+------------------------------------+------------------------------------+
Immupharma plc
INTERIM RESULTS ANNOUNCEMENT
For the six months ended 30 June 2010
ImmuPharma plc (LSE:IMM) ("Immupharma" or the "Company" or the "Group"), the
specialist discovery and development pharmaceutical company is pleased to
announce its interim results for the six months ended 30 June 2010.
INTERIM HIGHLIGHTS
· First patients dosed with IPP-204106, ImmuPharma's anti-cancer compound
with a novel and promising mechanism of action, in a Phase IIa cancer trial,
after receipt of an Investigational New Drug (IND) approval from AFSSAPS, Agence
Francaise de Securite Sanitaire des Produits de Sante.
· Cephalon, Inc (Cephalon), ImmuPharma's partner for Rigerimod (LupuzorTM),
commenced the recruitment of lupus patients for a Phase IIb trial being
conducted largely in the US. This study has been designed to provide US-based
investigators and the US FDA with clinical data obtained mainly in the USA. The
data generated from this trial will be part of the package to be submitted to
the FDA and other regulatory authorities for approval. Positive Phase IIb data
from outside the USA has previously been announced.
· Cephalon has also initiated development of LupuzorTM in Japan through its
partner Symbio Pharmaceuticals.
· ImmuPharma remains committed to its other compounds in R&D.
· Strong cash position of GBP20m (as at 30 June 2010)
· Received Best Drug Development Company in Europe 2010 Award from the New
Economy
· Basic and diluted loss per share were 0.10p and 0.10p respectively (31
December 2009: basic and diluted earnings per share 10.46p and 9.99p
respectively)
Commenting on the progress to date and the outlook for ImmuPharma, Dimitri
Dimitriou, Chief Executive Officer, said:
"The first half of 2010 has seen ImmuPharma build on the success of 2009 with
Cephalon, our partner for LupuzorTM, moving ahead with a large trial in the US.
At the same time, we are focusing our own efforts on our promising cancer drug
and are proud to have initiated a clinical trial dosing cancer patients in
France. We look forward to building on this success during the rest of 2010 and
in the coming years."
Richard Warr, ImmuPharma's Chairman added:
"The entry of our cancer compound into clinical trials is a landmark event for
ImmuPharma. The company now has two potential blockbuster drugs in the clinic
and a strong corporate partnership with Cephalon. In addition ImmuPharma is
pleased to report a strong balance sheet and an enviable cash position."
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, Mark Court, George Prassas +44 20
7466 5000
Panmure, Gordon & Co., NOMAD & Broker
Andrew Burnett
+44 20 7459 3600
Execution Noble & Co, Joint Broker
James Bromhead
+44 20 7456 9191
ImmuPharma plc
Statement from the Chairman and the Chief Executive Officer
INTERIM HIGHLIGHTS
Summary
The first half of 2010 has seen ImmuPharma progress after the successful
licensing of LupuzorTM to Cephalon in 2009. The Group has made great strides in
developing our partnership with Cephalon as well as advancing plans for our
other promising programmes. While Cephalon moves forward with a large Phase IIb
trial for LupuzorTM in the US and Europe, ImmuPharma received an Investigational
New Drug (IND) approval from AFSSAPS, Agence Francaise de Securite Sanitaire des
Produits de Sante, for a Phase IIa study in patients of IPP-204106, our
anti-cancer compound with a novel and promising mechanism of action. The first
patients have been dosed and the trial is progressing well. We were also
delighted to receive the award for Best Drug Development Company in Europe 2010
from the New Economy.
Our pipeline now includes 5 drug candidates. The most advanced, LupuzorTM has
been licensed to Cephalon, Inc. who has taken over responsibility for its
development and all associated costs. Our next priority program is IPP-204106
for the treatment of cancer. It 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
Since licensing LupuzorTM to Cephalon in 2009, ImmuPharma has placed a priority
on developing the working relationship with our partner. Cephalon has started
the recruitment of lupus patients for a Phase IIb trial in the US and Europe.
This study was designed to allow US-based investigators and the FDA to evaluate
Rigerimod (LupuzorTM) as a treatment for lupus on the basis of data derived
mainly from the USA. A large number of centres are involved and the data
generated from this trial will be part of the package to be submitted to the FDA
and other regulatory authorities for approval. In addition to the US trial and
in order to prepare for the commercial development in Japan, Cephalon has also
initiated development of LupuzorTM in Japan through its partner Symbio
Pharmaceuticals. Under the agreement, Cephalon retains all commercialisation
rights to Rigerimod (LupuzorTM) in Japan, and Symbio is granted an exclusive
right to conduct a Japanese-based Phase I clinical study which is mandatory for
a future filing of Rigerimod (LupuzorTM) with Japanese regulatory bodies.
· 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 organisation. The molecule is a nucleolin antagonist and
has a promising and novel 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. In June, ImmuPharma received an Investigational New Drug (IND)
approval from AFSSAPS, Agence Francaise de Securite Sanitaire des Produits de
Sante, for a Phase IIa study. The first patients have been dosed and the trial
is progressing.
ImmuPharma plc
Statement from the Chairman and Chief Executive Officer
Development Pipeline (continued)
· 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
After the cash inflow attributable to the Cephalon license agreement in 2009,
the first six months of 2010 demonstrate ImmuPharma's refocused priorities on
the development of its other pipeline candidates. ImmuPharma's cash balance
remains strong at GBP20 million (GBP22.5 million at 31 December 2009). Basic
and diluted loss per share was 0.10p and 0.10p respectively (31 December 2009:
earnings per share 10.46p and 9.99p). 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 loss for the period was GBP2,521,050. Research and development
expense was GBP975,454 reflecting primarily the activities around the
development of IPP-204106, our anti-cancer compound. Administrative expenses
were GBP1,545,713.
On 2 March 2010 ImmuPharma (UK) Limited, a 100% owned subsidiary of ImmuPharma
plc, was entered in to a Members Voluntary Liquidation.
Outlook
With a strong cash position, the focus of the Group is on continuing the
development of our strong relationship with our license partner for LupuzorTM,
Cephalon, and the development of our other pipeline candidates, in particular
our promising cancer compound, IPP-204106, and discovery pipeline. We are
looking forward to announcing the preliminary results of the Phase IIb trial for
LupuzorTM and our Phase IIa trial for IPP-204106 in the coming months.
Furthermore, in an effort to maximise the value of our development pipeline,
ImmuPharma continues to be in discussions with a number of pharmaceutical and
biotech companies for potential collaborations.
Richard Warr, MA, Chairman Dimitri Dimitriou, MSc, Chief
Executive Officer
29 September 2010
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2010
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
| | | 6 | | Year | | 6 |
| | | months | | ended | | months |
| |Note | ended | | 31 | | ended |
| | | 30 | | December | | 30 |
| | | June | | 2009 | | June |
| | | 2010 | | Restated | | 2009 |
| | | | | | | Restated |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Continuing operations | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Revenue | 4 | 117 | | 22,054,544 | | 21,569,869 |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Royalty expense | 4 | - | | (4,155,765) | | (4,301,044) |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Research and development | | (975,454) | | (4,034,173) | | (1,961,398) |
| expenses | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Administrative expenses | | (1,545,713) | | (3,564,833) | | (1,532,255) |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Operating (loss)/profit | | (2,521,050) | | 10,299,773 | | 13,775,172 |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Finance costs | | (1,190) | | (1,260,190) | | (152,918) |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Finance income | | 2,444,845 | | 61,243 | | 31,006 |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| (Loss)/profit before | | (77,395) | | 9,100,826 | | 13,653,260 |
| taxation | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Tax | | (181) | | (997,448) | | (1,992,325) |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| (Loss)/profit for the | | (77,577) | | 8,103,378 | | 11,660,935 |
| period | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Attributable to: | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Equity holders of the | | (77,577) | | 8,103,378 | | 11,660,935 |
| parent company | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| (Loss)/earnings per | | | | | | |
| ordinary share | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| Basic | 2 | (0.10)p | | 10.46p | | 15.05p |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+------+-------------+----------+-------------+----------+-------------+
+----------------------------+----+---------+----------+--------+----------+--------+
| Diluted | 2 | (0.10)p | | 9.99p | | 13.69p |
+----------------------------+----+---------+----------+--------+----------+--------+
| | | | | | | |
+----------------------------+----+---------+----------+--------+----------+--------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE
2010
+------------------------------+-------------+----------+-------------+----------+-------------+
| | 6 | | Year | | 6 |
| | months | | ended | | months |
| | ended | | 31 | | ended |
| | 30 | | December | | 30 |
| | June | | 2009 | | June |
| | 2010 | | | | 2009 |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | GBP | | GBP | | GBP |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| Profit/(loss) for the | (77,577) | | 8,103,378 | | 11,660,935 |
| financial period | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| Other comprehensive income | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| Exchange differences on | (1,101,186) | | (1,644,702) | | (1,495,946) |
| translation of foreign | | | | | |
| operations | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| Other comprehensive income | (1,101,186) | | (1,644,702) | | (1,495,946) |
| for the period, net of tax | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| Total comprehensive income | (1,178,763) | | 6,458,676 | | 10,164,989 |
| for the period | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
| | | | | | |
+------------------------------+-------------+----------+-------------+----------+-------------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2010
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | 30 | | 31 | | 30 |
| | | June | | December | | June |
| | | 2010 | | 2009 | | 2009 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | GBP | | GBP | | GBP |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Non-current assets | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Intangible assets | | 705,108 | | 746,705 | | 748,697 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Property, plant and | | 12,378 | | 9,336 | | 9,894 |
| equipment | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Total non-current assets | | 717,486 | | 756,041 | | 758,591 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Current assets | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Trade and other | | 1,172,703 | | 1,361,458 | | 422,369 |
| receivables | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Cash and cash equivalents | | 20,008,493 | | 22,525,509 | | 27,123,016 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Total current assets | | 21,181,196 | | 23,886,967 | | 27,545,385 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Current liabilities | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Financial liabilities - | | 30,682 | | 32,549 | | 42,207 |
| borrowings | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Trade and other payables | | 4,021,735 | | 5,306,660 | | 4,317,812 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Tax payable | | - | | 620,275 | | 1,881,169 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Provisions | | 81,448 | | 174,529 | | 160,612 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Total current liabilities | | 4,133,866 | | 6,134,013 | | 6,401,800 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Net current assets | | 17,047,330 | | 17,752,954 | | 21,143,585 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Non-current liabilities | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Financial liabilities - | | 759,370 | | 425,671 | | 409,008 |
| borrowings | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Net assets | | 17,005,446 | | 18,083,324 | | 21,493,168 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| EQUITY | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Ordinary shares | | 8,109,146 | | 8,109,146 | | 7,748,118 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Share premium | | 7,302,645 | | 7,302,645 | | 5,486,985 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Merger reserve | | 106,148 | | 106,148 | | 106,148 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Other reserves | | (3,888,675) | | (2,888,375) | | (760,850) |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Retained earnings | | 5,376,182 | | 5,453,759 | | 8,912,767 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| Total equity | | 17,005,446 | | 18,083,324 | | 21,493,168 |
+---------------------------+----+-------------+----------+-------------+----------+------------+
| | | | | | | |
+---------------------------+----+-------------+----------+-------------+----------+------------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2010
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | |Share capital | | Share premium | | | | Other reserves - | | Other reserves - | | Other reserves - | | | | Total |
| | | | | | | Merger | | Acquisition | | Translation | | Equity shares | | Retained | | equity |
| | | | | | | reserve | | reserve | | Reserve | | to be issued | | Earnings | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP | | GBP |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | At 1 January 2009 | 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 | - | | - | | - | | - | | (1,495,946) | | - | | 11,660,935 | | 10,164,989 |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | Share based payments | - | | - | | - | | - | | - | | 87,825 | | - | | 87,825 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | At 30 June 2009 | 7,748,118 | | 5,486,985 | | 106,148 | | (3,541,203) | | (494,121) | | 3,274,474 | | 8,912,767 | | 21,493,168 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | At 1 January 2009 | 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 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | Total comprehensive income for the | | | | | | | | | | | | | | | |
| | year | - | | - | | - | | - | | (1,101,186) | | - | | (77,577) | | (1,178,763) |
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | Share based payments | - | | - | | - | | - | | - | | 100,886 | | - | | 100,886 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | At 30 June 2010 | 8,109,146 | | 7,302,645 | | 106,148 | | (3,541,203) | | (1,744,063) | | 1,396,591 | | 5,376,182 | | 17,005,446 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | Attributable to:- | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | Equity holders of the parent company | 8,109,146 | | 7,302,645 | | 106,148 | | (3,541,203) | | (1,744,063) | | 1,396,591 | | 5,376,182 | | 17,005,446 |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
| | | | | | | | | | | | | | | | | |
+-----+--------------------------------------+---------------+-----+----------------+-----+---------+-----+------------------+-----+------------------+-----+------------------+-----+-------------+-----+-------------+
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2010
+----------------------------+----+----------+-------------+----------+----------+-------------+----------+-------------+
| | Notes | 6 months | | Year | | 6 |
| | | ended | | ended | | months |
| | | 30 June | | 31 | | ended |
| | | 2010 | | December | | 30 June |
| | | | | 2009 | | 2009 |
| | | | | Restated | | Restated |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | GBP | | GBP | | GBP |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Cash flows from operating | | | | | | |
| activities | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Cash (used in)/generated | | | | 13,735,260 | | |
| from operations | 3 | (3,194,309) | | | | 17,597,171 |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Tax paid | | (594,679) | | (510,591) | | - |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Interest paid | | (1,190) | | (1,260,190) | | (152,918) |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Net cash (used | | (3,790,178) | | | | 17,444,253 |
| in)/generated from | | | | 11,964,479 | | |
| operating activities | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Investing activities | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Purchase of property, | | (6,434) | | (3,611) | | (908) |
| plant and equipment | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Purchase of intangibles | | (1,696) | | (779) | | (841) |
| assets | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Finance income | | 2,444,844 | | 61,243 | | 31,006 |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Net cash from investing | | 2,436,714 | | 56,853 | | 29,257 |
| activities | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Financing activities | | | | | | |
+----------------------------+---------------+-------------+---------------------+-------------+----------+-------------+
| Net proceeds from share issue - | | - | | 155,124 | | - |
| Company | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Decrease in bank overdraft | | (276) | | 1,546 | | 15,096 |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| New loans | | 383,618 | | 3,796 | | 1,706 |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Loan repayments | | - | | (303,962) | | (297,663) |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Net cash generated from/(used | | | | | | |
| in) financing activities | | 383,342 | | (143,496) | | (280,861) |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Effects of exchange rates on cash and | | | | | |
| cash equivalents | (1,546,894) | | (1,810,744) | | (2,528,050) |
+--------------------------------------------+-------------+----------+------------------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Net (decrease)/increase in cash | | (2,517,016) | | 10,067,092 | | 14,664,599 |
| and cash equivalents | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| Cash and cash equivalents at | | 22,525,509 | | 12,458,417 | | 12,458,417 |
| start of period | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | 22,525,509 | | |
| Cash and cash equivalents at | | 20,008,493 | | | | 27,123,016 |
| end of period | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | |
+---------------------------------+----------+-------------+---------------------+-------------+----------+-------------+
| | | | | | | | | |
+----------------------------+----+----------+-------------+----------+----------+-------------+----------+-------------+
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2010
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 2010.
For the period ended 30 June 2010 the Group is required to adopt IFRS 3 Business
Combinations (revised) and IAS 27 Consolidated and Separate Financial Statements
(revised). The adoption of these revised standards has had no impact on the
financial information for the six months ended 30 June 2010, the year ended 31
December 2009 or the six months ended 30 June 2009.
The Directors have considered the accounting policy with respect to the
treatment of foreign exchange gains and losses on foreign currency cash balances
and consider it appropriate to change the policy to reflect such foreign
exchange gains and losses within Finance Income and Finance Costs respectively
rather than within Administrative Expenses. The Directors consider that this
presentation provides more relevant information about the group's financial
performance. This adjustment has decreased Administrative Expenses and increased
Finance Costs for the periods ended 30 June 2009 or 31 December 2009 by
GBP151,171 and GBP1,257,212 respectively. This has had no impact on the profit
for the periods ended 30 June 2009 or 31 December 2009 or on the total equity of
the group as at those dates.
Income tax
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 2009 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 2009 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 498 (2) or Section 498 (3) of the Companies Act 2006 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 2010 and 30
June 2009 is unaudited.
Copies of this statement will be available on the Company's website -
www.immupharma.com.
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2010
(continued)
2 EARNINGS PER SHARE
+------------------------------+------------+-+------------+----------+------------+
| | 6 | | Year | | 6 |
| | months | | ended | | months |
| | ended | | 31 | | ended |
| | 30 | | December | | 30 |
| | June | | 2009 | | June |
| | 2010 | | | | 2009 |
+------------------------------+------------+-+------------+----------+------------+
| | GBP | | GBP | | GBP |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Earnings | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Earnings for the purposes of | (77,577) | | 8,103,378 | | 11,660,935 |
| basic and diluted earnings | | | | | |
| per share being net | | | | | |
| (loss)/profit attributable | | | | | |
| to equity shareholders | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Number of shares | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Weighted average number of | 81,092,463 | | 77,498,096 | | 77,482,183 |
| ordinary shares for the | | | | | |
| purposes of basic earnings | | | | | |
| per share | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
| Effect of dilutive potential | | | | | |
| ordinary shares: | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Share options | 2,853,842 | | 2,922,796 | | 4,475,000 |
+------------------------------+------------+-+------------+----------+------------+
| Warrants | 685,540 | | 685,540 | | 3,245,280 |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | 84,631,845 | | 81,608,096 | | 85,202,463 |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | (0.10)p | | 10.46p | | 15.05p |
| Basic (loss)/earnings per | | | | | |
| share | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| Diluted (loss)/earnings per | (0.10)p | | 9.99p | | 13.69p |
| share | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
| | | | | | |
+------------------------------+------------+-+------------+----------+------------+
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2010
(continued)
+---+------------------+--+--------+----------+-------------+----------+-------------+----------+-----------------+
| 3 | CASH GENERATED FROM/(USED IN) OPERATIONS |
| | |
+---+-------------------------------------------------------------------------------------------------------------+
| | | | | 30 | | 31 | | 30 June 2009 |
| | | | | June | | December | | Restated |
| | | | | 2010 | | 2009 | | |
| | | | | | | Restated | | |
+---+------------------+-----------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | GBP | | GBP | | GBP |
+---+------------------+-----------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | | | |
+---+------------------+-----------+----------+-------------+----------+-------------+----------+-----------------+
| | Operating | | | (2,521,050) | | 10,299,773 | | 13,775,172 |
| | (loss)/profit | | | | | | | |
+---+------------------+-----------+----------+-------------+----------+-------------+----------+-----------------+
| | Depreciation and | | 18,908 | | 40,739 | | 20,722 |
| | amortisation | | | | | | |
+---+------------------------------+----------+-------------+----------+-------------+----------+-----------------+
| | Share-based | | | 100,886 | | 229,169 | | 87,825 |
| | payments | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | Decrease/(increase) | | | 174,532 | | (1,284,377) | | 316,928 |
| | in debtors | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | (Decrease)/increase | | | (874,504) | | 4,322,235 | | 3,282,720 |
| | in creditors | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | (Decrease)/increase | | | (93,081) | | 127,721 | | 113,804 |
| | in provisions | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | Cash (used | | | | | 13,735,260 | | |
| | in)/generated from | | | (3,194,309) | | | | 17,597,171 |
| | operations | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | | | |
+---+---------------------+--------+----------+-------------+----------+-------------+----------+-----------------+
| | | | | | | | | | |
+---+------------------+--+--------+----------+-------------+----------+-------------+----------+-----------------+
+---+--------------------------------------------------------------+
| 4 | LUPUZORTM REVENUE AND ROYALTY EXPENSE |
+---+--------------------------------------------------------------+
| | |
| | In February 2009 Cephalon Inc exercised its option to |
| | license the exclusive worldwide rights to Lupuzor and made a |
| | non refundable payment of $30million to the Group. |
| | |
| | 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. |
+---+--------------------------------------------------------------+
| | |
| | |
+---+--------------------------------------------------------------+
+---+--------------------------------------------------------------+
| 5 | SUBSEQUENT EVENTS |
+---+--------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------+
| | There have been no subsequent events since 30 June 2010. |
| | |
+---+--------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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