TIDMIMM
RNS Number : 2852E
Immupharma PLC
05 April 2011
An analyst meeting will be held at 10.00am in the offices of
Buchanan Communications, 45 Moorfields, London, EC2Y 9AE.
A webcast will run simultaneously to the meeting and will be
available via the following link:
http://mediaserve.buchanan.uk.com/2011/immupharma050411/registration.asp
FOR IMMEDIATE RELEASE London, 5 April 2011
PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 December
2010
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 2010.
Key Highlights:
-- Lead candidate for the treatment of Lupus "Lupuzor(TM") :
with license partner, Cephalon, Inc. progressing with further Phase
IIb trials in US and Europe with interim analysis expected in 3Q
2011. This trial complements the successful phase IIb study by
ImmuPharma in 2009
-- ImmuPharma's anti-cancer compound with a novel and promising
mechanism of action announced early encouraging results from its
Phase I/IIa trial. Final results to be announced around the end of
1H 2011. Phase IIb trials to start later in 2H 2011 in patients
with glioblastoma (brain tumour), hormone-resistant prostate cancer
and pancreatic cancer
-- Strong cash position of GBP15.6 million (as at 31 December
2010)
-- Loss for the year of GBP1.98 million (2009: profit of GBP8.1m
principally due to receipt of a licensing payment from Cephalon,
Inc.)
-- Basic and diluted loss per share were both 2.44p (31 December
2009: basic and diluted earnings per share10.46p and 9.99p
respectively)
-- Blue-chip investor base including M&G Investments, ING,
Pictet and Aviva
-- Continued successful relationships with the CNRS, Centre
Nationale Recherche Scientifique
-- Strong pre-clinical pipeline which includes three novel drug
candidates in inflammation, pain and MRSA
-- Received Best Drug Development Company in Europe award at The
New Economy Pharmaceutical and Healthcare Awards 2010
Richard Warr, Chairman, said: "We are pleased to report our
results for 2010, a year of steady, positive progress for
ImmuPharma. Following our successful licensing of LupuzorTM to
Cephalon our focus has been on our promising cancer programme.
Early results of our cancer programme are encouraging, and we look
forward to reporting on further developments during 2011. We also
look forward to interim results of Cephalon's Phase IIb trial in
LupuzorTM expected in 3Q 2011. With the full support of the CNRS we
are confident in the potential of LupuzorTM irrespective of recent
developments surrounding our licensing partner. We are in a strong
financial position and remain confident in our pipeline and plans
for the future."
For further information please contact:
ImmuPharma PLC
Dr Robert Zimmer, President +33 389 66 13 20
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, Mark Court
Panmure Gordon & Co +44 151 243 0963
Andrew Burnett, Rakesh Sharma
Espirito Santo Investment Bank +44 20 7456 9191
James Bromhead, Richard Crawley
ImmuPharma plc
Report of the Chairman, the Chief Executive Officer and the
President
We are pleased to report on a year of steady, positive progress
for ImmuPharma. Our lead compound, Lupuzor(TM) , continues to make
progress with Cephalon, Inc (Cephalon), who took an exclusive,
worldwide license to Lupuzor(TM) during 2009. Furthering the work
undertaken in our Phase IIb study, Cephalon are conducting a Phase
IIb study in lupus patients in the US and Europe. Our promising
cancer program has made important strides forward with an ongoing
Phase I/IIa study with further results expected in 2011.
Furthermore, the rest of our development portfolio, our continued
relationship with the Centre Nationale Recherche Scientifique
(CNRS) and our strong cash position provide us with a solid basis
for future growth.
During 2010, Cephalon has moved forward with its comprehensive
development plan for Lupuzor(TM) . Our own Phase IIb study showed
Lupuzor(TM) achieve statistically significant improvement in the
moderate to severe patient sub-group with 62% of patients taking
Lupuzor(TM) in addition to steroids or other "standard care"
treatment, improving their SLEDAI score (Systemic Lupus
Erythematosus Disease Activity Index) by more than 4 points
compared to 41% of patients who were taking only steroids or other
"standard care" treatment. Cephalon is conducting a further Phase
IIb study in lupus patients in the US and Europe in a trial
designed to allow US-based investigators and the FDA to evaluate
Lupuzor(TM) as a treatment for lupus before commencing a Phase III
clinical trial. A large number of centres are involved. The data
generated from this trial will be part of the package to be
submitted to the FDA and other regulatory authorities for approval.
According to Cephalon, interim analysis of this Phase IIb trial
will be available during 3Q 2011. We are delighted with Cephalon as
a partner and seek to support its development plans.
2010 was a time of exciting progress for our anti-cancer
nucleolin/nucleophosmin antagonist ("Nucant") peptide programme.
Having received approval from AFSSAPS (Agence Francaise de Securite
Sanitaire des Produits de Sante), we began our Phase I/IIa study in
3Q 2010. Early results from this ongoing trial indicate that around
half of the cancer patients who have undergone treatment with
IPP-204106 are in stable condition without any other drug
treatment. The trial is taking place in two hospitals in Paris and
one hospital in Dijon in France and is expected to complete in the
coming months. We hope to start a Phase IIb programme later this
year in patients with glioblastoma (brain tumour),
hormone-resistant prostrate cancer and pancreatic cancer.
Our strategic objectives for 2011 and beyond centre on the
maintenance of a positive relationship with Cephalon for
Lupuzor(TM) , the focus on the development of our cancer programme,
and the development of the rest of our asset base. We also seek to
add value and build upon our key relationship with the CNRS. This
is to be achieved with solid financial management and careful
control of expenditure.
Following the two notable awards received in 2009, ImmuPharma
received the Best Drug Development Company in Europe award at The
New Economy Pharmaceutical and Healthcare Awards 2010. We are proud
to have our achievements recognised in this way.
The Company continues to strive to incorporate best practice
corporate governance guidelines for AIM companies in a manner that
is most appropriate and effective for the size and complexity of
ImmuPharma. The Quoted Companies Alliance published new guidelines
for AIM companies in September 2010. The Corporate Governance
section included in the annual report provides more information
regarding how ImmuPharma applies these guidelines.
ImmuPharma is looking forward to another promising year in 2011.
The Board would like to thank its shareholders for their ongoing
support as well as its scientific advisors and the Centre Nationale
de la Recherche Scientifique in France for their collaboration.
Richard Warr Dimitri F. Dimitriou Dr Robert Zimmer
Chairman Chief Executive Officer President
ImmuPharma plc
Financial Review
The year ended 31 December 2010 was a year of solid progress
with an increasing change in focus from Lupuzor(TM) to our cancer
programme and other assets. With our license partner, Cephalon,
responsible for Lupuzor(TM) 's ongoing development, Immupharma has
been able to focus its development efforts primarily on our
promising cancer programme. Our financial statements reflect this
change in focus and progression from the successful licensing of
Lupuzor(TM) in 2009.
Income Statement
The overall loss for the year ended 31 December 2010 was
GBP1.98m (2009: profit of GBP8.1m principally due to receipt of the
license payment from Cephalon). During 2010, research and
development expenditure was GBP1.6m which is down from GBP4m for
the year ended 2009. The difference is primarily attributable to
reduced development expenditure on Lupuzor(TM) which was licensed
to Cephalon in 2009 and to lower remuneration costs. Administrative
expenses were GBP2.6m (2009: GBP3.6m). The reduction is due to a
number of factors including lower remuneration costs and legal
fees. The Group posted a GBP1.7m gain on foreign exchange in 2010
compared to a loss of GBP1.3m on foreign exchange in 2009. This
arises from the translation of the US dollar balance held by the
Group's French subsidiary, Immupharma France SA. To date, the Group
has not entered into any formal hedging arrangements to protect
against such fluctuations. Total comprehensive loss for the period
was GBP2.5m (2009: profit of GBP6.5m), GBP0.6m greater than the
loss for the year as a result of exchange differences on
translation of foreign operations.
In previous years, IFRS2, relating to share-based payments has
had an impact on the Group's results. There is a charge in the
accounts of GBP201,770 which represents the current year charge for
options previously granted. This is a notional amount stipulated by
IFRS2 (and calculated using a statistical model) as a result of
granting the options. A further GBP158,446 is due to be charged in
next year's accounts under IFRS2, being the remainder of the fair
value charge.
Balance Sheet
Cash and cash equivalents at 31 December 2010 amounted to
GBP15.6m (2009: GBP22.5m). GBP4.3m is held on short term deposits.
GBP9.6m is held in US dollar denominated assets, representing 62%
of total cash. Trade payables decreased from GBP5.3m in 2009 to
GBP0.6m in 2010 primarily due to the payment of the amount due to
the CNRS arising from the license payment received from Cephalon.
Financial borrowings were GBP807k (2009: GBP458k). This is
primarily the conditional advance from the French Government for
use in the development of our cancer programme. No interest is
payable. The issued share capital increased by 441,000 shares as a
result of the exercise of options and now amounts to 81,532,463
shares.
Results
The Group recorded a loss for the year of GBP1.98m (2009: profit
of GBP8.1m). Basic and diluted loss per share was 2.44p (2009:
basic earnings per share of 10.46p) and diluted loss per share was
2.44p (2009: diluted earnings per share 9.99p). No dividend is
proposed.
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 and continues to believe that
this represents the most prudent approach in spite of the impact of
exchange rate movements in the accounts.
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 and Finance
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2010
Year ended
Year ended 31 December
31 December 2009
Notes 2010 Restated
GBP GBP
Continuing operations
Revenue 32,462 22,054,544
Royalty expense - (4,155,765)
Research and development
expenses (1,591,124) (4,034,173)
Administrative expenses (2,620,838) (3,564,833)
Operating (loss)/profit 2 (4,179,500) 10,299,773
Finance costs (1,842) (1,260,190)
Finance income 1,707,753 61,243
(Loss)/profit before taxation (2,473,589) 9,100,826
Tax 495,312 (997,448)
(Loss)/profit for the year (1,978,277) 8,103,378
Attributable to:
Equity holders of the parent
company (1,978,277) 8,103,378
Earnings per ordinary share
Basic 3 (2.44p) 10.46p
Diluted 3 (2.44p) 9.99p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR
ENDED 31 DECEMBER 2010
Year ended Year ended
31 December 31 December
2010 2009
GBP GBP
(Loss)/profit for the financial
year (1,978,277) 8,103,378
Other comprehensive income
Exchange differences on translation
of foreign operations (523,771) (1,644,702)
Other comprehensive income for the
period, net of tax (523,771) (1,644,702)
Total comprehensive income for the
period (2,502,048) 6,458,676
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2010
31 December 31 December
2010 2009
Notes GBP GBP
Non-current assets
Intangible assets - other 704,940 746,705
Property, plant and equipment 76,792 9,336
Total non-current assets 781,732 756,041
Current assets
Trade and other receivables 1,177,621 1,361,458
Cash and cash equivalents 15,592,941 22,525,509
Total current assets 16,770,562 23,886,967
Current liabilities
Financial liabilities - borrowings 36,032 32,549
Trade and other payables 640,080 5,306,660
Tax payable - 620,275
Provisions 134,503 174,529
Total current liabilities 810,615 6,134,013
Net current assets 15,959,947 17,752,954
Non-current liabilities
Financial liabilities - borrowings 771,208 425,671
Net assets 15,970,471 18,083,324
EQUITY
Ordinary shares 8,153,246 8,109,146
Share premium 7,445,970 7,302,645
Merger reserve 106,148 106,148
Other reserves (3,329,446) (2,888,375)
Retained earnings 3,594,553 5,453,760
Total equity 15,970,471 18,083,324
The financial statements were approved by the Board of Directors
and authorised for issue on
They were signed on its behalf by:
Richard Warr Dimitri Dimitriou
Director Director
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2010
Other
Other Other reserves -
reserves - reserves - Equity
Share Share Merger Acquisition Translation shares to Retained Total
capital premium reserve reserve Reserve be issued Earnings equity
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 - - - - (1,644,702) - 8,103,378 6,458,676
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 5,453,760 18,083,324
Total
comprehensive
income for
the year - - - - (523,771) - (1,978,277) (2,502,048)
New issue of
equity
capital 44,100 143,325 - - - - - 187,425
Share based
payments - - - - - 201,770 - 201,770
Share option
exercise - - - - - (119,070) 119,070 -
At 31 December
2010 8,153,246 7,445,970 106,148 (3,541,203) (1,166,648) 1,378,405 3,594,553 15,970,471
Attributable
to:-
Equity holders
of the parent
company 8,153,246 7,445,970 106,148 (3,541,203) (1,166,648) 1,378,405 3,594,553 15,970,471
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2010
Year ended Year ended
31 December 31 December
Notes 2010 2009
GBP GBP
Cash flows from operating
activities
Cash (used in)/generated from
operations 4 (6,177,037) 12,478,048
Tax (666,397) (510,591)
Interest paid (1,842) (2,978)
Net cash (used in)/generated
from operating activities (6,845,276) 11,964,479
Investing activities
Purchase of property, plant
and equipment (76,316) (3,611)
Acquisition of intangibles
assets (2,446) (779)
Interest received 13,073 61,243
Net cash (used in)/generated
from investing activities (65,689) 56,853
Financing activities
Net proceeds from share issue -
Company 187,425 155,124
(Decrease)/increase in bank
overdraft (975) 1,546
New loans 394,885 3,796
Loan repayments (26,148) (303,962)
Net cash generated from/(used
in) financing activities 555,187 (143,496)
Net (decrease)/ increase in cash
and cash equivalents (6,355,778) 11,877,836
Cash and cash equivalents
at beginning of period 22,525,509 12,458,417
Effects of exchange rates on
cash and cash equivalents (576,790) (1,810,744)
Cash and cash equivalents
at end of period 15,592,941 22,525,509
ImmuPharma plc
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2010
1 ACCOUNTING POLICIES
The financial information set out in this announcement does not
comprise the Group's statutory accounts for the year ended 31
December 2010 or 31 December 2009.
The financial information has been extracted from the statutory
accounts for the years ended 31 December 2010 and 31 December 2009.
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 years ended 31 December 2010 and 31 December 2009 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 2009 have
been delivered to the Registrar of Companies, whereas those for the
year ended 31 December 2010 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
2010, which have been prepared in accordance with International
Financial Reporting Standards ("IFRS").
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 year ended 31 December
2009 by GBP1,257,212. This has had no impact on the profit for the
year ended 31 December 2009 or on the total equity of the group as
at that date.
The financial information is for the year ended 31 December 2010
and the comparatives are for the year ended 31 December 2009.
The Group's financial statements incorporate the financial
statements of ImmuPharma plc and other entities controlled by the
company ("the subsidiaries"). Control is achieved where the company
has the power to govern the financial and operating policies of an
investee entity so as to obtain benefits from its activities.
2 OPERATING (LOSS)/PROFIT
Year ended Year ended
31 December 31 December
- Group 2010 2009
GBP GBP
Operating (loss)/profit is stated
after charging/(crediting):
Share based payments charge 201,770 229,169
Employers National Insurance provision
in respect of share based payments
charge (40,026) 127,721
Depreciation of property, plant and
equipment
- owned 9,586 6,947
Amortisation of intangible assets
- patents 32,296 32,346
Services provided by Company auditors:
- Audit services (includes GBP2,000
re subsidiaries) 37,500 53,480
- Other services relating to taxation 20,775 7,770
- Other services - interim review 6,900 6,750
- Other services relating to share
option schemes - 1,500
Audit services provided by other auditors 14,709 12,357
============= =============
ImmuPharma plc
Year ended Year ended
EARNINGS PER SHARE 31 December 31 December
3 - Group 2010 2009
GBP GBP
Earnings
Earnings for the purposes of basic
earnings per share being net profit
after tax attributable to equity shareholders (1,978,277) 8,103,378
Number of shares
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 81,171,744 77,498,096
Effect of dilutive potential ordinary
shares:
Share options - 2,922,796
Warrants - 685,540
81,171,744 81,608,096
Basic earnings per share (2.44)p 10.46p
Diluted earnings per share (2.44)p 9.99p
4 CASH USED IN OPERATIONS
=== =============================================================================
Group 31 Company 31
Group December Company 31 December
31 December 2009 December 2009
2010 Restated 2010 Restated
=== ===================== ============ ============ ============ ============
GBP GBP GBP GBP
=== ===================== ============ ============ ============ ============
Operating (loss)/profit (4,179,500) 10,299,773 (1,034,708) (2,061,980)
========================= ============ ============ ============ ============
Depreciation and
amortisation 41,882 40,739 3,251 1,038
========================= ============ ============ ============ ============
Share-based payments 201,770 229,169 201,770 229,169
========================= ============ ============ ============ ============
Decrease/(increase)
in trade and other
receivables 710,366 (1,284,377) (142,347) (321,342)
========================= ============ ============ ============ ============
(Decrease)/increase
in trade and other
payables (4,606,209) 4,322,235 (1,129,113) 761,373
========================= ============ ============ ============ ============
(Decrease)/increase
in provisions (40,026) 127,721 (40,026) 127,721
========================= ============ ============ ============ ============
Gain/(loss) on foreign
exchange 1,694,680 (1,257,212) 53,809 652,636
========================= ============ ============ ============ ============
Cash (used in)/generated
from operations (6,177,037) 12,478,048 (2,087,364) (611,385)
========================= ============ ============ ============ ============
This information is provided by RNS
The company news service from the London Stock Exchange
END
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