Immupharma PLC £4.1 Million Fund Raise via Accelerated Bookbuild (1934Z)
March 10 2017 - 10:52AM
UK Regulatory
TIDMIMM
RNS Number : 1934Z
Immupharma PLC
10 March 2017
10 March 2017
ImmuPharma PLC
("ImmuPharma" or the "Company")
Successful GBP4.1 Million Fund Raise Following the Close of the
Accelerated Bookbuild
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and
development company, is pleased to announce that further to the
announcement made earlier today entitled "Accelerated Bookbuild for
the Issue of Equity", the accelerated Bookbuild, which was
oversubscribed, has now closed.
The Company has raised a total of GBP4.1 million (before
expenses) by way of an issue of 7,884,623 new Ordinary Shares (the
"New Share Placing") at the Placing Price of 52p (the "New Placing
Shares").
Key highlights:
GBP4.1 million (before expenses) raised for the Company via a
placing of New Placing Shares, which are EIS and VCT
qualifying;
-- Major existing and new institutional investors have
participated in this New Share Placing; and
-- ImmuPharma has raised these additional funds via the Bookbuild in order to:
o further strengthen the Company's balance sheet as negotiations
continue with potential partners for Lupuzor(TM), its lead
programme currently in a pivotal Phase III trial; and
o support further investment in ImmuPharma's earlier stage
portfolio and in particular its P140 peptide platform.
Commenting on the announcement, Tim McCarthy, Chairman, said:
"We are delighted with the support we have had on this fund raise
from both existing and new investors. We ended 2016 by announcing a
key milestone for ImmuPharma with the completion, on track, of the
recruitment of the full 200 patients into our Pivotal Phase III
trial of Lupuzor(TM). The primary motivation for this successful
fund raise is to further strengthen our balance sheet and enhance
our position in ongoing and future negotiations with potential
partners for Lupuzor(TM). Additionally it also allows us to further
invest in our earlier stage pipeline and the P140 platform. We look
forward to providing our shareholders with further updates
regarding our Lupuzor(TM) Phase III trial, as it progresses
throughout 2017."
New Share Placing
The 7,884,623 New Placing Shares will rank pari passu with the
Company's existing Ordinary Shares. Application will be made for
the New Placing Shares to be admitted to trading on AIM
("Admission") and it is expected that such Admission will become
effective on or around 16 March 2017.
Total Voting Rights
Following Admission, the Company will have a total of
132,522,985 Ordinary Shares in issue with each share carrying the
right of one vote. The above figure may be used by shareholders as
the denominator for the calculation by which they will determine if
they are required to notify their interest in, or change to their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
Unless otherwise indicated, all defined terms in this
announcement shall have the same meaning as described in the
"Proposed Accelerated Bookbuild for Vendor Placing and Issue of
Equity" announcement which was made earlier today.
-Ends-
For further information please
contact:
+ 44 (0) 20
ImmuPharma plc (www.immupharma.org) 7152 4080
Tim McCarthy, Chairman
Lisa Baderoon, Head of Investor
Relations + 44 (0) 7721
Twitter: @immupharma 413496
Northland Capital Partners Limited
(NOMAD & Broker)
Patrick Claridge, David Hignell,
Michael Mackintosh, Corporate
Finance +44 (0)20 3861
Rob Rees, Corporate Broking 6625
Notes to Editors
ImmuPharma PLC
ImmuPharma is a pharmaceutical development company listed since
2006 on AIM of the London Stock Exchange (LSE:IMM), focusing on
developing novel medicines with high sales potential in specialist
markets with serious unmet need. ImmuPharma is led by a
commercially focused Board and management team with extensive
experience.
Lupuzor(TM)
Lupuzor(TM) (also referred to as Forigerimod, or P140) is
ImmuPharma's lead compound and a potential treatment for lupus (or
Systemic Lupus Erythematosus), a chronic, potentially
life-threatening auto-immune disease. Lupuzor(TM) has a novel
mechanism of action aimed at modulating the body's immune system so
that it does not attack healthy cells, and avoids causing adverse
side effects. It has the potential to halt the progression of the
disease in a substantial proportion of patients.
Lupuzor(TM) has been granted Fast Track status by the US FDA and
approval under Special Protocol Assessment (SPA) for its ongoing
Phase III trial.
The pivotal Phase III clinical study is entitled "A 52-Week,
Randomized, Double-Blind, Parallel-Group, Placebo-Controlled Study
to Evaluate the Efficacy and Safety of a 200-mcg Dose of IPP-201101
Plus Standard of Care in Patients With Systemic Lupus
Erythematosus". It is a pivotal study designed to demonstrate the
safety and efficacy of IPP-201101 and as a last step prior to the
filing of the drug for approval with the US Food & Drug
Administration ("FDA") and the European Medicines Agency ("EMA").
For more information please visit:
www.ClinicalTrials.gov/lupuzor
Commercial Opportunity
There are an estimated five million people globally suffering
from Lupus, with approximately 1.5 million patients in the US,
Europe and Japan (Source: Lupus Foundation of America). Current
'standard of care' treatments, including steroids and
immunosuppressants, can potentially have either serious side
effects for patients or limited effectiveness, with over 60% of
patients not adequately treated. GSK's Benlysta is the first Lupus
drug approved in over 50 years and paves the path to market for
Lupuzor(TM). Based on conservative estimates, and taking into
account that Benlysta is priced currently at approximately $30,000
per patient per year; Lupuzor(TM) would be entering a market with
the potential for multi-billion dollar sales. For more information
on Lupuzor(TM) please visit: www.lupuzor.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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