Immupharma PLC Update on Nucant Cancer Programme (5794U)
April 01 2019 - 2:00AM
UK Regulatory
TIDMIMM
RNS Number : 5794U
Immupharma PLC
01 April 2019
1 April 2019
ImmuPharma PLC
("ImmuPharma" or the "Company")
UPDATE ON NUCANT CANCER PROGRAMME
Clinical Development Collaboration with Incanthera
ImmuPharma PLC (LSE: IMM), the specialist drug discovery and
development company provides an update in relation to its
discussions with Incanthera Limited ("Incanthera") on its Nucant
cancer programme.
Background
On 7 September 2018, ImmuPharma announced that it had signed
Heads of Terms with Incanthera, a specialist oncology company, and
that it had invested GBP2m into Incanthera for a (circa.) 16%
shareholding.
In addition, ImmuPharma granted Incanthera a period of
exclusivity until 31 December 2018, during which it was expected to
finalise the terms of a Definitive Licence Agreement for the Nucant
technology. In consideration for this exclusivity period,
ImmuPharma was granted warrants to subscribe for 363,637 ordinary
shares in Incanthera at any time over a period of 5 years. The
warrants have an exercise price of GBP5.50 per share, for an
aggregate exercise value of GBP2 million. The terms of the
Definitive Licence Agreement were expected to include, inter alia,
(i) Incanthera paying a licence payment to ImmuPharma of GBP1m,
with this payment to be made via the issuance of new ordinary
shares in Incanthera; (ii) that Incanthera will be responsible for
all of the development costs for the Nucant programme; and (iii)
all future commercialisation revenues will be shared equally
between the two companies.
A subsequent announcement on 31 December 2018 extended the
exclusivity period to 31 March 2019.
The Company and Incanthera have to date not concluded the
Definitive Licence Agreement. The exclusivity period has now
expired and ImmuPharma is free, should it wish, to discuss
collaborations with other parties for the Nucant cancer programme.
Notwithstanding the expiry of the exclusivity period, discussions
with Incanthera are continuing in good faith for a broader
collaboration.
There can be no guarantee that any agreement will be reached
with Incanthera on a broader collaboration.
If an agreement is reached, the Company will make a further
announcement.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. ("MAR")
For further information please contact:
ImmuPharma plc (www.immupharma.com) + 44 (0) 207 152 4080
Dimitri Dimitriou, Chief Executive Officer
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin +44 (0) 203 368 8974
Vassil Kirtchev
Stanford Capital Partners (Joint Broker)
Patrick Claridge, John Howes +44 (0) 203 815 8880
SI Capital (Joint Broker)
Nick Emerson +44 (0) 1483 413500
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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