TIDMIMM
RNS Number : 0568A
Immupharma PLC
24 May 2019
24 MAY 2019
ImmuPharma PLC
("ImmuPharma" or the "Company")
FINAL RESULTS ANNOUNCEMENT
for the twelve months ended 31 December 2018
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the
specialist drug discovery and development company, is pleased to
announce its final results for the twelve months ended 31 December
2018 (the "Period").
Key Highlights (including post Period review)
-- Stable financial performance over the Period
o Cash balance of GBP4.9 million (31 December 2017: GBP2.7
million)
o Loss for the period of GBP7.2 million (31 December 2017:
GBP6.2 million)
o Research and development expenses of GBP4.7 million (31
December 2017: GBP5.1 million)
o Basic and diluted loss per share of 5.19p (31 December 2017:
4.75p)
o A successful, GBP10 million (gross) fundraising completed in
January 2018
o Acquired a 15% stake in Incanthera Limited for GBP2
million
Lupuzor(TM)
-- Top line results of the Company's pivotal Phase III trial of
Lupuzor(TM) were announced on 17 April 2018- key highlights
include:
-- Lupuzor(TM) demonstrated a superior response rate over
placebo (52.5% vs 44.6% "responders") in the primary analysis on
the Full Analysis Set of all 202 patients. However, due to the high
response rate in the placebo group, this superior response did not
allow statistical significance to be reached (p = 0.2631) and the
trial's primary end point was not met
-- Across the whole study population, in those patients who had
anti-dsDNA autoantibodies, Lupuzor(TM) demonstrated a superior
response rate over placebo (61.5% vs 47.3%, p = 0.0967). Although
these results were not statistically significant, further data
analysis demonstrated that in the Europe cohort (130 patients)
Lupuzor(TM) plus standard of care showed statistically significant
reductions in disease activity compared to placebo plus standard of
care in 79 patients who were anti-dsDNA autoantibody positive
(71.1% vs 48.8%, p = 0.0218)
-- The study confirmed the outstanding safety profile of
Lupuzor(TM) , with no serious adverse events reported
-- Follow-on 'extension' open label study
o A total of 62 eligible patients from the original Phase III
trial recruited
o The study is anticipated to report results in Q2 2019
-- Discussions continue with potential corporate partners as
well as consulting with regulatory advisors on potential pathways
to market. Whilst these activities continue, the commencement of
the Managed Access Program for Lupuzor(TM) is postponed, until
further clarification on these activities gained
-- As announced on 7 May 2019, a renewed focus on developing the
P140 platform within different auto-immune indications outside of
lupus - following encouraging pre-clinical data
Other program developments
-- Within our two further platforms, Elro Pharma (Nucant) and
Ureka Sarl (Peptide), ImmuPharma is exploring options to license,
divest or 'spin-off' the technologies of both of these subsidiaries
to unlock future potential and enhance value to shareholders - as
announced on 7 May 2019
-- All negotiations with Incanthera Limited on the Nucant cancer
programme and broader collaboration discussions have now terminated
- as announced on 7 May 2019
-- Advisors appointments
o Spark Advisory Partners Limited appointed as Nominated Advisor
in December 2018
o Stanford Capital Partners and SI Capital appointed as Join
Brokers in September 2018
Commenting on the statement and outlook Tim McCarthy, Chairman,
said: 'We are pleased to report our results for 2018 as well as the
key highlights for our programs. Following on from the Phase III
results, we are focused on progressing Lupuzor(TM) and the P140
autoimmune platform. Our plans to combine and either divest, spin
off or license Elro Pharma (Nucant) and Ureka (Peptide Platform)
are planned to unlock value for shareholders. We look forward to
reporting on these developments in the coming months. We would also
like to take this opportunity to thank our shareholders, scientific
advisors, corporate collaborators and the CNRS.'
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
Tim McCarthy
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
ImmuPharma plc
Chairman's Report
The first half of 2018 saw the completion and reporting of
results of the Company's pivotal phase III clinical trial for
Lupuzor(TM) . Whilst it was disappointing not to have achieved
overall statistical significance in the full set of patients, it
was promising to see that Lupuzor(TM) plus Standard of Care
demonstrated a superior response rate over placebo plus Standard of
Care and an even more superior response in patients with positive
anti-dsDNA biomarkers which reached statistical significance in the
Europe cohort. For the remainder of 2018, our focus for Lupuzor(TM)
was on the Open Label Extension study, the planning of a Managed
Access Program as well as discussions with potential partners.
Further, we were pleased with the successful completion of a GBP10
million (before expenses) fundraising in January 2018.
Lupuzor(TM)
Lupuzor(TM) , ImmuPharma's lead program for the treatment of
lupus completed its Phase III clinical trial in January 2018 which
involved patients in the US, Europe and Mauritius.
The Phase III trial was a double-blind, randomised,
placebo-controlled trial. The study involved patients being dosed
for one year, receiving 0.2mg once per month subcutaneously. 293
patients were screened illustrating the demand from physicians for
a new, safe and effective treatment for lupus. Of these, the
required 202 patients were successfully recruited and randomised
(dosed). Patients participated in the trial in seven countries
across 28 sites.
The clinical trial was undertaken primarily by Simbec-Orion, an
international clinical research organisation, which specialises in
rare and orphan conditions and has previous direct experience in
lupus trials. This was a pivotal study designed to demonstrate the
safety and efficacy of Lupuzor(TM) as part of the Special Protocol
Assessment (SPA) from the US Food and Drug Administration
(FDA).
Lupuzor(TM) Phase III Top Line Results
Lupuzor(TM) demonstrated a superior response rate over placebo
(52.5% vs 44.6% "responders") in the primary analysis on the Full
Analysis Set of all 202 patients and an even more superior response
in the 153 patients who completed the study (68.8% vs 59.2%).
However, due to the high response rate in the placebo plus Standard
of Care group, this superior response did not allow statistical
significance to be reached, and the trial's primary end point was
not met. Importantly, in patients who were anti-dsDNA autoantibody
positive (a recognised biomarker for Systemic Lupus Erythematosus
('SLE'), Lupuzor(TM) plus Standard of Care demonstrated a higher
superior response rate over placebo plus Standard of Care (61.5% vs
47.3%). In the European cohort (Europe and Mauritius), the
difference was higher (71.1% vs 48.8%) and reached statistical
significance (p=0.218). In addition, 7.5% of the patients in the
Lupuzor(TM) plus Standard of Care group went into full remission
versus none in the placebo plus Standard of Care group. The study
confirmed the outstanding safety profile of Lupuzor(TM) , with zero
drug-related serious adverse events reported in the Lupuzor(TM)
plus Standard of Care group.
It is important to note that when reference is made to placebo,
there are no patients who were treated just with placebo, but all
were receiving other drug treatments. Based on the protocol and the
commonly accepted study design, there were two groups of patients:
(1) patients receiving Lupuzor(TM) plus 'Standard of Care' and (2)
patients receiving placebo plus 'Standard of Care'. 'Standard of
Care' includes treatment with other drugs such as steroids,
anti-malarials, methotrexate, etc. The definition of a 'responder'
is based on the SLE Responder Index (SRI-4) score, which requires a
reduction of at least four points in this score. Therefore,
patients who improve by less than four points are counted as
non-responders, but also no distinction is made between patients
who improve by more than four points, all being equal
'responders'.
Extension Open Label Study
Following requests from both investigators and patients involved
in the Phase III trial, ImmuPharma initiated an additional clinical
trial permitting patients who participated in the Phase III study,
to receive Lupuzor(TM) plus Standard of Care for six months in an
open label study. The results will be gathered as an "extension"
open label study, independent of the pivotal Phase III trial and
will provide additional data on the safety and efficacy of
Lupuzor(TM) . The study has now been completed with results
anticipated in Q2 2019.
ImmuPharma plc
Chairman's Report (continued)
Lupuzor(TM) - Opportunity and Next Steps
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 per
cent of patients not adequately treated.
The Company believes Lupuzor(TM) has the potential to be a novel
specific drug therapy for the treatment of Lupus by specifically
modulating the immune system and halting disease progression in a
substantial proportion of patients. Lupuzor(TM) has a unique
mechanism of action that modulates the activity of CD4 T-cells
which are involved in the cell-mediated immune response which leads
to the lupus disease. Lupuzor(TM) , taken over the long term, as
indicated in earlier stage clinical trials, has the potential to
prevent the progression of lupus rather than just treating its
symptoms, with the rest of the immune system retaining the ability
to work normally.
The Board believes there are still a number of routes to market
for Lupuzor(TM) , including potential corporate collaborations. The
Company also continues to consult with regulatory advisors on
potential pathways to market. The prime objective of any strategy
would be to maximise shareholder return.
Lupuzor(TM) is also being prepared for entry into a Managed
Access Programme ('MAP') which would also allow lupus patients
early access to Lupzuor(TM) . The commencement of the MAP is
dependent on the outcome of ongoing activities surrounding
discussions with potential partners and regulatory advisors.
Centre National de la Recherché Scientifique (CNRS)
ImmuPharma continues to have important collaboration
arrangements with the Centre National de la Recherché Scientifique
(CNRS), the French National Council for Scientific Research and the
largest basic research organisation in Europe. This is where
Lupuzor(TM) was invented by Prof. Sylviane Muller, Research
Director at the CNRS. This successful and longstanding relationship
plays an important role in the progress of ImmuPharma's development
pipeline.
Pipeline Overview
Lupuzor(TM) / Forigerimod / P140 in autoimmune indications
Lupuzor(TM) , is also known by its chemical name 'Forigerimod'
or P140. ImmuPharma in conjunction with the CNRS are exploring
opportunities on expanding into other autoimmune indications, as
demonstrated by Lupuzor(TM) 's strong efficacy and safety profile
and by its mechanism of action.
Certain autoimmune indications, outside of lupus, have the
potential for Orphan Drug designation. Further assessment continues
with the objective of further indications moving into the clinic in
due course.
Nucant Program
ImmuPharma's subsidiary Elro SARL ('Elro') holds our cancer
Nucant program, IPP-204106, which is focused on combination therapy
approaches. ImmuPharma has reviewed different options for
progressing this program and is now pursuing a divestment strategy
in combination with the Group's Ureka subsidiary. A grant was
awarded by the EU to different EU partners (EUR7 million total with
EUR430k awarded to ImmuPharma) to develop the Nucants in
combination with cytotoxic drugs linked to a solid support. The
molecule has also shown promising results in ophthalmology
(age-related macular degeneration) models.
Peptide Platform
ImmuPharma's subsidiary Ureka SARL ('Ureka') has been developing
lead compounds from its novel and patented peptide technology
platform Urelix(TM) . Ureka is based at the Institut Europeen de
Chimie et Biologie (IECB) in Bordeaux, France which is under the
joint authority of the CNRS, Inserm and the University of
Bordeaux.
ImmuPharma plc
Chairman's Report (continued)
Pipeline Overview (continued)
Urelix(TM) is focusing on oligourea foldamers as a tool to
improve the pharmaceutical properties of peptides. One of the first
focus areas of Ureka has been GLP-1 analogues for the treatment of
Type II diabetes and NASH (Non-Alcoholic-Steato-Hepatitis) as proof
of concept for its technology. In February 2019, the peer reviewed
scientific research journal 'Nature Communications' published a
paper on Ureka's technology.
Further applications of the Urelix(TM) technology include
protein/protein interactions, notably in cancer, and improvement of
marketed efficacious peptides allowing additional long lasting
patent protection paving the way for a life cycle management
franchise. Novel patented technologies are also currently
implemented to cover other aspects of the improvement of peptides
including potential oral delivery. Peptides have gained so much
attention in the last decade that they are now part of the main
strategies, along with small molecules and biologics, for
developing new medicines.
GBP10 million Fund Raising
In January 2018, the Company announced the completion of a
placing of 6,944,445 new ordinary shares of 10p each at a placing
price of 144p raising a total of GBP10 million before expenses. The
Company raised the funds in order to further strengthen the
Company's financial position as negotiations continue with
potential partners for Lupuzor(TM) and to support further
investment in ImmuPharma's earlier stage portfolio.
Incanthera Limited
In September 2018, the Company signed a Heads of Terms agreement
with Incanthera Limited regarding a potential collaboration on the
Nucant program. At the same time, ImmuPharma invested GBP2 million
to purchase 363,637 shares at GBP5.50 per share in Incanthera
Limited and received warrants for a further 363,637 shares at
GBP5.50. This investment represents a holding of approximately 15%
in Incanthera Limited. In May 2019, the Company announced that
discussions with Incanthera Limited regarding a potential
collaboration had terminated. ImmuPharma remain supportive of
Incanthera Limited and its programs and abilities.
Current Activities and Outlook
As a Board, we continue to be excited by ImmuPharma's future
potential. Looking at the Lupuzor(TM) top line data announced in
April 2018, the drug demonstrated a superior response rate over
placebo with an exceptional safety profile, giving it, we believe,
a compelling product profile. We believe Lupuzor(TM) has the
potential to bring a much needed safe treatment to the millions of
lupus sufferers around the world. We continue to engage with
potential partners and, although no guarantees of a successful
outcome can be given at present, we are focused on moving forward
with the development and commercialisation of Lupuzor(TM).
The Company has been exploring its options to license, divest or
'spin-off' the technologies of both Elro and Ureka to unlock their
future potential and enhance value to shareholders. The Company's
intention is to merge these two subsidiaries, in order to create a
stronger combined company with a platform technology together with
a drug candidate in clinical development, with a view to securing
external investment either from private equity or through a public
listing on a European stock exchange or licensing. This, in turn,
would allow ImmuPharma to focus on Lupuzor(TM) and the overall P140
platform for different autoimmune indications. We look forward to
providing our shareholders with further updates in due course.
The Board would like to thank its shareholders, both long
standing and new for their support as well as its staff, scientific
and corporate collaborators including the CNRS, Simbec-Orion and
CAP Research.
Tim McCarthy
Non-Executive Chairman
ImmuPharma plc
Financial Review
2018 started with a successful share placing which raised GBP10
million before expenses. Lupuzor(TM) , ImmuPharma's lead drug
candidate for the treatment of lupus completed its pivotal Phase
III clinical trial and began an Open Label Extension Study.
Income Statement
The operating loss for the year ended 31 December 2018 was
GBP8.1 million, up from GBP7.2 million for the year ended 31
December 2017. The increase in overall loss was mainly attributable
to share-based expense of GBP1.8 million (2017: GBP743k) which was
attributable to the number of share options granted in 2017.
Research and development expenditure was GBP4.7 million down
slightly from GBP5.1 million in 2017. This reflects the
front-loading of a portion of the Lupuzor clinical trial expenses.
Administrative expenses were GBP1.7 million, up from GBP1.5 million
in the year ended 31 December 2017. Finance income was GBP130k for
2018 which was down from GBP240k for 2017. For 2017, finance income
is mainly attributable to a gain in fair value on the derivative
financial asset. Total comprehensive loss for the year was GBP7.2
million, an increase from GBP6.2 million in 2017.
Statement of Financial Position
Cash and cash equivalents at 31 December 2018 amounted to GBP4.9
million (2017: GBP2.7 million). Financial borrowings were GBP121k
(2017: GBP260k). This balance is primarily the conditional advance
from the French Government for use in the development of our cancer
program. No interest is payable. In January 2018, ImmuPharma
successfully completed a share placing raising GBP10 million before
expenses.
In September 2018, the Company invested GBP2.0 million (2017:
GBPnil) in Incanthera Limited (Incanthera) with whom it also
entered discussions on a potential collaboration on the Nucant
program. The Company purchased 363,637 shares in Incanthera at a
price of GBP5.50 per share. This represents a holding of
approximately 15% in Incanthera. The Company was also granted
warrants for a further 363,637 shares at GBP5.50 per share.
As described and emphasised in the auditor's report the carrying
value of the Company's interest in its subsidiaries and the group's
interest in Incanthera are subject to uncertainty relating to the
future development of their underlying assets.
Results
The Group recorded a loss for the year of GBP7.2 million (2017:
GBP6.2 million). Basic and diluted loss per share was 5.19p (2017:
4.75p). In accordance with the Group's loss making position no
dividend is proposed.
January 2018 Placing - GBP10 million before expenses raised
ImmuPharma strengthened its financial position through a
fundraising in January 2018. The Company announced the completion
of a placing of 6,944,445 new ordinary shares of 10p each at a
placing price of 144p raising a total of GBP10 million before
expenses. The Company raised the funds in order to further
strengthen the Company's Statement of Financial Position as
negotiations continue with potential partners for Lupuzor(TM) and
to support further investment in ImmuPharma's earlier stage
portfolio.
Total Voting Rights
Following the admission of the shares placed in January 2018 to
trading on AIM, the Company has a total of 139,467,430 ordinary
shares in issue at 31 December 2018 with each share carrying the
right of one vote.
ImmuPharma plc
Financial Review (continued)
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.
Financial Strategy
The overall strategy is to maintain a tight control over cash
resources whilst enabling continued progress of the Company's
development assets.
Tracy Weimar
Vice President, Operations and Finance
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 DECEMBER 2018
Notes Year ended Year ended
31 December 31 December
2018 2017
GBP GBP
Continuing operations
Revenue 81,281 150,462
Research and development
expenses (4,697,284) (5,121,388)
Administrative expenses (1,660,408) (1,520,356)
Share based expense (1,803,769) (742,752)
Operating loss (8,080,180) (7,234,034)
Finance costs (4,783) (3,858)
Finance income 129,808 240,447
Loss before taxation (7,955,155) (6,997,445)
Tax 748,606 774,244
Loss for the year (7,206,549) (6,223,201)
Attributable to:
Equity holders of the parent
company (7,206,549) (6,223,201)
Loss per ordinary share
Basic and diluted 2 (5.19p) (4.75p)
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2018
Year ended Year ended
31 December 31 December
2018 2017
GBP GBP
Loss for the financial year (7,206,549) (6,223,201)
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation
of foreign operations (88,256) (91,568)
Other comprehensive loss for the
year, net of tax (88,256) (91,568)
Total comprehensive loss for the
year (7,294,805) (6,314,769)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2018
31 December 31 December
2018 2017
Notes GBP GBP
Non-current assets
Intangible assets 483,039 482,268
Property, plant and equipment 164,661 161,399
Financial asset 2,000,000 -
Total non-current assets 2,647,700 643,667
Current assets
Trade and other receivables 331,487 736,212
Cash and cash equivalents 4,911,448 2,729,468
Current tax asset 767,121 907,916
Total current assets 6,010,056 4,373,596
Current liabilities
Financial liabilities - borrowings (98,340) (142,393)
Trade and other payables (913,907) (929,569)
Provisions - (57,517)
Total current liabilities (1,012,247) (1,129,479)
Net current assets 4,997,809 3,244,117
Non-current liabilities
Financial liabilities - borrowings (22,470) (117,297)
Provisions - (195,989)
Net assets 7,623,039 3,574,498
EQUITY
Ordinary shares 13,946,744 13,252,299
Share premium 27,320,145 18,728,519
Merger reserve 106,148 106,148
Other reserves (991,998) (2,961,017)
Retained earnings (32,758,000) (25,551,451)
Total equity 7,623,039 3,574,498
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2018
Other
Other Other reserves-
Merger reserves reserves - Equity Retained
reserve - Translation shares earnings
Share Acquisition reserve to be Total
Share capital premium reserve issued equity
GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2017 12,463,836 15,678,054 106,148 (3,541,203) (1,609,673) 1,777,131 (19,328,250) 5,546,043
Loss for the
financial
year - - - - - - (6,223,201) (6,223,201)
Exchange
differences
on
translation
of foreign
operation - - - - (91,568) - - (91,568)
Transactions
with owners:
Share based
payments - - - - - 504,296 - 504,296
New issue of
equity
capital 788,463 3,311,542 - - - - - 4,100,005
Costs of new
issue of
equity
capital - (261,077) - - - - - (261,077)
At 31
December
2017 13,252,299 18,728,519 106,148 (3,541,203) (1,701,241) 2,281,427 (25,551,451) 3,574,498
Loss for the
financial
year - - - - - - (7,206,549) (7,206,549)
Exchange
differences
on
translation
of foreign
operations - - - - (88,256) - - (88,256)
Transactions
with owners:
Share based
payments - - - - - 2,057,275 - 2,057,275
New issue of
equity
capital 694,445 9,305,555 - - - - - 10,000,000
Costs of new
issue of
equity
capital - (713,929) - - - - - (713,929)
At 31
December
2018 13,946,744 27,320,145 106,148 (3,541,203) (1,789,497) 4,338,702 (32,758,000) 7,623,039
Attributable
to:-
Equity
holders of
the parent
company 13,946,744 27,320,145 106,148 (3,541,203) (1,789,497) 4,338,702 (32,758,000) 7,623,039
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2018
Notes Year ended Year ended
31 December 31 December
2018 2017
GBP GBP
Cash flows from operating
activities
Cash used in operations 3 (5,606,138) (5,439,079)
Tax received 889,787 1,021,915
Interest paid (4,783) (3,858)
Net cash used in operating activities (4,721,134) (4,421,022)
Investing activities
Purchase of property, plant
and equipment (102,880) (25,491)
Purchase of investments (2,000,000) -
Interest received 12,491 772
Net cash used in investing activities (2,090,389) (24,719)
Financing activities
(Decrease)/increase in bank
overdraft (72) (290)
Loan repayments (138,809) (114,386)
Settlements from Sharing Agreement - 1,667,380
Gross proceeds from issue
of new share capital 10,000,000 4,100,005
Share capital issue costs (713,929) (261,077)
Net cash generated from financing
activities 9,147,190 5,391,632
Net increase in cash and cash
equivalents 2,335,667 945,891
Cash and cash equivalents
at beginning of year 2,729,468 1,876,718
Effects of exchange rates on
cash and cash equivalents (153,687) (93,141)
Cash and cash equivalents
at end of year 4,911,448 2,729,468
ImmuPharma plc
1 BASIS OF PREPARATION
The financial information set out in this announcement does
not comprise the Group's statutory accounts as defined in
section 434 of the Companies Act 2006 for the year ended
31 December 2018 or 31 December 2017.
The financial information has been extracted from the statutory
accounts for the years ended 31 December 2018 and 31 December
2017. 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 2018 and 31 December
2017 but for the year ended 31 December 2018 did include
an emphasis of matter paragraph relating to the uncertainty
over the fair value of the investment in Incanthera Limited.
The Group's statutory accounts for the year ended 31 December
2017 have been delivered to the Registrar of Companies,
whereas those for the year ended 31 December 2018 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 2018, which have been prepared in accordance
with International Financial Reporting Standards ('IFRS').
The accounting policies are also consistent with the statutory
accounts for the year ended 31 December 2017, with the exception
of IFRS 9 "Financial Instruments" and IFRS 15 "Revenue from
Contracts with Customers" which are new standards applicable
and mandatory for the year ended 31 December 2018. The new
standards did not have a material impact on the statutory
accounts for the year ended 31 December 2018.
The financial information is for the year ended 31 December
2018 and the comparatives are for the year ended 31 December
2017.
The Group's statutory accounts 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.
ImmuPharma plc
2 LOSS PER SHARE Year ended Year ended
- Group 31 December 31 December
2018 2017
GBP GBP
Loss
Loss for the purposes of basic loss
per share being net loss after tax
attributable to equity shareholders (7,206,549) (6,223,201)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 138,839,576 130,902,857
Basic loss per share (5.19)p (4.75)p
Diluted loss per share (5.19)p (4.75)p
There is no difference between basic loss per share and
diluted loss per share as the share options are anti-dilutive.
ImmuPharma plc
3 CASH USED IN OPERATIONS
Group Group
31 December 31 December
2018 2017
GBP GBP
Operating loss (8,080,180) (7,234,034)
Depreciation and
amortisation 133,080 138,198
Share-based payments 2,057,275 504,296
(Increase)/decrease
in trade and other
receivables 404,725 643,466
Increase in trade
and other payables 15,151 143,378
Increase/(decrease)
in provisions (253,506) 238,456
Gain on foreign exchange 117,317 127,161
Cash used in operations (5,606,138) (5,439,079)
ImmuPharma plc
4 SUBSEQUENT EVENTS
There have been no subsequent events.
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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
FR EAXSDAEANEFF
(END) Dow Jones Newswires
May 24, 2019 02:00 ET (06:00 GMT)
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