LONDON: ImmuPharma PLC, a specialist drug discovery and development company, has announced a positive and comprehensive update on its financial situation and its portfolio of products.
The company, which is listed on the London Stock Exchange’s AIM market, said it has enough funds for its immediate needs and does not plan to raise more equity from the capital markets.
It also said it expects to generate non-dilutive income from its portfolio of assets, which include two late-stage autoimmune programs and two early-stage anti-infective programs.
The company is in active talks with potential commercial partners to secure deals for its products in 2024.
ImmuPharma’s flagship product is P140, a peptide-based drug that targets systemic lupus erythematosus (SLE), a chronic and potentially life-threatening autoimmune disease.
The company recently provided a detailed update on its P140 program, which showed positive results from a phase III trial and revealed its unique mechanism of action.
The company also has a second P140 program for chronic inflammatory demyelinating polyneuropathy (CIDP), a rare neurological disorder that causes progressive weakness and impaired sensory function in the limbs.
In addition, the company has two anti-infective programs: BioAMB, a novel formulation of amphotericin B, a potent antifungal agent; and BioCin, a synthetic peptide that inhibits bacterial biofilms.
ImmuPharma said it has simplified its corporate structure, reduced its staff levels, cut its overhead costs, and focused its development portfolio into two areas: autoimmune and anti-infective.
The company said this strategy will create value for its shareholders and deliver a return on investment.
The company expects to announce its audited full year results in May 2024.
Commenting on the announcement, Tim McCarthy, CEO of ImmuPharma, said: “Since our update in December 2023, ImmuPharma has continued to make positive progress within our key programs, as highlighted in this statement.
Against a backdrop of continued market volatility, that has adversely affected many small companies’ share prices, including our own, the Board believes the underlying value of our assets continues to be strengthened.
ImmuPharma has a unique portfolio, including two late-stage assets that now have overwhelming evidence to be potential first line treatments in debilitating auto-immune diseases such as Lupus and CIDP, markets of high unmet medical need and multi-billion-dollar revenues.
It is this profile that has generated so much interest from potential commercial partners and our focus for 2024 is to secure commercial deals for these programs.
The Board is positive about the short, medium and long-term future for ImmuPharma and thanks all those shareholders who continue to support the Company.”
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