At 11.45am, the stock was changing hands for 50.2p, up 3.7p after the company said there had been strong demand from doctors wanting patients to participate in the study.
Analyst Vadim Alexandre, of the company’s broker Northland Capital, said Wednesday’s update provided “better visibility” on the trial timetable.
He said he expects top-line results in the first-quarter if next year, “a couple of months later than we originally expected—but now with a high degree of certainty”.
“Importantly, no drug related serious adverse events have been reported to date, indicating that the drug remains safe,” said Alexandre.
“We reiterate that should Lupuzor be approved, we estimate it could achieve multi-billion dollar annual sales.
“Consequently, we calculate that ImmuPharma is grossly undervalued.”
He reckons the stock is worth 171p.
Earlier, ImmuPharma said 293 patients were screened to take part in the efficacy study of the treatment for lupus, a life threatening auto-immune disease, and 200 were accepted.
Although the recruitment process only closed last month for the year-long assessment two have already completed the course.
In all, trials of the potentially breakthrough medication are being held at 28 sites in seven countries and over 80% of patients have been receiving the drug for at least three months.
As well as the two that have come completed the study, a further 24 have taken part for nine months and 50 for six months.
“With the trial on track and two patients already safely completing their 12 month dosing regimen, we look forward to providing further updates on this pivotal Phase III trial as it progresses through 2017," said ImmuPharma chairman Tim McCarthy.
The phase-III evaluation of Lupuzor is what’s called a double-blind placebo-controlled trial.
This means half the patients receive the treatment, while the other half are given a substance with no therapeutic value called a placebo. Neither the patient nor the tester knows the identity of those receiving the drug.
Big potential market
Systemic Lupus Erythematosus (SLE) is a debilitating and painful disease, which sees the body's immune system turn against itself for reasons still not fully understood.
It can affect various organs in various people in various ways so many symptoms can ensue, which calls for treatment from heart, liver and skin specialists.
It is much more common in women, appears most often in African-Americans, Asians and Hispanics and it is estimated that up to five million individuals worldwide may be affected.
ImmuPharma does not claim Lupuzor is a cure but hopes it will offer significant relief to sufferers such that their quality of life is greatly improved.
It also thought to be more effective than other products available, such as Glaxo's Benlysta.