Lupus drug developer Immupharma PLC (LON:IMM) has raised £600,000 more than expected from its equity sharing agreement with financier Lanstead Capital, banking £5mln instead of the £4.4mln originally estimated.
The better than expected outcome reflects a trebling in the share price of Immupharma to 82p following increasingly upbeat statements about the progress of the Phase III trial of Lupuzor, its flagship Lupus treatment. Top-line Phase III results are due in the first quarter of 2018.
Immupahrma and Lanstead set up the facility in Feburary 2016, when the drug developer also raised £3.9mln through a placing at 26p.
Tim McCarthy, ImmuPharma’s chairman said in a statement: "Lanstead has been an important supporter of ImmuPharma and we are delighted how effectively the Sharing Agreement has worked for both parties.
Nicholas Malins-Smith of Lanstead added: “Through the Sharing Agreement with Lanstead, ImmuPharma has been able to benefit, through the increase in its share price, by securing additional funds over and above the original subscription amount.”