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13/02/2012

Immupharma CEO says its flagship product, Lupuzor, has great potential

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Additional Information
Market: AIM
Sector: Pharmaceuticals & Biotechnology
EPIC: IMM
Latest Price: 63.50p  (-0.98% Descending)
52-week High: 100.00p
52-week Low: 57.00p
Market Cap: 51.77M
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ImmuPharma PLC
www.immupharma.com

ImmuPharma plc is a drug discovery and development company. The Company, along with its subsidiaries, is principally engaged in investing in pharmaceutical research and development companies. The Company has operations in Mulhouse, France and Basle, Switzerland. The ImmuPharma plc focuses to develop drugs to treat serious medical conditions. It has five drugs in development to treat: lupus, cancer, severe pain, highly resistant infections, such as methicillin-resistant staphylococcus aureus (MRSA) and inflammatory and allergic disorders. Its wholly owned subsidiaries include ImmuPharma (UK) Limited, which is a holding company; ImmuPharma (France) SA, which is engaged in pharmaceutical research and development, and ImmuPharma AG, which is engaged in pharmaceutical research and development.

Full ImmuPharma PLC profile here
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Teva's takeover of Cephalon may enable ImmuPharma to relicence Lupuzor, says Edison

11th Oct 2011, 10:21 am by Sergei Balashov Edison Investment Research values ImmuPharma at 230 pence per share, compared to the current share price of 67.5 pence

In a note on ImmuPharma (LON:IMM), Edison Investment Research drew attention to the biotech junior’s reduced cash burn, strong cash reserves and the possibility to reclaim and relicense its main drug Lupuzor.

ImmuPharma’s lead product is Lupuzor, a potentially blockbuster treatment for the autoimmune disease lupus, which is in phase IIb trials in the US and Europe.

The data compiled from this research will be part of the package submitted to America’s Food & Drug Administration and other regulatory authorities for approval.

ImmuPharma’s partner Cephalon is currently in the process of being taken over by generic drug-maker Teva in a US$6.8 billion deal.

Teva is currently developing Active Biotech’s laquinimod for MS (Phase III) and lupus (Phase II) with Edison's healthcare analysts led by John Savin saying that as the Phase III BRAVO results in MS were unimpressive, Teva may focus on lupus.

Savin said that once Cephalon is taken over, ImmuPharma could either reclaim and relicense Lupuzor or get an extra fee from Teva.

According to Cephalon, the recruitment to the Phase IIb trial has concluded and it is now entering 130 patients into an open-label 48 week Phase III, which should be over by the end of 2012 with the results expected in the first half of 2013. According to Edison, if the data is “adequate”, Lupuzor could be approved as soon as in 2014.

The research house also noted that while Cephalon said in 2010 it may use the Phase IIb trial as the basis for a Phase III, it is yet to release details or make a statement “so the situation is still promising but murky”.

On the financial front, Savin drew attention to the recent interim report from ImmuPharma, which showed that operating losses fell from £2.5 million a year earlier to £1.6 million, while the company had “plenty of cash” in the bank with a cash balance of £14.2 million.

Edison’s risk-adjusted estimate of ImmuPharma’s net present value (NPV) stands at £190 million, or 230 pence per share, compared to the company’s current share price of 67.5 pence.

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