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FINAL RESULTS

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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 £4.9 million (31 December 2017:  £2.7 million)

o Loss for the period of £7.2 million (31 December 2017:  £6.2 million)

o Research and development expenses of £4.7 million (31 December 2017: £5.1 million)

o Basic and diluted loss per share of 5.19p (31 December 2017: 4.75p)

o A successful, £10 million (gross) fundraising completed in January 2018

o Acquired a 15% stake in Incanthera Limited for £2 million

LupuzorTM

 

·      Top line results of the Company's pivotal Phase III trial of LupuzorTM were announced on 17 April 2018- key highlights include:

·      Lupuzor™ 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, LupuzorTM 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) LupuzorTM 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 LupuzorTM, 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™ 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

Spark Advisory Partners Limited appointed as Nominated Advisor in December 2018

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 LupuzorTM 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

Vassil Kirtchev

 

Stanford Capital Partners (Joint Broker)

Patrick Claridge, John Howes

 

SI Capital (Joint Broker)

Nick Emerson

 

+44 (0) 203 368 8974

 

 

 

+44 (0) 203 815 8880

 

 

+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 LupuzorTM.  Whilst it was disappointing not to have achieved overall statistical significance in the full set of patients, it was promising to see that LupuzorTM 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 LupuzorTM 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 £10 million (before expenses) fundraising in January 2018. 

 

Lupuzor

 

LupuzorTM, 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 as part of the Special Protocol Assessment (SPA) from the US Food and Drug Administration (FDA).

 

Lupuzor™  Phase III Top Line Results

 

LupuzorTM 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'), LupuzorTM 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 LupuzorTM 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 LupuzorTM, with zero drug-related serious adverse events reported in the LupuzorTM 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 LupuzorTM 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™ 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 LupuzorTM.  The study has now been completed with results anticipated in Q2 2019.

 

ImmuPharma plc

 

Chairman's Report (continued)

 

LupuzorTM - 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 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 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, 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, 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. 

 

LupuzorTM is also being prepared for entry into a Managed Access Programme ('MAP') which would also allow lupus patients early access to LupzuorTM.  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 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

 

LupuzorTM / Forigerimod / P140 in autoimmune indications

 

Lupuzor, 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'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 (€7 million total with €430k 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 UrelixTM.  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)

 

UrelixTM 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 UrelixTM 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. 

 

£10 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 £10 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 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 £2 million to purchase 363,637 shares at £5.50 per share in Incanthera Limited and received warrants for a further 363,637 shares at £5.50.  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™ 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™ 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™.

 

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 LupuzorTM 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 £10 million before expenses.  LupuzorTM, 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 £8.1 million, up from £7.2 million for the year ended 31 December 2017. The increase in overall loss was mainly attributable to share-based expense of £1.8 million (2017:  £743k) which was attributable to the number of share options granted in 2017.  Research and development expenditure was £4.7 million down slightly from £5.1 million in 2017.  This reflects the front-loading of a portion of the Lupuzor clinical trial expenses.  Administrative expenses were £1.7 million, up from £1.5 million in the year ended 31 December 2017.  Finance income was £130k for 2018 which was down from £240k 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 £7.2 million, an increase from £6.2 million in 2017.

 

Statement of Financial Position

 

Cash and cash equivalents at 31 December 2018 amounted to £4.9 million (2017: £2.7 million). Financial borrowings were £121k (2017: £260k). 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 £10 million before expenses.

 

In September 2018, the Company invested £2.0 million (2017: £nil) 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 £5.50 per share.  This represents a holding of approximately 15% in Incanthera.  The Company was also granted warrants for a further 363,637 shares at £5.50 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 £7.2 million (2017: £6.2 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 - £10 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 £10 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 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 YEAR ENDED 31 DECEMBER 2018

 

 

 

Notes

Year ended

31 December 2018

 

Year ended

31 December 2017

 

 

 

£

 

£

 

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 YEAR ENDED 31 DECEMBER 2018

 

 

 

Year ended

31 December 2018

 

Year ended

31 December 2017

 

 

£

 

£

 

 

 

 

 

 

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 2018

 

31 December 2017

 

 

Notes

£

 

£

 

 

 

 

 

 

 

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 YEAR ENDED 31 DECEMBER 2018

 

 

 

Share capital

 

Share premium

 

 

 

Merger

reserve

 

 

Other reserves -

Acquisition

reserve

 

 

Other reserves -

Translation

reserve

 

Other reserves-

Equity shares

to be issued

 

 

 

 

Retained

earnings

 

Total

equity

 

 

£

 

£

 

£

 

£

 

£

 

£

 

£

 

£

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

31 December 2018

 

Year ended

31 December 2017

 

 

 

£

 

£

 

 

 

 

 

 

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

- Group

Year ended 31 December 2018

 

Year ended 31 December 2017

 

 

£

 

£

 

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

31 December 2018

 

Group

31 December 2017

 

 

 

 

 

 

£

 

£

 

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.

 

 

 

 

 


This information is provided by RNS, the news service of the 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 [email protected] or visit www.rns.com.
 
END
 
 
FR EAXSDAEANEFF

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