ImmuPharma PLC (AIM:IMM, OTC:IMMPF) has expressed optimism about 2023, during which it aims to progress its lupus treatment Lupuzor to its next clinical trial.
In an update to the market, the specialist drug discovery and development company said it continues to work proactively, together with its partner Avion Pharmaceuticals and external advisors, on the preparations around the proposed updated P140 (Lupuzor) clinical programme for 2023.
Plans for Lupuzor in the US had to be redrawn after the US Food and Drug Administration (FDA) advised higher dosing levels given the safety profile of the drug.
As a result, ImmuPharma and Avion are now considering either a Phase 2 dose-ranging study to identify the optimum dose level followed by a Phase 3 study based on that or alternatively a Phase 2/3 adaptive study.
READ: ImmuPharma’s US partner confirms support for lupus treatment, wants to expand collaboration
ImmuPharma also said it is "actively engaging” with potential commercial partners on all the development programmes across its portfolio, including US rights for Lupuzor.
These discussions will continue in January with meetings around the JP Morgan Conference and the Biotech Showcase in San Francisco, it added.
"Whilst recognising that 2022 has been a disappointing year, we are looking forward to the new year of 2023 with optimism and with the clear objective of advancing P140 (Lupuzor) into its next clinical trial and in addition, also delivering positive advances across the whole portfolio in both clinical development and commercial partnerships," said ImmuPharma CEO Tim McCarthy In Thursday’s statement.
The company said its cash runway extends through the end of 2023 and into the first half of 2024.
It also said that as 2022 has not delivered the advancement of Lupuzor into its next clinical trial, which negatively impacted the company's share price and valuation, CEO McCarthy and chief operating officer Tim Franklin have agreed to waive parts of their remuneration for 2022.
McCarthy will forgo £187,500, representing 64% of his remuneration, while Franklin will waive £159,500, or 63% of his remuneration.
Going into 2023, the company said its remuneration committee will agree with the executive directors an appropriate structure which matches the level of remuneration to the achievement of pre-agreed corporate objectives.