ImmuPharma PLC (AIM:IMM) said it is in 'active discussions' with potential commercial partners as it updated on its financial and operational performance.
Investors were told that it has funds to meet its immediate requirements, while the revenues for licensing deals for the non-US rights to P140, its lead asset, its CIDP programme and anti-infective, BioAMB, will help meet its longer cash needs.
"The company is in active discussions with a broad range of potential commercial partners with the objective of completing deals across the portfolio in 2024," ImmuPharma added.
Noting the untapped value within the business, it said its 10.8% holding in Incanthera is worth £916,000, while it also has 7.3 million warrants that can be exercised at any time.
"This represents a significant financial asset for ImmuPharma," the drug developer added. "With progressive positive news flow expected from Incanthera during 2024, it would be anticipated this will have a significant positive impact on the value of the company's underlying shareholding."
In the update, shareholders heard partner Simbec-Orion's preparations for a phase III clinical trial of P140 for people with Lupus (SLE) were 'continuing to progress'.
It also revealed progress with internal programmes such as anti-infective BioAMB, and P140 in chronic idiopathic demyelinating polyneuropathy (CIPD), a neurological disorder.
"Against a backdrop of continued market volatility, that has adversely affected many small companies' share prices, including our own, the board believes the underlying value of our assets continues to be strengthened," said chief executive Tim McCarthy.
"ImmuPharma has a unique portfolio, including two late-stage assets that now have overwhelming evidence to be potential first-line treatments in debilitating auto-immune diseases such as Lupus and CIDP, markets of high unmet medical need and multi-billion-dollar revenues.
"It is this profile that has generated so much interest from potential commercial partners and our focus for 2024 is to secure commercial deals for these programs.
"The board is positive about the short, medium and long-term future for ImmuPharma and thanks all those shareholders who continue to support the company."