ImmuPharma PLC (LON:IMM) said it received strong backing from existing and new institutional investors for its £10mln City fundraiser.
The cash, raised by issuing shares at 144p each, will support future investment in the P140 peptide platform. It will also be used to meet the drug developer’s working capital requirements.
READ: ImmuPharma confident of topline results from Phase III Lupuzor trial this quarter
P140 is the bedrock for the company’s lead product, Lupuzor, on which a phase III clinical study was recently completed. Investors expect an initial read-out from the trial later this quarter.
Investment for the next period of growth
"We were approached by new institutions, introduced by Turner Pope Investments, keen to support ImmuPharma over the next period of growth,” said chairman Tim McCarthy of the additional funding.
ImmuPharma confirmed last week it had completed the pivotal phase III study of its Lupuzor, for the autoimmune disease lupus, leaving it on track to publish top-line data from the trial in the current quarter.
The last of the 200 patients recently attended their final assessment and data from the trial is being collected, checked and analysed.
AIM-quoted ImmuPharma said Lupuzor demonstrated a “robust safety profile” during the 12 month long trial, in keeping with what was seen in the successful phase IIb study.