Northland Capital Partners View on the City - ImmuPharma PLC


ImmuPharma PLC (LON:IMM) – BUY*: £4.1m fund raise

Market Cap: £70m; Current Price: 56p; Target Price: 171p


From Friday: £4.1m fund raise further strengthens balance sheet

n  Last Friday ImmuPharma raised a total of £4.1m by way of an issue of 7,884,623 new Ordinary Shares at a price of 52p.

n  Northland Capital Partners acted as sole book runner to the share issue.

n  Major existing and new institutional investors participated in the placing.

n  The funds will: further strengthen the Company's balance sheet as negotiations continue with potential partners for Lupuzor™, its lead programme currently in a pivotal Phase III trial; and support further investment in ImmuPharma's earlier stage portfolio and in particular its P140 peptide platform.

Northland Capital partners view: This successful £4.1m placing further strengthens ImmuPharma’s balance sheet, solidifying the Group’s position in ongoing and future negotiations with potential partners for Lupuzor™, the Company’s flagship late-stage pharmaceutical asset. Lupuzor™, a potential treatment for Lupus, is currently completing a pivotal Phase 3 trial, for which recruitment is now complete. We expect the trial to read out top line results in Q1-18. Should Lupuzor be approved, we estimate it could achieve multi-billion dollar annual sales.

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