IMMUPHARMA (LON:IMM)
SECTOR – HEALTHCARE
RATING – BUY*
MARKET CAP – £127m
CURRENT PRICE – 95p#
TARGET PRICE – 181p
ANALYST – Vadim Alexandre
Year-end Dec 2015A 2016A 2017E 2018E
Revenue (£m) 0.1 0.2 - 32.5
EBITDA (£m) - - - -
Adj. pre-tax Profit (£m) (4.5) (6.3) (4.9) 26.6
Adj. EPS (p) (4.4) (4.5) (3.1) 19.71
DPS (p) - - - -
P/E (x) - - - -
Dividend yield (%) - - - -
EV/EBITDA (x) - - - -
SOURCE: Northland Capital Partners Limited estimates. Priced at prior day market close. *Northland Capital Partners acts as Nomad and Broker to ImmuPharma and therefore this information should be viewed as a Marketing Communication.
Lupuzor trial update
NORTHLAND VIEW
ImmuPharma issued an update on its pivotal 52-week, randomised, double-blinded, Phase III clinical trial of Lupuzor™, its lead programme for the potential treatment of Lupus.
Key highlights included:
200 patients were successfully recruited and randomised (dosed)
all patients in the study have passed the 9 months stage
116 patients (58%) have completed the full 12 months of the study
Lupuzor is progressing well through its pivotal Phase III trial. The drug continues to demonstrate a strong safety profile. The study is on track to report top line results in Q1-2018. Should Lupuzor successfully meet the trial endpoints, we estimate that ImmuPharma’s shares would significantly rerate to the upside.
COMPANY DESCRIPTION
ImmuPharma PLC is a late clinical stage drug development business specialising in the area of autoimmune disease.