IMMUPHARMA (LON:IMM)
SECTOR – HEALTHCARE
RATING – CORP
MARKET CAP – £28.2m
CURRENT PRICE – 20.3p
ANALYST – BARRY GIBB
Year-end Dec
2015A
2016A
2017A
2018E
Revenue (£m)
0.1
0.2
0.2
EBITDA (£m)
-
-
-
Adj. pre-tax Profit (£m)
(4.5)
(6.3)
(7.0)
Adj. EPS (p)
(4.4)
(4.5)
(4.8)
Under
DPS (p)
-
-
-
Review
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 Joint Broker to ImmuPharma and therefore this information should be viewed as a Marketing Communication.
Corporate Update
NORTHLAND VIEW
- ImmuPharma announced a corporate update with key highlights including:
1. Lupuzor™
- Agreement signed to enter Lupuzor™ into a 'Managed Access Programme' (‘MAP’)
- Open Label extension study completed recruitment
2. Nucant (cancer) programme: Clinical Development Collaboration with Incanthera Limited
3 Ureka subsidiary: Divestment process to commence
- The key objectives of the MAP, based on the clinical and safety data received from the recently announced Phase III trial (Apr 17/May 29), are to promote the use of Lupuzor™ by allowing Lupus patients early access to the therapy, whilst continuing to engage with Lupus specialists and practitioners. This allows Lupus patients ongoing access prior to any regulatory filing. In addition, the Company intends to collect data from these patients, which it believes will add significantly to the existing data package. Based on these parameters, the programme is anticipated to be funded from current cash resources.
- The Lupuzor™ open label extension study, initially announced on 18 January 2018, has completed enrolment with a total of 62 eligible patients from the original Phase III trial, who were recruited throughout the US and Europe. The study is anticipated to report results in Q219
- A number of options have been under review to develop the Company's Nucant cancer programme, which has demonstrated promising results in two Phase I trials (safety and dose-finding studies). In order to progress this programme, ImmuPhama has signed Heads of Terms on a clinical development collaboration with Incanthera Limited, a specialist oncology development company.
Immupharma management continues to progress the Lupuzor™ programme with the MAP and ongoing Extension Study. It also seeks to provide shareholder value through both its Nucant programme and the prospective divestment of its Ureka subsidiary in which it hopes to retain an interest in any future commercial success.
COMPANY DESCRIPTION
ImmuPharma PLC is a late clinical stage drug development business specialising in the area of autoimmune disease.