The money will come from an issue of unsecured convertible securities and associated options to L1 Capital Global Opportunities Master Fund and Lind Global Macro Fund.
In a statement, Tim McCarthy, ImmuPharma's chairman said: “This is the first significant investment from specialist US healthcare funds and illustrates the attention we are now receiving from knowledgeable global investors.
“It particularly exemplifies the strengthened investment thesis of ImmuPharma, as we continue to strengthen and progress our recently expanded development pipeline to value inflexion points, including Lupuzor and the partnership with Avion Pharmaceuticals, as we prepare for the start of a new international optimised Phase III trial, in lupus patients."
The cash will fund continued expansion of the company's R&D programmes, Immupahrma said, and bolster its general financial position.
ImmuPharma’s development programme includes novel peptide therapeutics for autoimmune diseases, metabolic diseases, anti-infectives and cancer. Its lead program is Lupuzor, which is in Phase III trials for the treatment of lupus and might have therapeutic benefit for other autoimmune diseases.