As part of an agreement entered into at the time of Incanthera’s flotation on the AQSE Growth Market in February, ImmuPharma has increased its stake to 15.35% as it subscribed for £250,000 of shares at the float price of 9.5p apiece.
Tim McCarthy, chairman of both companies, and several other directors and other employees of Incanthera subscribed for the remaining £100,000 at the same price.
McCarthy now has a 6.01% stake, while chief executive Simon Ward upped his stake to 4.11%.
Ward said: “Incanthera welcomes the completion of the subscription agreement by ImmuPharma and acknowledges their continued support and belief of the potential within our company and our pipeline.
“Similarly, I welcome the commitment of my fellow directors and management for their decisions to subscribe alongside our chairman, for additional shares, which underlines their dedication to the future success of the company for the benefit of both patients and shareholders.”
Dimitri Dimitriou, ImmuPharma's chief executive officer, added: “ImmuPharma is a strong supporter of Incanthera, sharing common goals of progressing both of our therapeutic pipelines to benefit the long term health of patients, globally.
“We are extremely pleased to note Incanthera's two recent announcements, evidencing great progress towards its immediate goal of taking its lead product Sol to market.”
Incanthera’s lead product is Sol, a potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers, which has achieved proof of concept and is currently being prepared for licensing to a commercial partner.