ImmuPharma PLC (LON:IMM) has posted a reduced loss in the first half of its current year despite disruptions caused by the coronavirus (COVID-19) pandemic as it continued to focus on progressing its Lupuzor lupus treatment.
For the six months ended June 30, the specialist drug discovery firm reported a pre-tax loss of £2.8mln, narrowed from a £3.3mln loss a year ago, while revenues increased to £62,207 from £11,737.
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ImmuPharma also ended the period with £2.7mln in cash compared to £1.9mln at the end of the 2019 calendar year, while during the first half it highlighted progress in its license and development agreement with Avion Pharmaceuticals including a strengthened advisory team for a Phase III trial of Lupuzor and a submission to the US Food and Drug Administration (FDA) for a Special Protocol Assessment (SPA) for the upcoming trial.
Looking ahead, the firm said it is awaiting final FDA guidance on the SPA prior to commencing patient recruitment, adding that it is also progressing other research & development (R&D) programs including its anti-fungal Bio-AMP-B therapy with discussions continuing with potential partners.
The company also highlighted strong investor interest in recent capital raisings, which has created a “robust financial position” with an anticipated cash runway to the end of 2023.
"As we move our key asset, Lupuzor, into a new international optimised Phase III trial and continue to progress our development pipeline, the investment thesis of ImmuPharma continues to strengthen and we look forward to providing further value enhancing progress updates over the next period to create long term shareholder value for our shareholders”, ImmuPharma chairman Tim McCarthy said in a statement.
The company’s shares were 1.8% lower at 11.1p in early deals on Wednesday.