News
Company Immupharma PLC
TIDM IMM
Headline Interim Results
Released 07:00 26-Sep-06
Number 4523J
RNS Number:4523J
Immupharma PLC
26 September 2006
FOR IMMEDIATE RELEASE
London, 26 SEPTEMBER 2006
IMMUPHARMA PLC
INTERIM RESULTS ANNOUNCEMENT
for the the three months ended 30th June 2006
ImmuPharma plc (LSE:IMM), (the "Company" or the "Group"), the specialist
pharmaceutical discovery and development Company is pleased to announce its
interim results for the three months ended 30th June 2006.
The interim figures are for three months due to the accounting reference
date of the Company year end being changed from 31st March to 31st
December, as highlighted in the full year statement issued on 1st August 2006.
KEY HIGHLIGHTS:
Financial Highlights
• Net loss after tax for the three month period of £324,898
• Cash, cash equivalents and money market investments of £2.4
million
at 30 June 2006
Recent News Flow - 5 July 2006
• IPP-201101 treatment for Lupus enters Phase II
- First patients dosed
- Results from this short duration
study, expected by year end, will be
of great value in
preparation of pivotal Phase III studies.
The company has established an executive committee comprising Dr Robert
Zimmer, President and CSO and Mr Dimitri Dimitriou CEO to execute the
pharma strategy as agreed by the Board.
Richard Warr, Chairman, said:
"We are very pleased to have initiated phase II for our lead compound for
the treatment of Lupus. Our financial results are in line with expectations
and ImmuPharma continues to make progress in the development of its
exciting assets"
For further information please contact:
ImmuPharma plc:
Telephone
Richard Warr, Chairman:
+44 20 7152 4080
Dimitri Dimitriou, Chief Executive Officer:
Buchanan Communications:
Lisa Baderoon/ Rebecca Skye Dietrich
+ 44 20 7466 5000
About ImmuPharma
ImmuPharma PLC is a drug discovery and development company headquartered in
London, UK. It has its research operations in France and Switzerland.
ImmuPharma is dedicated to the development of novel drugs, to treat serious
medical conditions such as autoimmune diseases characterised by:
• blockbuster potential in niche markets
• low promotional costs in few specialised physicians and centres
and
• lower risk of drug development and lower development costs
Since its Admission in February, ImmuPharma has successfully completed a
Phase I trial with IPP-201102I its potential treatment for Lupus, a chronic
life threatening autoimmune disease and initiated phase II in Lupus
patients.
Chairman's Statement
We are very pleased to have initiated phase II for our lead compound
for the treatment of Lupus. Our financial results are in line with
expectations and ImmuPharma continues to make progress in the development
of its exciting assets.
Financial Review
The Group has adopted International Financial Reporting Standards as
its
accounting basis.
The interim results are for three months rather than six months due to the
accounting reference date of the Company being changed from 31st March to
31st December, as highlighted in the full year statement issued on 1st
August 2006. Hence, the current accounting period is the 9 months to 31st
December 2006, and the interim results are for the three months to 30th
June 2006.
The loss of the Group for the three months was £324,898. Basic and diluted
loss per share were 0.48p. No interim dividend is proposed.
The operating loss was £350,937. It represents principally the employment
cost and overhead of maintaining the Group, together with expenditure on
research carried out by Contract Research Organisations.
Cash and cash equivalents at 30th June 2006 were £2,409,915, compared to
£2,692,900 at 31st March 2006.
OUTLOOK
The focus of the Group continues to be on the progression of its lead drug
candidates and discovery pipeline. ImmuPharma is in discussions with a
number of large pharmaceutical and biotech companies for potential
collaborations whilst also considering the option of further progressing
the development of its assets alone.
Richard Warr
Chairman
25 September 2006
Independent Review Report to ImmuPharma plc
We have been instructed by the Company to review the financial information
for the three months ended 30 June 2006 which comprises the Consolidated
Income Statement, the Consolidated Statement of Recognised Income and
Expense, the Consolidated Balance Sheet, the Consolidated Cash Flow
Statement, and the related notes 1 to 10. We have read the other
information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information.
This report is made solely to the Company in accordance with the terms of
our engagement to assist the Company in meeting the requirements of the AIM
Rules of the London Stock Exchange. Our review has been undertaken so that
we might state to the Company those matters we are required to state to it
in this report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the
Company for our review work, for this report or for the conclusions we have
reached.
Directors' responsibilities
The interim report, including the financial information contained therein,
is
the responsibility of, and has been approved by, the directors. The
directors
are responsible for preparing the interim report in accordance with the AIM
Rules of the London Stock Exchange which require that the accounting
policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United
Kingdom. A review consists principally of making enquiries of Group
management and applying analytical procedures to the financial information
and underlying financial data and based thereon, assessing whether the
accounting policies and presentation have been consistently applied unless
otherwise disclosed. A review excludes audit procedures such as tests of
controls and verification of assets, liabilities and transactions. It is
substantially less in scope than an audit performed in accordance with
International Auditing Standards (UK and Ireland) and therefore provides a
lower level of assurance than an audit. Accordingly, we do not express an
audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the three
monthsended 30 June 2006.
Nexia Smith & Williamson 25 Moorgate
Chartered Accountants London
Registered Auditors EC2R 6AY
25 September 2006
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
Note 3 months ended 13 January 2005 13 January 2005
30 June 2006 to 31 March
to 30 June
2006
2005
£
£
£
Continuing operations
Revenue
1,782
25,409
10,513
Research and development
expenses
(227,371) (679,091)
(47,164)
Administrative expenses
(125,348) (880,074)
(295,277)
Other income
-
-
2,510
--------
----------
---------
Operating loss
(350,937) (1,533,756)
(329,418)
Exceptional charge
arising from reverse
acquisition
- (970,524)
-
Finance costs
(1,738)
(8,045)
(3,619)
Investment revenues
27,563
28,759
3,349
--------
----------
---------
Loss before taxation
(325,112) (2,483,566)
(329,688)
Tax
214
788
(174)
--------
----------
---------
Loss for the period
(324,898) (2,482,778)
(329,862)
======== ========
========
(Loss) per ordinary share
Basic and diluted 6
(0.48)p (4.16)p
(11.2)p
======== ======== ========
ImmuPharma plc
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2006
3 months ended 13 January 2005 13 January
2005
30 June to 31 March
to 30 June
2006
2006
2005
£
£
£
Exchange differences on
translation of foreign operations (9,770)
8
(2,280)
(Loss) for the financial period (324,898)
(2,482,778) (329,862)
---------
---------
---------
Total recognised income and
expense for the period
(334,668) (2,482,770)
(332,142)
======= =======
=======
Attributable to:
Equity holders of the
parent company
(334,668) (2,482,770)
(332,142)
======= =======
=======
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2006
Notes 30 June 2006
31 March 30 June
2006 2005
£
£
£
Non-current assets
Property, plant and equipment
14,100 12,020
8,546
Intangible assets - other
758,460 765,004
439,562
----------- ---------
--------
Total non-current assets
772,560 777,024
448,108
----------- ---------
--------
Current assets
Trade and other receivables
97,702 157,572
26,200
Cash and cash equivalents
2,409,915 2,692,900 1,161,235
----------- ---------
--------
Total current assets
2,507,617 2,850,472 1,187,435
----------- ---------
--------
Current liabilities
Financial liabilities -
borrowings and grants
528,284 277,898
269,123
Trade and other payables
499,594 845,618
243,004
----------- ---------
--------
Total current liabilities
1,027,878 1,123,516
512,127
----------- ---------
--------
Net current assets
1,479,739 1,726,956
675,308
----------- ---------
--------
Non-current liabilities
Financial liabilities -
borrowings
82,987
-
-
----------- ---------
--------
Net assets
2,169,312 2,503,980 1,123,416
====== ====== ======
EQUITY
Ordinary shares
7 6,813,815 6,813,815
4,064
Share premium
7 1,607,990 1,607,990
1,345,346
Merger reserve
7 106,148
106,148 106,148
Other reserves
7 (3,550,965) (3,541,195)
(2,280)
Retained earnings
7 (2,807,676) (2,482,778) (329,862)
----------- ---------
--------
Total equity
2,169,312 2,503,980 1,123,416
======= ====== ======
ImmuPharma plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
Notes 3 months ended 13 January 2005 13 January 2005
30 June 2006 to 30
June to 31 March
2006
2005
£
£
£
Cash flows from operating
activities
Cash used in operations 8
(627,510) (871,552)
(214,344)
Interest paid
(1,738) (8,045)
(3,619)
--------- ---------
---------
Net cash used in operating
activities
(629,248) (879,597)
(217,963)
--------- ---------
---------
Investing activities
Purchase of property,
plant and equipment
(3,642) (17,130)
(4,067)
Acquisition of intangibles
assets
(1,514) (337,274)
(6,248)
Cash on reverse acquisition
- 975,961
-
Cash on acquisition of
subsidiaries
- 17,773
17,773
Reverse acquisition expense
- (59,561)
-
Subsidiary acquisition
expense
- (2,342)
-
Interest received
27,563 28,759
3,349
Tax received
214
788
-
--------- ---------
---------
Net cash from investing
activities
22,621 606,974
10,807
--------- ---------
---------
Financing activities
Net proceeds from share
issues - ImmuPharma UK
Limited
- 1,397,976
1,380,260
Net proceeds from share
issues - Company
- 1,569,802
-
Net loan advances
333,085
(2,267) (12,634)
Increase in bank overdraft
327
12
765
--------- ---------
---------
Net cash from financing
activities
333,412 2,965,523
1,368,391
--------- ---------
---------
Net (decrease)/increase in
cash and cash equivalents
(273,215) 2,692,900
1,161,235
Cash and cash equivalents
at start of period
2,692,900
-
-
Effect of foreign exchange
rate changes
(9,770)
-
-
--------- ---------
---------
Cash and cash equivalents at
end of period
2,409,915 2,692,900
1,161,235
======= ======
======
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
1 The financial information set out in this interim statement has
been prepared under International Financial Reporting Standards (IFRS) on
the basis of the accounting policies set out in the statutory accounts of
ImmuPharma plc for the period ended 31 March 2006. This interim statement
has not been audited but has been reviewed by the Company's auditors, Nexia
Smith & Williamson.
2 The financial information does not constitute statutory accounts
within the
meaning of Section 240 of the Companies Act 1985. Statutory accounts for
ImmuPharma plc for the period ended 31 March 2006 reported under IFRS, on
which the auditors gave an unqualified opinion, will be delivered to the
Registrar of Companies after the Annual General Meeting.
3 Copies of this statement will be posted to shareholders. Further
copies are
available free of charge on request from the Company Secretary at the
Company's registered office, 50 Broadway, London, SW1H 0BL.
4 COMPARATIVE INFORMATION
The financial information in respect of the period ended 31 March 2006 is
derived from the audited statutory accounts of the Group for that period.
The reverse acquisition of ImmuPharma plc by ImmuPharma UK Limited did not
occur until 16 February 2006. ImmuPharma UK Limited was incorporated on 13
January 2005. The unaudited financial information for the period from 13
January 2005 to 30 June 2005 is therefore in respect of the sub-group
headed by ImmuPharma UK Limited (excluding ImmuPharma plc). For further
details of the reverse acquisition, please refer to note 1 of the statutory
accounts of the Group for the period ended 31 March 2006.
5 SEGMENT INFORMATION
Revenue by source and by destination predominantly relates to the European
Union. The Group operates as one class of business which is unaffected by
seasonality. The following is an analysis of the carrying amount of the
Group's net assets analysed by geographical area:
30 June 31
March 30
June
2006
2006
2005
£
£
£
Net asset book value
United Kingdom
1,573,156 2,475,583
709,333
France
576,410
39,788 367,976
Switzerland
19,746
(11,391)
46,107
---------
--------
--------
2,169,312 2,503,980
1,123,416
======= ======
======
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006 (continued)
6 EARNINGS PER SHARE
3 months ended 13 January 2005 13 January 2005
30 June 2006 to
31 March
to 30 June
2006
2005
£
£
£
Earnings
Earnings for the purposes
of basic earnings per share
being net loss attributable
to equity shareholders
(324,898) (2,482,778)
(329,862)
======== =======
=======
Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share
68,138,149 59,663,827
2,947,615
======== =======
=======
Basic and diluted loss per
share
(0.48)p
(4.16)p
(11.2)p
======== =======
=======
As at 30 June 2006 the Group had no potential dilutive shares, nor during
any prior period.
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
(continued)
7 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share Share Merger
Other Retained
Total
Capital Premium reserve reserves*
Earnings equity
£ £
£ £
£
£
At incorporation -
-
-
-
-
-
--------- -------- -------
---------- ----------
----------
Exchange
- -
-
8
-
8
differences on
translating
foreign
operations
Loss for the
- -
-
- (2,482,778) (2,482,778)
period ended
31 March 2006
--------- -------- -------
---------- ----------
----------
Total recognised -
-
-
8 (2,482,778) (2,482,770)
income and
expense for
the period
Equity share 420,000 557,003
-
-
- 977,003
capital of
the Company
prior to reverse
acquisition
Reverse 5,875,000
- - (3,541,203)
- 2,333,797
acquisition
of the Company
New issue of 518,815 686,148
-
-
- 2,204,963
equity share
capital
Less:
- (635,161) -
-
- (635,161)
expenses of
new share issue
Acquisition -
- 106,148
-
- 106,148
of subsidiaries
--------- -------- -------
---------- ----------
----------
At 31 6,813,815 1,607,990 106,148
(3,541,195) (2,482,778) 2,503,980
March
2006
Exchange
- -
- (9,770)
- (9,770)
differences
on translating
foreign
operations
Loss for the -
-
- -
(324,898) (324,898)
period ended
30 June 2006
--------- -------- -------
---------- ----------
----------
At 30 6,813,815 1,607,990 106,148
(3,550,965) (2,807,676) 2,169,312
June
2006
====== ====== ===== ====== ======
======
* Other reserves as at 30 June 2006 comprised a reverse acquisition reserve
£ (3,541,203) and a translation reserve totalling £(9,762) (31 March 2006:
£ (3,541,203) and £8 respectively).
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
(continued)
8 CASH USED IN OPERATIONS
30 June 31 March 2006 30 June
2005
2006
£
£
£
Operating loss
(350,937) (1,533,756)
(329,418)
Depreciation and amortisation
9,620
15,221
492
Decrease/(increase) in debtors 59,869
(118,280)
(14,771)
(Decrease)/increase in creditors (346,062)
765,263
129,353
----------
----------
---------
Cash used in operations
(627,510) (871,552)
(214,344)
======= =======
======
9 RELATED PARTY TRANSACTIONS
Included witin Group other creditors as at 30 June 2006 is an amount of
£3,861 (31 March 2006: £3,632) due to R Zimmer and an amount of £40 (31
March 2006: £560) due to D Dimitriou. No interest or formal repayment terms
apply to theseloans.
Included within Group financial liabilities as at 30 June 2006 is an amount
of
£127,149 (31 March 2006: £138,217) due to R Zimmer. The loan is repayable
on demand. Interest is payable at 3.5% per annum.
R Zimmer and D Dimitriou are all directors and shareholders of this
company.
10 POST BALANCE SHEET EVENTS
The unapproved share option scheme was adopted by the Board of Directors on
26 July 2006 and options which were disclosed in the Annual Report have now
been formally executed. Unapproved share options totalling 2,522,000 were
executed for the executive directors on that date. The approved share
option scheme was adopted by the Board of directors after obtaining HM
Revenue and Customs approval. Approved share options totalling 93,000 were
executed for the executive Directors on 25 September 2006.
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