News

Company   ImmuPharma PLC
TIDM         IMM
Headline    Interim Results
Released    07:00 28-Sep-07
Number     6692E

FOR IMMEDIATE RELEASE

London, 28 September 2007

ImmuPharma plc

INTERIM RESULTS ANNOUNCEMENT

For the six month ended 30 June 2007

ImmuPharma plc (LSE:IMM), the specialist pharmaceutical discovery and
development company is pleased to announce its interim results for the six
months ended 30 June 2007.

INTERIM HIGHLIGHTS

   • Submitted file to the FDA for phase II / III programme for lead drug for
     Lupus
   • Discovered new lead drug candidate for inflammation
   • Continued development progress of other R&D assets
   • Appointed two board members with pharma industry experience
   • Appointed Teather & Greenwood (now Landsbanki) as nominated
     adviser and broker while retaining Dawnay, Day Corporate Finance as
     joint financial adviser
   • Cash and cash equivalents at 30th June 2007 were £4,826,994,
     compared to £6,459,918 at 31st December 2006.

On outlook, Dimitri Dimitriou, Chief Executive Officer, said: "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 some of its assets independently."

For further information please contact:

ImmuPharma PLC

Dimitri Dimitriou, Chief Executive Officer                         +44 20 7152 4080
Dr Robert Zimmer, President & Chief Scientific Officer      + 33 389 32 7650
Richard Warr, Chairman                                                +44 20 7152 4080

Buchanan Communications + 44 20 7466 5000

Lisa Baderoon
Rebecca Skye-Dietrich

Landsbanki Securities (UK) Limited +44 20 7426 7710

Thilo Hoffmann

Statement from the Chairman, Chief Executive Officer and Chief Scientific Officer

In the first six months of 2007, we have continued to progress our key development assets and have discovered a new series of lead drug candidates for inflammation. In parallel, we have strengthened the management team with the appointment of Ms Tracy Weimar (former Director of Business Development at GlaxoSmithKline) as Vice President of Operations and also appointed to the Board Dr Franco Di Muzio, former Glaxo senior executive and Dr Ajay Agrawal with 20 years' experience in the biotech and pharmaceutical industry.

Our pipeline now includes 4 drug candidates, the most advanced one for Systemic Lupus Erythematosus having completed a phase II study and the 3 others in preclinical development - one for moderate to severe pain, one for serious hospital infections and one for inflammatory disorders. In addition to our lead compounds, our long-term pipeline includes a patented chemical library of over 300,000 small molecules and a technology for converting small peptides to drugs that can be applied to generate more compounds for the Company.

IPP-201101, treatment of Lupus

Following the successful completion of a Phase II study in the last quarter of 2006, an IND (Investigational New Drug) was submitted to the US Food and Drug Administration (FDA) for the initiation of a Phase II/III development program.

ImmuPharma believes that IPP-201101, which was developed through its collaboration with CNRS, has the potential to be a novel first-line drug therapy for the treatment of Lupus by specifically modulating the immune system and halting disease progression in a substantial proportion of patients. IPP-201101 has a unique mechanism of action that modulates the activity of the CD4+ cells which are involved in the cell-mediated immune response which leads to the Lupus disease.

Estimates of the size of the market opportunity for the treatment of Lupus vary, but analysts estimate that, assuming launch in 2010, IPP-201101 could generate peak annual sales of between $1 billion and $6 billion.

IPP-201007, treatment of inflammation

Arising from research activities on its proprietary chemical library, ImmuPharma has discovered several new lead drug candidates in the form of a new molecular series with potential application in inflammatory/allergic conditions such as asthma and rheumatoid arthritis. These molecules, in the programme code-named IPP-201007, have utility as selective phospholipase A2 subtype inhibitors and are already patented through ImmuPharma's library broad patent.

IPP-102199, treatment of moderate and severe pain

Progress continues to be made on IPP-102199, ImmuPharma's lead drug candidate for the treatment of moderate and severe pain, which is being developed as a potential morphine replacement. Its advantages may include longer pain relief and reduced opioid side effects such as respiratory depression and dependency.

IPP-203101, treatment of MRSA and other hospital-acquired infections

Progress also continues to be made on IPP-203101, ImmuPharma's lead drug candidate for the treatment of MRSA and other hospital-acquired infections. ImmuPharma, in conjunction with CNRS, has discovered a novel class of antibiotics that can kill bacteria by disrupting their membranes with small electrical charges. The potential for IPP-203101 therefore exists due to its unusual mechanism of action to work even in cases of bacterial resistance to other antibiotics.

The Discovery Pipeline

In addition to these lead drug candidates, ImmuPharma has a promising proprietary discovery engine that would augment the Company's long-term capabilities to sustain the generation of further novel compounds that either fit with ImmuPharma's strategic focus for internal development or allow out-licensing opportunities.

During 2007, ImmuPharma has discovered the new lead candidates for inflammation, IPP-201007, from these research activities.

CORPORATE HIGHLIGHTS

In the first half of 2007, ImmuPharma appointed Tracy Weimar as Vice-President of Operations. Her most recent position was Director, Worldwide Business Development at GlaxoSmithKline where she was involved in a number of corporate licensing deals. Ms Weimar holds an MBA from the London Business School and a BA in Economics from the University of California, Berkeley. Ms Weimar has also spent 5 years as tax consultant in a major accounting firm in the US and the UK. Since joining the Company, Ms Weimar has also been appointed Company Secretary and assumed responsibility for finance from Mr Walker Taylor who stepped down from the Board but remains an employee of the Company.

The Company also made two board appointments - Dr. Franco Di Muzio and Dr Ajay Agrawal joined as non-executive Directors to replace Mr Douglas Paterson and Mr Tony Johnson (who is now involved with the company in a scientific capacity).

Dr. Di Muzio has 40 years experience in the pharmaceutical and other industries, encompassing international management experience in business development, strategic marketing, international finance, and M&A. After graduating in Economics and Business in 1963, Dr Di Muzio worked for Colgate Palmolive and Nestle before becoming Executive Vice President of Bristol Myers Squibb's medical equipment and products division, Weck International Inc., in charge of Europe, Asia, Middle East and Africa. In 1990, he joined Glaxo Wellcome plc (now GlaxoSmithKline plc) in London as Area Managing Director and Head of all GW's business in the Middle East, Africa and Turkey. Following early retirement from Glaxo Wellcome, in the beginning of 1998, he joined Alza International, the then world leader in drug delivery systems, as Managing Director, based in London, in charge of the Company's business expansion in all markets outside the US and remained there until the company's acquisition by Johnson & Johnson in 2000.

Dr Agrawal has almost 20 years' experience in the biotech and pharmaceutical industry worldwide. He was a founder of polyMASC Pharmaceuticals plc, London in 1995, the first UK biotech company, derived from a university that was directly listed on AIM, raising approximately $40 million in 1995, and subsequently merged with a NASDAQ-listed company, Valentis Inc (USA) in 1999 to become one of the biggest companies in the delivery of biologics at that time.

He currently sits on the editorial advisory board of three international trade journals.

FINANCIAL HIGHLIGHTS

Our financial results are in line with expectations and show our focused level of activity in developing our key assets.

The Group has adopted International Financial Reporting Standards as its accounting basis.

ImmuPharma's drug candidates are not yet marketed and therefore the Group does not have revenues yet. Our financial results reflect the activities of the Company undertaken for the development of our potential products. The loss of the Group for the six months was £1,539,057. Basic and diluted loss per share were 2.25p. No interim dividend is proposed.

The operating loss was £1,633,440. 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 2007 were £4,826,994, compared to £6,459,918 at 31st December 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 some of its assets independently.

Richard Warr, MA, Chairman
Dimitri Dimitriou, MSc, Chief Executive Officer
Dr Robert Zimmer, MD, PhD, President and Chief Scientific Officer

For company information, visit www.immupharma.com

Independent Review Report to ImmuPharma plc

We have been instructed by the Company to review the financial information for the six months ended 30 June 2007 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 six months ended 30 June 2007.

Nexia Smith & Williamson
Chartered Accountants Registered Auditors
25 Moorgate London EC2R 6AY
2007

Please click below to view or download the full Interim Results


Home About ImmuPharma Lead compounds Discovery pipeline Management team News For Investors Contact us	News Company ImmuPharma PLC TIDM IMM Headline Interim Results Released 07:00 28-Sep-07 Number 6692E FOR IMMEDIATE RELEASE London, 28 September 2007 ImmuPharma plc INTERIM RESULTS ANNOUNCEMENT For the six month ended 30 June 2007 ImmuPharma plc (LSE:IMM), the specialist pharmaceutical discovery and development company is pleased to announce its interim results for the six months ended 30 June 2007. INTERIM HIGHLIGHTS • Submitted file to the FDA for phase II / III programme for lead drug for Lupus • Discovered new lead drug candidate for inflammation • Continued development progress of other R&D assets • Appointed two board members with pharma industry experience • Appointed Teather & Greenwood (now Landsbanki) as nominated adviser and broker while retaining Dawnay, Day Corporate Finance as joint financial adviser • Cash and cash equivalents at 30th June 2007 were £4,826,994, compared to £6,459,918 at 31st December 2006. On outlook, Dimitri Dimitriou, Chief Executive Officer, said: "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 some of its assets independently." For further information please contact: ImmuPharma PLC Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080 Dr Robert Zimmer, President & Chief Scientific Officer + 33 389 32 7650 Richard Warr, Chairman +44 20 7152 4080 Buchanan Communications + 44 20 7466 5000 Lisa Baderoon Rebecca Skye-Dietrich Landsbanki Securities (UK) Limited +44 20 7426 7710 Thilo Hoffmann Statement from the Chairman, Chief Executive Officer and Chief Scientific Officer In the first six months of 2007, we have continued to progress our key development assets and have discovered a new series of lead drug candidates for inflammation. In parallel, we have strengthened the management team with the appointment of Ms Tracy Weimar (former Director of Business Development at GlaxoSmithKline) as Vice President of Operations and also appointed to the Board Dr Franco Di Muzio, former Glaxo senior executive and Dr Ajay Agrawal with 20 years' experience in the biotech and pharmaceutical industry. Our pipeline now includes 4 drug candidates, the most advanced one for Systemic Lupus Erythematosus having completed a phase II study and the 3 others in preclinical development - one for moderate to severe pain, one for serious hospital infections and one for inflammatory disorders. In addition to our lead compounds, our long-term pipeline includes a patented chemical library of over 300,000 small molecules and a technology for converting small peptides to drugs that can be applied to generate more compounds for the Company. IPP-201101, treatment of Lupus Following the successful completion of a Phase II study in the last quarter of 2006, an IND (Investigational New Drug) was submitted to the US Food and Drug Administration (FDA) for the initiation of a Phase II/III development program. ImmuPharma believes that IPP-201101, which was developed through its collaboration with CNRS, has the potential to be a novel first-line drug therapy for the treatment of Lupus by specifically modulating the immune system and halting disease progression in a substantial proportion of patients. IPP-201101 has a unique mechanism of action that modulates the activity of the CD4+ cells which are involved in the cell-mediated immune response which leads to the Lupus disease. Estimates of the size of the market opportunity for the treatment of Lupus vary, but analysts estimate that, assuming launch in 2010, IPP-201101 could generate peak annual sales of between $1 billion and $6 billion. IPP-201007, treatment of inflammation Arising from research activities on its proprietary chemical library, ImmuPharma has discovered several new lead drug candidates in the form of a new molecular series with potential application in inflammatory/allergic conditions such as asthma and rheumatoid arthritis. These molecules, in the programme code-named IPP-201007, have utility as selective phospholipase A2 subtype inhibitors and are already patented through ImmuPharma's library broad patent. IPP-102199, treatment of moderate and severe pain Progress continues to be made on IPP-102199, ImmuPharma's lead drug candidate for the treatment of moderate and severe pain, which is being developed as a potential morphine replacement. Its advantages may include longer pain relief and reduced opioid side effects such as respiratory depression and dependency. IPP-203101, treatment of MRSA and other hospital-acquired infections Progress also continues to be made on IPP-203101, ImmuPharma's lead drug candidate for the treatment of MRSA and other hospital-acquired infections. ImmuPharma, in conjunction with CNRS, has discovered a novel class of antibiotics that can kill bacteria by disrupting their membranes with small electrical charges. The potential for IPP-203101 therefore exists due to its unusual mechanism of action to work even in cases of bacterial resistance to other antibiotics. The Discovery Pipeline In addition to these lead drug candidates, ImmuPharma has a promising proprietary discovery engine that would augment the Company's long-term capabilities to sustain the generation of further novel compounds that either fit with ImmuPharma's strategic focus for internal development or allow out-licensing opportunities. During 2007, ImmuPharma has discovered the new lead candidates for inflammation, IPP-201007, from these research activities. CORPORATE HIGHLIGHTS In the first half of 2007, ImmuPharma appointed Tracy Weimar as Vice-President of Operations. Her most recent position was Director, Worldwide Business Development at GlaxoSmithKline where she was involved in a number of corporate licensing deals. Ms Weimar holds an MBA from the London Business School and a BA in Economics from the University of California, Berkeley. Ms Weimar has also spent 5 years as tax consultant in a major accounting firm in the US and the UK. Since joining the Company, Ms Weimar has also been appointed Company Secretary and assumed responsibility for finance from Mr Walker Taylor who stepped down from the Board but remains an employee of the Company. The Company also made two board appointments - Dr. Franco Di Muzio and Dr Ajay Agrawal joined as non-executive Directors to replace Mr Douglas Paterson and Mr Tony Johnson (who is now involved with the company in a scientific capacity). Dr. Di Muzio has 40 years experience in the pharmaceutical and other industries, encompassing international management experience in business development, strategic marketing, international finance, and M&A. After graduating in Economics and Business in 1963, Dr Di Muzio worked for Colgate Palmolive and Nestle before becoming Executive Vice President of Bristol Myers Squibb's medical equipment and products division, Weck International Inc., in charge of Europe, Asia, Middle East and Africa. In 1990, he joined Glaxo Wellcome plc (now GlaxoSmithKline plc) in London as Area Managing Director and Head of all GW's business in the Middle East, Africa and Turkey. Following early retirement from Glaxo Wellcome, in the beginning of 1998, he joined Alza International, the then world leader in drug delivery systems, as Managing Director, based in London, in charge of the Company's business expansion in all markets outside the US and remained there until the company's acquisition by Johnson & Johnson in 2000. Dr Agrawal has almost 20 years' experience in the biotech and pharmaceutical industry worldwide. He was a founder of polyMASC Pharmaceuticals plc, London in 1995, the first UK biotech company, derived from a university that was directly listed on AIM, raising approximately $40 million in 1995, and subsequently merged with a NASDAQ-listed company, Valentis Inc (USA) in 1999 to become one of the biggest companies in the delivery of biologics at that time. He currently sits on the editorial advisory board of three international trade journals. FINANCIAL HIGHLIGHTS Our financial results are in line with expectations and show our focused level of activity in developing our key assets. The Group has adopted International Financial Reporting Standards as its accounting basis. ImmuPharma's drug candidates are not yet marketed and therefore the Group does not have revenues yet. Our financial results reflect the activities of the Company undertaken for the development of our potential products. The loss of the Group for the six months was £1,539,057. Basic and diluted loss per share were 2.25p. No interim dividend is proposed. The operating loss was £1,633,440. 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 2007 were £4,826,994, compared to £6,459,918 at 31st December 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 some of its assets independently. Richard Warr, MA, Chairman Dimitri Dimitriou, MSc, Chief Executive Officer Dr Robert Zimmer, MD, PhD, President and Chief Scientific Officer For company information, visit www.immupharma.com Independent Review Report to ImmuPharma plc We have been instructed by the Company to review the financial information for the six months ended 30 June 2007 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 six months ended 30 June 2007. Nexia Smith & Williamson Chartered Accountants Registered Auditors 25 Moorgate London EC2R 6AY 2007 Please click below to view or download the full Interim Results ©2007 London Stock Exchange plc. All rights reserved