ImmuPharma shares were down 6.4% to 5.5p in early afternoon trading on Wednesday, after the group reported a widened loss to £8.2 million in its FY 2021 results, from a £6.9 million loss in FY 2020.
The lupus-focused group confirmed research and development expenses of £3.7 million against £2.4 million the last year, along with exceptional items of £1.4 million as a result of corporate reorganisation costs.
ImmuPharama commented that it expected cost savings on the back of corporate reorganisation from 2022 of £1.1 million per year in committed overheads cost, representing a decline of approximately 50% including a reduction in costs relating to its board and connected parties of £500,000 per year.
ImmuPharma also mentioned lowered administrative expenses of £1 million from £1.8 million year-on-year.
However, the pharmaceutical company’s cash balance decreased to £1.6 million compared to £5.9 million the previous year.
ImmuPharma also noted a successful subscription and placing, which raised £3.5 million in total.
“We were delighted to secure the successful fundraising in late 2021, as it demonstrated that our corporate repositioning efforts, since the Board changes, were recognised by our existing shareholders and partner, Avion (Alora Pharmaceuticals),” said ImmuPharma CEO Tim McCarthy.
Lupzor and P140
ImmuPharma reported the successful completion of its P140 Pharmokinetic study, with key endpoints met. The P140 was safe and well-tolerated in all doses across all subjects, with discussions currently ongoing with potential partners for Lupzor outside of US key territories.
“With now a fully reviewed and assessed R&D development pipeline, we remain focused on bringing our two late-stage clinical assets, Lupuzor™ and P140 for CIDP closer to the market,” said McCarthy.
“Specifically, on Lupuzor™, our partner Avion, is committed to moving this program into Phase 3 as soon as possible, following final discussions with the FDA and based on the positive readout of the recent PK study.”
“We are also focused on ensuring earlier stage assets, specifically within anti-infectives, progress, with a key strategy on securing partnering opportunities over the medium term.”
