REG - Immupharma PLC - End of Year Update

ImmuPharmaAnnouncement

22/12/2022 07:00

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RNS Number : 5435K  Immupharma PLC  22 December 2022

 
22 December 2022

 

ImmuPharma PLC

("ImmuPharma" or the "Company")

 

 End of Year Update

 

ImmuPharma PLC (LSE:IMM), the specialist drug discovery and development
company, provides an update to the market.

 

Review of 2022 and Outlook for 2023

 

As we approach the end of 2022 the Company can confirm that it continues to
work proactively, together with our partner Avion Pharmaceuticals ("Avion) and
external advisors, on the preparations around the proposed updated P140
(Lupuzor™) clinical programme for 2023.

 

In addition, we are actively engaging with potential commercial partners on
all the development programmes across the portfolio, including ex. US rights
for P140 (Lupuzor™) and we will be continuing these discussions in January
2023 with meetings around the JP Morgan Conference and the Biotech Showcase in
San Francisco.

 

We look forward with optimism to 2023 and the Board has the clear objectives
of advancing P140 (Lupuzor™) into its next clinical trial and in addition,
also delivering positive advances across the whole portfolio in both clinical
development and commercial partnerships.

 

In conjunction with these objectives, the Company has been continuing to
manage its cost base which demonstrates a cash runway through the end of 2023
and into the first half of 2024.

 

Board Remuneration

 

The Board is keen to emphasise its continued alignment with shareholder
interests and value enhancement. There is recognition that 2022 has not
delivered the advancement of P140 (Lupuzor™) into its next clinical trial
and there has been a consequent negative impact on the Company's share price
and valuation.

 

With this in mind, the Executive Directors have decided to waive the following
amounts of their remuneration for 2022:

 

Tim McCarthy                    £187,500  (representing a
waiver of 64% of remuneration)

Tim Franklin                        £159,500
 (representing a waiver of 63% of remuneration)

 

Looking forward into 2023, the Remuneration Committee will agree with the
Executive Directors an appropriate structure which matches the level of
remuneration to the achievement of pre agreed corporate objectives.

 

 

Commenting on the announcement, Tim McCarthy, CEO of ImmuPharma, said:

 

"Whilst recognising that 2022 has been a disappointing year, we are looking
forward to the new year of 2023 with optimism and with the clear objective of
advancing P140 (Lupuzor™) into its next clinical trial and in addition, also
delivering positive advances across the whole portfolio in both clinical
development and commercial partnerships."

 

 

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation no 596/2014 which is part of English
law by virtue of the European (withdrawal) Act 2018, as amended.  On
publication of this announcement via a regulatory information service, this
information is considered to be in the public domain.

Ends

 For further information please contact:

ImmuPharma PLC (www.immupharma.com (http://www.immupharma.com) )  +44 (0) 207 206 2650

 Tim McCarthy, Chief Executive Officer

 Lisa Baderoon, Head of Investor Relations                         + 44 (0) 7721 413496

 SPARK Advisory Partners Limited (NOMAD)                           +44 (0) 203 368 3550 (about%3Ablank)

 Neil Baldwin

 Stanford Capital Partners (Joint Broker)                          +44 (0) 203 650 3650

 Patrick Claridge, John Howes, Bob Pountney

 SI Capital (Joint Broker)                                         +44 (0) 1483 413500

 Nick Emerson

 

Notes to Editors

 

About ImmuPharma PLC

ImmuPharma PLC (LSE AIM: IMM) is a specialty biopharmaceutical company that
discovers and develops peptide-based therapeutics. The Company's portfolio
includes novel peptide therapeutics for autoimmune diseases and
anti-infectives. The lead program, P140 (Lupuzor™), is a first-in class
autophagy immunomodulator for the treatment of Lupus and preclinical analysis
suggest therapeutic activity for many other autoimmune diseases that share the
same autophagy mechanism of action.

 

For additional information about ImmuPharma please visit www.immupharma
(http://www.immupharma) .co.uk

 

About Avion Pharmaceuticals LLC

Avion Pharmaceuticals, LLC, is a specialty pharmaceutical company formed to
develop, acquire and market a portfolio of innovative pharmaceutical products
in the Women's Health and other therapeutic categories aligned with its
mission to improve the quality of patient lives. Avion Pharmaceuticals focuses
on identifying opportunities to develop, acquire and enhance the market
potential of innovative, commercially available therapeutics and late-stage
development drugs to fulfil unmet medical needs.

For more information, visit www.avionrx.com (https://www.avionrx.com/) .

 

About Lupus (Systemic Lupus Erythematosus / SLE)

Lupus is a chronic inflammatory disease which is thought to affect some 5
million individuals worldwide. The current standard of care still consists of
drugs which have many side-effects and limited efficacy. Despite the need for
an effective treatment, only two therapies, namely GlaxoSmithKline's Benlysta
and more recently, Astra Zeneca's Saphnelo, have been approved to treat the
condition over the past 50 years. As such, there clearly exists an unmet
medical need for a drug that has a strong efficacy and safety profile.

 

 

 

ImmuPharma's LEI (Legal Entity Identifier) code : 213800VZKGHXC7VUS895.

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