REG - Immupharma PLC - Interim results
31/08/2023 07:00
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RNS Number : 8715K Immupharma PLC 31 August 2023
RNS: RELEASE | 31 August 2023
ImmuPharma PLC
("ImmuPharma" or the "Company")
INTERIM RESULTS
for the six months ended 30 June 2023
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug
discovery and development company, is pleased to announce its interim results
for the six months ended 30 June 2023 (the "Period").
Key Highlights (including post Period review)
Financials
· Loss for the Period of £0.8m (30 June 2022: £1.7m)
· Research and development expenses of £0.8m (30 June 2022: £1.0m)
· Administrative expenses of £0.4m (30 June 2022: £0.6m)
· Share based expense of £0.1m (30 June 2022: £0.1m)
· Cash balance of £0.2m as at 30 June 2023 (31 December 2022:
£0.2m)
· Derivative financial asset of £0.6m as at 30 June 2023 (31 December
2022: £0.6m)
· Basic and diluted loss per share of 0.25p (30 June 2022: 0.58p)
· Successful fundraising - see separate announcement today
Portfolio
· In February 2023 an adaptive Phase 2/3 study for Lupuzor™ in
SLE/Lupus patients was agreed with US partner, Avion Pharmaceuticals.
· In March 2023 a collaboration with Orano SA on ImmuPharma's peptide
technology was announced.
· In May 2023, ImmuPharma received positive guidance from the Food and
Drug Administration ("FDA") following the Pre-Investigational New Drug
("PIND") meeting supporting a Phase 2/3 adaptive clinical study of P140 in
CIDP.
· In June 2023, confirmation that following receipt of comprehensive
guidance from the FDA, a Phase 2/3 adaptive clinical trial of P140
(Lupuzor™) in patients with Lupus will commence in H2 2023.
· Established discussions with new potential corporate partners across
the P140 platform and anti-infective programmes.
Corporate
· In August 2023, the Board was strengthened with two NED appointments:
Dr Laurence Reilly & Dr Sébastien Goudreau.
Commenting on the statement and outlook Tim McCarthy, CEO and Chairman, said:
"We continue to make positive progressive steps for ImmuPharma. As a Board, we
remain focused on bringing our two key late stage P140 clinical assets in
Lupus and CIDP through their final clinical trials and to the market.
The drive to conclude further commercial and partnering deals will be
accelerated over this next period and which is now bolstered by the recently
announced new Board appointments.
The Board would like to take this opportunity to thank its shareholders for
their continued patience and support, as well as its staff, corporate and
scientific advisers and our partners including CNRS and Avion."
Market Abuse Regulation (MAR) Disclosure
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
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VIRTUE OF THE EUROPEAN UNION (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.
For further information please contact:
ImmuPharma PLC (www.immupharma.co.uk) + 44 (0) 2072 062650
Tim McCarthy, Chief Executive Officer and Chairman
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD) +44 (0) 203 368 8974 (tel:0113%20370%208974)
Neil Baldwin
Stanford Capital Partners (Joint Broker) +44 (0) 203 815 8880
Patrick Claridge, Bob Pountney
SI Capital (Joint Broker) +44 (0) 1483 413500
Nick Emerson
A copy of the interim report is available on the Company's website
www.immupharma.co.uk
ImmuPharma plc
INTERIM RESULTS
FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2023
ImmuPharma plc
Chairman's Statement
The first part of 2023 was a period of further progress for ImmuPharma, as we
continued to focus on progressing our late-stage pipeline assets specifically,
within our P140 autoimmune platform.
Most recently in June, the Company announced that, after receiving
comprehensive guidance from the Food and Drug Administration ("FDA") on the
new Phase 2/3 adaptive clinical trial protocol for the lead programme for the
treatment of patients with systemic lupus erythematosus ("SLE/Lupus"), it is
moving forward with the study, together with its US partner Avion
Pharmaceuticals ("Avion").
Positive progress was also announced in May for a second high medical need
disease, chronic idiopathic demyelinating polyneuropathy ("CIDP"). The Company
received positive feedback from the FDA at a pre-IND meeting for a late-stage
Phase 2/3 adaptive clinical program in patients, which is a further
debilitating auto-immune condition within the Company's P140 platform.
In parallel with advancements in the late-stage clinical developments, the
Company is also actively in discussions with a number of potential commercial
partners for programmes across the Company's development portfolio.
Lupuzor™/P140 - opportunity and next steps
There are an estimated five million people suffering from Lupus, with
approximately 5 million patients in the US, Europe and Japan (Source: Lupus
Foundation of America). The prevalence in China may be 2-3 times that seen in
the US. Current 'standard of care' treatments, including steroids and
immunosuppressants, can potentially have either serious side effects for
patients or limited efficacy, with over 60 per cent of patients not adequately
treated.
ImmuPharma believes Lupuzor™/P140 has the potential to be a novel specific
drug therapy for the treatment of Lupus by specifically modulating the immune
system and halting disease progression in most Lupus patients. It has a unique
mechanism of action and is not an immunosuppressant like other drugs.
Lupuzor™/P140 normalises the over-activity of T-cells which are involved in
the immune response leading to Lupus disease. Lupuzor™ taken over the long
term may have the potential to prevent the progression of Lupus rather than
just treating its symptoms, with the rest of the immune system retaining the
ability to work normally.
A new major opportunity for P140 is CIDP, a rare acquired autoimmune disorder
of peripheral nerves. It is a neurological disorder characterized by
progressive weakness and impaired sensory function in the legs and arms. CIDP
is a potential orphan drug indication which would provide patent life
extension of 7 years post-approval.
The Board is confident that there is a route to market for P140 in Lupus and
CIDP including further corporate collaborations.
Lupuzor™ Phase 2/3 Adaptive Study
As announced in June 2023, following the receipt of comprehensive guidance
from the FDA, in conjunction with our US partner Avion, a Phase 2/3 adaptive
clinical trial of P140 (Lupuzor™) in patients with Lupus will commence in H2
2023.
The trial design and protocol is substantially different from previous
clinical trials that ImmuPharma has completed and includes maintaining
subcutaneous dosing but at much higher concentrations and significant changes
to patient inclusion criteria and primary and secondary clinical endpoints.
The detailed protocol and key elements of the clinical trial design will be
communicated at a later stage once the details of the trial are available on
clinicaltrials.gov (a comprehensive database of privately and publicly funded
clinical studies conducted around the world).
Lupus ABC Consortium
The FDA's Center for Drug Evaluation and Research ("CDER") has partnered with
the Lupus Research Alliance ("LRA") to launch the Lupus Accelerating
Breakthroughs Consortium ("Lupus ABC"), a first-of-its-kind public-private
partnership focused on addressing challenges impacting Lupus clinical trial
success.
Lupus ABC will convene people living with Lupus, medical societies, industry,
academic clinical researchers and scientists, FDA, and other federal agencies
to address scientific hurdles that are beyond the capacity of any single
entity. By connecting those with lived experience with all parties involved in
Lupus treatment research, CDER hopes to advance the development of urgently
needed treatments for Lupus.
This can only be extremely good news for Lupus patients worldwide, including
ImmuPharma, our partners and our peers, in bringing new safe Lupus drugs to
the market, sooner rather than later.
CIDP / P140
For P140 in CIDP we announced in April 2023 that we had received confirmation
from the FDA for a pre- Investigational New Drug ("PIND") meeting date of 16
May 2023, to consider a Phase 2/3 adaptive trial study protocol.
In May 2023, ImmuPharma received positive guidance from FDA following the PIND
meeting that confirms the route for a Phase 2/3 adaptive clinical study of
P140 in CIDP.
The FDA feedback recognises that P140 is suitable to be studied in another
disease indication in addition to SLE and this strongly supports the
underlying science and mechanism of action of P140 across several
auto-immune/inflammatory diseases and is a significant breakthrough for the
P140 platform.
The Phase 2/3 adaptive clinical trial will be the first pivotal stage study of
P140 in patients with CIDP: a rare neurological disease with high medical
need.
An IND application is now being prepared for submission to the FDA,
incorporating all guidance points. An application for Orphan Drug status for
CIDP will be also submitted in parallel to the full IND application.
The CIDP market is expected to reach global sales of US$2.7bn by 2029.
Anti-Infection
The innovative peptide technology at ImmuPharma Biotech has been a huge
success and very recently has given rise to a number of novel development
programs, out of which we have identified two core programs: BioAMB and
BioCin, which we believe have the best commercial opportunity and speed to
market. These programs are based on existing drugs that have been used for
decades so the PK, efficacy and safety of those drugs is well understood. They
will also be patent protected.
o BioAMB, a novel peptide-based drug that offers a potential improvement on
the limiting side effects and poor administration regime of current
Amphotericin-B ("AMB") formulations. AMB is one of a last line of agents
against serious and life-threatening fungal infections caused by the
aspergillus family of fungi.
o BioCin, a novel peptide-based drug based on an existing potent
antibacterial, vancomycin, used in high medical need cases and in many cases
the last line of defense. BioCin has the potential to offer improved safety
and administration benefits.
Pipeline Overview
Our therapeutic focus is on two core areas; Autoimmunity/Inflammation and
Anti-infection. We also look for valuable deals for non-core assets as
evidenced by a collaborative deal, signed in March 2023, with Orano SA on
ImmuPharma's peptide technology as a vector for cancer radiotherapy. The
initial collaboration is for 12 months, and a small undisclosed upfront
payment was paid to ImmuPharma.
Commercial Activities
Management has established discussions with new potential corporate partners
across the P140 platform and anti-infective programmes. The drive to conclude
further commercial and partnering deals will be accelerated over this next
period and which is now bolstered by the recently announced new Board
appointments.
Centre National de la Recherche Scientifique (CNRS)
ImmuPharma continues to have important collaboration arrangements with the
Centre National de la Recherche Scientifique ("CNRS"), the French National
Council for Scientific Research and the largest basic research organisation in
Europe. This is where Lupuzor™ /P140 platform was invented by Prof. Sylviane
Muller, Emeritus Research Director at the CNRS.
Interest in Incanthera Plc
As at 30 June 2023, ImmuPharma had a 12.7% interest in oncology specialist,
Incanthera plc, which trades on Aquis Stock Exchange ("AQSE") under the ticker
(TIDM:INC).
ImmuPharma also has 7,272,740 warrants in Incanthera at an exercise price of
9.5p. As most recently announced in August 2023, the term of these Warrants
has been extended by 12 months to 6 September 2024.
As announced in Incanthera's interim report in December 2022, the Company
continues to concentrate upon furthering discussions to capitalise on the
potential for various applications of its skincare portfolio for commercial
success.
As a major shareholder, ImmuPharma remains supportive of Incanthera.
Capital subscription post period end
The Company has undertaken a successful fundraising post period ended; see the
separate announcement issued today.
Current Activities and Outlook
"We continue to make positive progressive steps for ImmuPharma. As a Board, we
remain focused on bringing our two key late stage P140 clinical assets in
Lupus and CIDP through their final clinical trials and to the market.
The drive to conclude further commercial and partnering deals will be
accelerated over this next period and which is now bolstered by the recently
announced new Board appointments.
The Board would like to take this opportunity to thank its shareholders for
their continued patience and support, as well as its staff, corporate and
scientific advisers and our partners including CNRS and Avion."
Tim
McCarthy
Chairman & Chief Executive Officer
31 August 2023
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2023
Unaudited Audited Year ended 31 December 2022 Unaudited 6 months ended
6 months ended 30 June 2022
30 June 2023
Note
£ £ £
Continuing operations
Revenue 69,959 - -
Research and development expenses (828,767) (2,022,507) (1,042,917)
Administrative expenses (412,277) (846,571) (555,600)
Share based expense (127,327) (159,874) (70,994)
(1,298,412) (3,028,952) (1,669,511)
Operating loss
Finance costs 6 (931) (1,455,966) (176,665)
Finance income 162,286 (28,585) 16,364
Loss before taxation (1,137,057) (4,456,333) (1,829,812)
Tax 289,691 648,902 166,024
Loss for the period (847,366) (3,807,431) (1,663,788)
Attributable to:
Equity holders of the parent company (847,366) (3,807,431) (1,663,788)
Loss per ordinary share
Basic and diluted 2 (0.25)p (1.26)p (0.58)p
ImmuPharma plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2023
Unaudited Audited Year Unaudited 6 months ended
6 months ended ended 31 December 2022 30 June
30 June 2022
2023
£ £ £
Loss for the financial period (847,366) (3,807,431) (1,663,788)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value loss on investment (54,474) (519,977) (614,068)
Fair value loss on warrants 7,421 (206,279) (206,411)
Total items that will not be reclassified subsequently to profit or loss (47,053) (726,256) (820,479)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (18,897) 79,104 16,350
Total items that may be reclassified subsequently to profit or loss (18,897) 79,104 16,350
Other comprehensive loss for the period
(65,950) (647,152) (804,129)
Total comprehensive loss for the period (913,316) (4,454,583) (2,467,917)
ImmuPharma plc
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
Note Unaudited Audited Year Unaudited 6 months ended
6 months ended ended 31 December 2022 30 June
30 June 2022
2023
£ £ £
Non-current assets
Intangible assets 463,207 473,892 471,534
Property, plant and equipment 332,992 389,716 330,835
Financial 642,526 689,579 595,355
asset
Derivative financial asset 4 36,466 82,563 196,488
Total non-current assets 1,475,191 1,635,750 1,594,212
Current assets
Trade and other receivables 705,867 723,583 114,450
Cash and cash equivalents 210,584 667,813 170,922
Current tax asset 624,429 695,297 595,205
Derivative financial asset 4 272,388 252,258 400,306
Total current assets 1,813,268 2,338,951 1,280,883
Current liabilities
Financial liabilities - borrowings - (111) (230)
Trade and other payables (1,551,071) (1,451,213) (858,291)
Total current liabilities (1,551,071) 1,451,324) (858,521)
Net current assets 262,197 887,627 422,362
Net assets 1,737,388 2,523,377 2,016,574
EQUITY
Ordinary shares 5 28,982,676 28,982,676 28,498,94
Share premium 28,788,377 28,788,377 27,237,329
Merger reserve 106,148 106,148 106,148
Other reserves 5,869,926 5,761,496 5,240,503
Retained earnings (62,009,739) (61,115,320) (59,065,900)
Total equity 1,737,388 2,523,377 2,016,574
ImmuPharma plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2023
Ordinary shares Other reserves -Share based payment reserve Total
£ £ Equity
£
Other Other Other reserves - Warrant reserve
reserves - reserves - £
Share premium Merger Acquisition Translation Retained
£ Reserve Reserve Reserve Earning
£ £ £ £s
At 1 January 2022 28,498,494 27,237,329 106,148 (3,541,203) (1,344,657) 8,690,019 1,349,000 (56,581,633) 4,413,497
Loss for the financial period - - - - - - - (1,663,788) (1,663,788)
Exchange differences 16,350 - 16,350
- - - - - - -
Share based payments - - - - - 70,994 - - 70,994
Fair value loss on investments - - - - - - - (614,068) (614,068)
Fair value loss on warrants - - - - - - - (206,411) (206,411)
At 30 June 2022 unaudited 28,498,494 27,237,329 106,148 (3,541,203) (1,328,307) 8,761,013 1,349,000 (59,065,900) 2,016,574
At 1 January 2022 28,498,494 27,237,329 106,148 (3,541,203) (1,344,657) 8,690,019 1,349,000 (56,581,633) 4,413,497
Loss for the financial year - - - - - - (3,807,431) (3,807,431)
Exchange differences - - - 79,104 - - - (79,104)
Share based payments - - - - - 159,874 - - 159,874
New issue of equity capital 484,182 1,866,727 - - - - - - 2,350,909
Cost of new issue of equity capital - (165,679) - - - - - - (165,679)
Fair value loss on investments - - - - - - - (519,977) (519,977)
Fair value loss on warrants - - - - - - - (206,279) (206,279)
Issue of warrants (150,000) 369,359 - 219,359
At 31 December 2022 & 1 January 2023 audited 28,982,676 28,788,377 106,148 (3,541,203) (1,265,553) 8,849,893 1,718,359 (61,115,320) 2,523,377
Loss for the financial period - - - - - - - (847,366) (1,663,788)
Exchange differences 16,350
- - - - (18,897) - -
Share split - -
Share based payments - - - - - 127,327 - - 70,994
Fair value loss on investments - - - - - - - (54,475) (614,068)
Fair value gain on warrants - - - - - - - 7,421 (206,411)
At 30 June 2023 unaudited 28,982,676 28,788,377 106,148 (3,541,203) (1,284,450) 8,977,220 1,718,359 (62,009,739) 1,737,388
ImmuPharma plc
CONSOLIDATED STATEMENT OF CASHFLOWS
FOR THE PERIOD ENDED 30 JUNE 2023
Note Unaudited Audited Year Unaudited 6 months ended
6 months ended ended 31 December 2022 30 June
30 June 2022
2023
£ £ £
Cash flows from operating activities
Cash used in operations 3 (990,977) (3,224,906) (1,966,598)
338,992 879,877 343,246
Tax received
Interest paid (932) (2,036) (922)
(652,917) (2,347,065) (1,624,274)
Net cash used in operating activities
Investing activities
Purchase of property, plant and equipment - (106,009) -
Interest received 1,464 28,585 63
Net cash (used in)/generated from investing activities 1,464 (77,424) 63
Financing activities
Decrease in bank overdraft (109) - -
New loans/(loan repayments) - - (470)
Settlements from Sharing Agreement 184,951 362,500 143,273
Gross proceeds from issue of new share capital - 2,350,909 -
Share capital issue costs - (165,679) -
Funds deferred per Sharing Agreement - (1,000,000) -
Net cash generated from financing activities 184,842 1,547,730 142,803
Net (decrease) in cash and cash equivalents (466,612) (876,759) (1,481,408)
Cash and cash equivalents at start of period 667,813 1,649,374 1,649,374
Effects of exchange rates on cash and 9,382 (104,802) 2,956
cash equivalents
667,813
Cash and cash equivalents at end of period 210,583 170,922
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2023
1 ACCOUNTING POLICIES
Basis of preparation
The interim financial information in this report has been prepared using
accounting policies consistent with IFRS as adopted by the United Kingdom.
IFRS is subject to amendment and interpretation by the International
Accounting Standards Board (IASB) and the IFRS Interpretations Committee and
there is an ongoing process of review and endorsement by the UK Endorsement
Board. The financial information has been prepared on the basis of IFRS
expected to be adopted by the United Kingdom and applicable as at 31 December
2022. The Group has chosen not to adopt IAS 34 "Interim Financial Statements"
in preparing the interim financial information.
The accounting policies applied are consistent with those that were applied to
the financial statements for the year ended 31 December 2022.
Non-Statutory accounts
The financial information set out in this interim report does not constitute
the Group's statutory accounts, within the meaning of Section 434 of the
Companies Act 2006. The statutory accounts for the year ended 31 December 2022
have been filed with Registrar of Companies. The auditors reported on those
accounts; their report was unqualified, did not contain a statement under
either Section 498 (2) or Section 498 (3) of the Companies Act 2006 but did
include emphasis of matter paragraph relating to the carrying value of Parent
Company's investment in subsidiaries and receivables due from group
undertakings, and a reference to which the auditor drew attention by way of
emphasis without qualifying their report in respect of going concern.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2023
(Continued)
2 LOSS PER SHARE
Unaudited Audited Year Unaudited 6 months ended
6 months ended ended 31 December 2022 30 June
30 June 2022
2023
£ £ £
Loss
Loss for the purposes of basic and diluted loss per share being net loss (847,366) (3,807,431) (1,663,788)
attributable to equity shareholders
Number of shares
Weighted average number of ordinary shares for the purposes of basic loss per 333,403,115 302,912,903 284,984,933
share
(0.25)p (1.26)p (0.58)p
Basic loss per share
Diluted loss per share (0.25)p (1.26)p (0.58)p
There is no difference between basic loss per share and diluted loss per share
as the share options and warrants are anti-dilutive. Deferred shares are
excluded from the loss per share calculation as they have no attributable
earnings.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2023
(Continued)
3 CASH USED IN OPERATIONS
Unaudited Audited Year Unaudited 6 months ended
6 months ended ended 31 December 2022 30 June
30 June 2022
2023
£ £ £
Operating loss (1,298,417) (3,028,952) (1,669,511)
Depreciation & amortisation 58,787 117,563 86,639
Share based payments 127,327 159,874 288,826
Decrease/(increase) in trade & other receivables 17,716 (132,392) 312,749
Increase/(decrease) in trade & other payables 99,858 (296,384) (725,313)
Gain / (loss) on foreign exchange 3,752 (45,554) 7,271
Cash used in operations (990,977) (3,224,906) (1,966,598)
4 Derivative Financial Asset
As part of the placement completed in March 2020, the Company issued
13,000,000 new ordinary shares to Lanstead Capital Investors L.P. ("Lanstead")
at a price of 10p per share for an aggregate subscription price of £1.3m
before expenses. In December 2021, the Company issued 20,000,000 new ordinary
shares to Lanstead at a price of 11p per share to raise £2.2m before
expenses. In the placement completed in August 2022, the Company issued
20,000,000 new ordinary shares to Lanstead at a price of 5p per share to raise
£1m gross. All Subscriptions proceeds were pledged under Sharing Agreements,
under which Lanstead made and will continue to make, subject to the terms and
conditions of the respective Sharing Agreement, monthly settlements to the
Company that are subject to adjustment upwards or downwards depending on the
Company's share price performance.
In December 2021 and August 2022 the Company also issued 1,400,000 new
ordinary shares consecutively to Lanstead as value payments in connection with
the Share Subscriptions and the Sharing Agreements. Monthly settlements under
the Sharing Agreement from March 2020 completed in June 2022. The settlements
from remaining Sharing Agreements (December 2021 and August 2022) will
continue until 2024, completing in March 2024 and August 2024 respectively.
At the end of the accounting period the amount receivable has been adjusted to
fair value based upon the share price of the Company at that date. Any change
in the fair value of the derivative financial asset is reflected in the income
statement. As at 30 June 2023, the Company completed a calculation of fair
value of the derivative financial asset that resulted in a finance gain of
£142,439 (£174,742 loss at 30 June 2022), which was recorded in the income
statement. The restatement to fair value will be calculated at the end of each
accounting period during the course of each Sharing Agreement and will vary
according to the Company's share price performance.
ImmuPharma plc
NOTES TO THE CONSOLIDATED INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2023
(Continued)
5 Issued share capital
At 30 June 2023, the Company had no limit on its authorised share capital.
Allotted, called up and fully paid 30 June 2023 No. 31 December 2022 No. 30 June 2023 £ 31 December
2022 £
At start of year:
Ordinary shares of £0.10 each
Ordinary shares of £0.01 each 333,403,115 284,984,933 3,334,032 2,849,849
Deferred shares of £0.09 each 284,984,933 284,984,933 25,648,644 25,648,644
Movements during period:
Shares issued on 23 December 2021
Shares issued on 16 August 2022 - 42,418,182 - 424,183
Shares issued on 30 August 2022 - 1,000,000 - 10,000
Shares issued on 5 September 2022 - 2,000,000 - 20,000
Shares issued on 13 September 2022 - 3,000,000 - 30,000
At end of the period 618,388,048 618,388,048 28,982,676 28,982,676
6. Subsequent events
Successful fundraising, see separate announcement issued today
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