REG - Immupharma PLC - Subscription to raise £1.35m; Sharing Agr, RPT

ImmuPharmaAnnouncement

31/08/2023 07:15

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RNS Number : 8695K  Immupharma PLC  31 August 2023

31 August 2023

 

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ImmuPharma PLC

("ImmuPharma" or the "Company")

 

Subscriptions to raise £1.35 million; Sharing
Agreement;

 

WRAP Retail Offer to raise up to £0.5 million

 

Related Party Transactions

 

 

 

ImmuPharma PLC (LSE AIM: IMM), the specialist drug discovery and development
company, is pleased to announce  subscriptions  to raise £1.35 million
through the issue of 67,500,000 new ordinary shares of 1 pence each in the
Company ("Ordinary Shares") at a price of 2 pence per Ordinary Share ("Issue
Price") utilising existing authorities to allot shares. This comprises a
subscription subject to a Sharing Agreement of £1.0 million ("Subscription")
and Direct Subscriptions of £0.35 million. The Company has also entered into
a sharing agreement ("Sharing Agreement") with finance provider and current
7.97 per cent shareholder, Lanstead Capital Investors L.P. ("Lanstead") in
relation to £1.0 million of the amount subscribed by them under the
Subscription.

 

Highlights

 

·    Subscription for 50,000,000 new Ordinary Shares (the "Subscription
Shares") by Lanstead at an issue price of 2 pence per share to raise £1.0
million (the "Lanstead Subscription"), with associated Sharing Agreement
("Sharing Agreement")(together the "2023 Lanstead Agreements").

 

·    Subscriptions  of 17,500,000 new Ordinary Shares ("Direct
Subscription Shares") by Lanstead (£0.2 million) and an Institutional
investor (£0.15 million) to raise in total £0.35 million (the "Direct
Subscriptions").

 

·    A retail offer ("Retail Offer") to raise up to a maximum additional
£0.5 million via the Winterflood Retail Access Platform ("WRAP").  The
Retail Offer will allow qualifying investors to invest in Ordinary Shares
("Retail Offer Shares") on the same terms as the Direct Subscription Shares.
Further details of the Retail Offer are set out below.

 

·    The Issue Price of 2 pence represents a 16.7 per cent. discount to
the closing mid-market price (of 2.4 pence) of the Ordinary Shares on 30
August 2023, the latest business date prior to the announcement of the
Subscription and Direct Subscription.

 

·    The £1 million gross proceeds of the Lanstead Subscription will be
pledged by the Company pursuant to a Sharing Agreement with Lanstead. The
Sharing Agreement, details of which are set out below, entitles the Company to
receive back those proceeds on a pro rata monthly basis over a period of 24
months, subject to adjustment upwards or downwards each month depending on the
Company's share price at the time. The monthly settlement amounts for the
Sharing Agreement are structured to commence around one month following First
Admission. The Sharing Agreement provides the opportunity for the Company to
benefit from positive future share price performance.

 

·    The proceeds of the Subscription and Sharing Agreement, the Direct
Subscription and the Retail Offer  will be used primarily to fund:

 

·     Investment into the Company's R&D pipeline;

·     General working capital; and

·     Cash expenses associated with the Subscription and Sharing
Agreement, the Direct Subscription and the Retail Offer of c. £0.1 million

 

The Subscription and Direct Subscription have been arranged by Stanford
Capital Partners Limited ("SCP").

 

Commenting on the fundraising, Tim McCarthy, Chairman and CEO of ImmuPharma,
said:

 

"We are delighted to have reached agreement with Lanstead, our largest and
long standing shareholder, to provide additional funding for the Company,
which provides us with a clear cash runway to at least the end of 2024.

 

 After a period of significant reorganisation of the Company, both in
corporate structure and our development portfolio, we are now entering a very
important period  and we are poised to see a sustained positive news flow
programme going forward.

There is the expectation of  achieving  key milestones over the next period,
including moving forward with the Phase 2/3 adaptive clinical trial in lupus;
concluding the licensing of Lupuzor™ for the ex-US rights; progressing our
further late-stage asset, CIDP, where we are now gaining interest from
potential partners to expedite this program and also to progress our earlier
stage assets including BioAMB and BioCin within our anti-infective portfolio.

Our expectation and belief is that this progressive news flow should reflect
positively in the Company's share price, thereby having a beneficial impact on
the Lanstead funding arrangement and is therefore the optimum funding solution
for the Company and its wider shareholder base at this time."

 

 

.

 

Rationale for the fundraising

 

Following the major change in the composition of the Board of Directors and
the management, in mid-2021, the Company has undergone a significant corporate
reorganisation, leading to a much more streamlined (and effective) corporate
structure, which in turn has also resulted in a much lower level of fixed
overheads. In addition, the Company's product development portfolio has been
refocused into Auto-immunity and Anti-Infectives, with positive developments
across all the portfolio, including the Company's P140 platform with the
imminent start of a new Phase 2/3 adaptive clinical trial for lupus and an
additional indication of CIDP receiving positive feedback from a pre-IND
meeting with FDA for a similar Phase 2/3 adaptive clinical trial.

Whilst funding for both the lupus and CIDP programmes will be met from either
existing or anticipated future external commercial deal(s), additional funding
at this pivotal time would allow management to move forward with the
development of the 'non-P140' products i.e. BioAMB and BioCin, as well as to
fund overheads and working capital requirements.

The Company's current funding is primarily through 2 existing Lanstead Sharing
Agreements entered into in December 2021 and August 2022 which complete in
March 2024 and August 2024 respectively. In addition, the Company receives
R&D tax credits from both the UK and French tax authorities. Due to the
Company's share price not meeting the relevant benchmark prices under each of
these Agreements, the Company has to date not received as much proceeds from
the Sharing Agreements as it anticipated when entering into these agreements.

Additionally, certain warrants issued in 2021 ("2021 Warrants") and 2022
("2022 Warrants") are significantly "out of the money", and as such it is
unlikely, with the current exercise prices being 11p and 5.5p respectively,
that holders will exercise such warrants and thereby provide additional
funding for the Company.

 

Therefore, the Company has considered the optimum way to fund our ongoing cash
requirements at the current time. The Board consulted with the Company's
brokers, Stanford Capital Partners, regarding the current market sentiment
towards fundraisings for AIM quoted companies and in particular our industry
sector and the advice received was that it would be extremely difficult to
complete a successful equity fundraise and the Company would, in all
likelihood, need to offer a very high discount to the current share price.
Assuming such a fundraising was carried out, it would most likely not raise
sufficient funds for the Company's requirements whilst also being highly
dilutive for current shareholders.

 

Discussions with Lanstead resulted in the Board (in consultation with its
advisors) agreeing to enter into a new Lanstead  Subscription (with
associated Sharing Agreement) for £1 million and a separate subscription by
Lanstead in a Direct Subscription for £0.2 million, in each case at an Issue
Price of 2p, which represents a relatively small discount (16.7%) to the
prevailing share price.

 

The Board believes that being able to apply this new funding to focused
R&D programmes will deliver quicker results and be an additional
contributor to already anticipated regular positive newsflow and programme
updates which will have a major impact to drive a positive upward movement in
the share price, thereby increasing value for all shareholders.

It is with our expectation of an upward movement in share price that the Board
decided that new Lanstead Subscription and Sharing Agreements (especially at
an Issue Price which is near the all time low share price) would represent, in
the circumstances, the most optimum solution to meet our current funding
requirements. As the Company experienced in our very first Sharing Agreement
with Lanstead in February 2016, with an appreciating share price, the Company
receives substantial more funding, without any further dilution for
shareholders. In addition, the existing two Sharing Agreements from 2021 and
2022 will return more funds than they have to date in circumstances where the
share price is appreciating (notwithstanding the opposite occurs where the
share price declines).

To illustrate the potential for positive newsflow, we are entering a very
important period for ImmuPharma as we  move forward with  the Phase 2/3
adaptive clinical trial in lupus. In addition, there is the prospect of
reaching other key milestones over the next period. This includes concluding
the licensing of Lupuzor™ for the ex-US rights; progressing our further
late-stage asset, CIDP, where we are now gaining interest from potential
partners to expedite this program and also to progress our earlier stage
assets including BioAMB and BioCin within our anti-infective portfolio.

 

As disclosed in our Interim Results announcement today, the Company had cash
balances of approximately £0.2 million at 30 June 2023.  These cash balances
did not reflect the subsequent receipt of R&D tax credits, nor the
subsequent ongoing monthly receipts from the existing two Lanstead Sharing
Agreements from 2021 and 2022.

 

The current proposals seek to raise further funding by a Subscription and
associated Sharing Agreement for £1.0 million, Direct Subscriptions of £0.35
million, a Retail Offer of up to £0.5 million and a reduction in the exercise
price of the 2021 Warrants and 2022 Warrants.

 

Further information on the Lanstead Subscription

 

Pursuant to the subscription agreement between the Company and Lanstead (the
"Subscription Agreement"), 50,000,000 new Ordinary Shares have today been
allotted and will be issued, conditional upon First Admission, to Lanstead at
2 pence per Subscription Share for an aggregate subscription value of £1.0
million.

 

The Lanstead Subscription proceeds of £1.0 million will immediately following
First Admission be pledged to Lanstead under the Sharing Agreement under which
Lanstead will then make, subject to the terms and conditions of that Sharing
Agreement, monthly settlements (subject to adjustment upwards or downwards) to
the Company over 24 months, as detailed below.  As a result of entering into
the Sharing Agreement, the aggregate amount received by the Company under the
Lanstead Subscription and the Sharing Agreement may be more or less than £1.0
million, as further explained below. Notwithstanding the Subscription Price of
2 pence, shareholders should note that the share price of the Company needs to
be on average over the 24 months of the Sharing Agreement at or above the
Benchmark Price of 2.6667 pence per share for the Company to receive at least,
or more than, the gross Subscription of £1.0 million.

 

The Subscription Shares will be issued credited as fully paid and will
rank pari passu in all respects with the Company's existing issued Ordinary
Shares.

The Lanstead Subscription is conditional, inter alia, on admission of the
Subscription Shares to trading on AIM, and there being: (i) no breach of
certain customary warranties given by the Company to Lanstead at any time
prior to First Admission (which is expected on or around Tuesday 5 September
2023); and (ii) no force majeure event occurring prior to First Admission.

 

The Sharing Agreement

 

In addition to the Lanstead Subscription, the Company has entered into the
Sharing Agreement, pursuant to which ImmuPharma will pledge the £1.0 million
gross proceeds of the Lanstead Subscription to Lanstead.  The Sharing
Agreement will enable the Company to share in any share price appreciation
over the Benchmark Price (as defined below).  However, if the Company's share
price is less than the Benchmark Price then the amount received by the Company
under the Sharing Agreement will be less than the gross proceeds of the
Lanstead Subscription which were pledged by the Company to Lanstead at the
outset.

 

The Sharing Agreement provides that the Company will receive 24 monthly
settlement amounts (23 months of £41,666.67 and the final month of
£41,666.59) as measured against a benchmark share price of 2.6667 pence per
Ordinary Share (the "Benchmark Price"). The monthly settlement amounts for the
Sharing Agreement are structured to commence approximately one month following
First Admission.

 

If the measured share price (the "Measured Price"), calculated as the average
of each day's volume weighted share price ("VWAP") of the Company's Ordinary
Shares over a 20 day period prior to the monthly settlement date, exceeds the
Benchmark Price, the Company will receive more than 100 per cent. of that
monthly settlement due on a pro rata basis according to the excess of the
Measured Price over the Benchmark Price.  There is no upper limit placed on
the additional proceeds receivable by the Company as part of the monthly
settlements and the amount available in subsequent months is not affected.
 Should the Measured Price be below the Benchmark Price, the Company will
receive less than 100 per cent. of the monthly settlement calculated on a pro
rata basis and the Company will not be entitled to receive the shortfall at
any later date. As such, the final determination of the total amounts to be
received under the Sharing Agreement will only be known after the 24 months
have elapsed.

 

For example, if on a monthly settlement date the calculated Measured Price
exceeds the Benchmark Price by 10 per cent., the settlement on that monthly
settlement date will be 110 per cent. of the amount due from Lanstead on that
date.  If on the monthly settlement date the calculated Measured Price is
below the Benchmark Price by 10 per cent., the settlement on the monthly
settlement date will be 90 per cent. of the amount due on that date. Each
settlement as so calculated will be in final settlement of Lanstead's
obligation on that settlement date.

 

Assuming the Measured Price equals the Benchmark Price on the date of each and
every monthly settlement, ImmuPharma would receive aggregate proceeds of £1.0
million (before expenses) from the Lanstead Subscription and Sharing
Agreements. Examples of the proceeds from the Sharing Agreement to be received
each month, based upon varying levels of average share price in the month, are
shown in the Appendix to this announcement.

The Company will pay Lanstead's legal costs of c£15,000 incurred in
connection with the Lanstead Subscription and in entering into the Sharing
Agreement and, in addition, has agreed to issue to Lanstead 4,750,000 new
Ordinary Shares ("Value Payment Shares") in connection with entering into the
Sharing Agreement.

In no event will fluctuations in the Company's share price result in any
increase in the number of Subscription Shares issued by the Company or
received by Lanstead. The Sharing Agreement allows both Lanstead and the
Company to benefit from future share price appreciation.

 

In total, Lanstead will be issued with 50,000,000 new Ordinary Shares pursuant
to the Lanstead Subscription which, when issued, will equate (together with
the 4,750,000 Value Payment Shares and the 10,000,000 new Ordinary Shares
issued in the Direct Subscription) to approximately 15.80 per cent. of the
Company's enlarged issued share capital following the Subscription and the
Direct Subscription (and 14.89 per cent. if the Retail Offer is fully
subscribed).

 

No shares, warrants or additional fees are owed to Lanstead at any point
during this agreement other than those disclosed above.

 

Following Second Admission Lanstead will have a holding of 91,322,252 Ordinary
Shares which will represent between 21.00 per cent. and 22.28 per cent. of the
Company's enlarged share capital (dependent on the take up of shares in the
Retail Offer).

 

The Sharing Agreement is similar in structure to those undertaken by the
Company with Lanstead in February 2016, June 2019, March 2020, December 2021
and August 2022 respectively. The first three of these arrangements have
completed their settlement periods. The February 2016 agreement yielded a net
gain to ImmuPharma of approximately £0.6 million more than originally
subscribed by Lanstead. The June 2019 and March 2020 agreements yielded
approximately £0.9 million and £1.0 million less than originally subscribed
by Lanstead respectively. The fourth arrangement runs to March 2024 and is
currently yielding approximately £1.1 million less than the pro rata amount
originally subscribed by Lanstead on cumulative settlements to date. The fifth
arrangement runs to August 2024 and is currently yielding approximately £0.3
million less than the pro rata amount originally subscribed by Lanstead on
cumulative settlements to date.

 

The February 2016 agreement yielded a net gain due to the share price
appreciation during its duration, which coincided with the progression of
Lupuzor™ through its first Phase 3 clinical trial. The subsequent agreements
have all coincided with a prolonged period of share price underperformance due
to multiple factors including the negative macro-economic environment and
prolonged discussions with the Food and Drug Administration on progressing
forward with the next clinical trial for lupus (which has now been
successfully resolved).

 

With the anticipation of regular positive newsflow as the Company moves
forward on the Phase 2/3 adaptive clinical trials of both lupus and CIDP; the
expectation of entering into additional commercial deals on both indications
and other positive newsflow from the product portfolio, the Directors have an
expectation that this new Lanstead agreement will yield a net gain.

 

The Directors believe that the Sharing Agreement potentially provides a number
of benefits to the Company and its shareholders including: the certainty of
additional investment, albeit the quantum of returns under the agreement is
dependent on the Company's share price; the opportunity to benefit from
positive future share price performance; and that the amount of shares issued
is fixed, together with the cost of their issue.

 

Retail Offer

 

The Company intends to offer up to 25,000,000 new Ordinary Shares at the Issue
Price (the "Retail Shares") via the Winterflood Retail Access platform
("WRAP") to raise up to £0.5 million gross proceeds (the "Retail Offer"),
to provide qualifying retail investors in the United Kingdom with an
opportunity to participate alongside the Subscription and Direct
Subscriptions.  It is expected that the Retail Offer will launch at 8.00 a.m.
on Thursday 31 August 2023 and will be open for applications up to 5.00 p.m.
on Wednesday 6 September 2023. The result of the Retail Offer is expected to
be announced by the Company on or around Thursday 7 September 2023, with
Second Admission expected on or around 12 September. For the avoidance of
doubt, the Retail Offer is in addition to the Subscription and Direct
Subscriptions and will be conditional upon Second Admission becoming
effective. The Retail Offer is not underwritten and may not be fully
subscribed.

A further announcement giving details of the Retail Offer and its terms will
be made shortly.

Direct Subscription

 

The subscribers under the Direct Subscriptions are Lanstead (£200,000) and an
Institutional shareholder (£150,000). These parties have each agreed to
subscribe directly with the Company. 17,500,000 Direct Subscription Shares
will be issued to raise £0.35 million.

 

The Direct Subscription Shares will be issued credited as fully paid and will
rank pari passu in all respects with the Company's existing issued Ordinary
Shares.

The Direct Subscription is conditional, among other things, upon First
Admission (which is expected to occur on or around Tuesday 5 September 2023)
becoming effective.

Variation of terms of the 2021 Warrants and the 2022 Warrants

At present there are a total of 101,042,350 warrants in issue.

Of these, 64,545,455 warrants, with an exercise price of 11p and an exercise
period ending 23 December 2031 ("2021 Warrants"), were issued under a warrant
deed in December 2021 (see RNS notification headed "Subscription and Placing
to raise £3.55million" dated 20 December 2021). The holders of these 2021
Warrants are Lanstead (40,000,000), Alora Pharmaceuticals, LLC (21,818,182)
and an Institutional shareholder (2,727,273).

A further 30,000,000 warrants, with an exercise price of 5.5p and an exercise
period ending 15 August 2032 ("2022 Warrants") were issued under a warrant
deed in August 2022 (see RNS notification headed "Subscription/Placing to
raise £1.1m; Broker Option" dated 3 August 2022). The holder of these 2022
Warrants is Lanstead (30,000,000).

These warrants are currently significantly "out of the money".

It is proposed that the warrant deeds (between the Company and the respective
counter-parties - the holders of warrants) will be varied, subject to First
Admission, such that the exercise price of the 2021 Warrants and 2022 Warrants
is reduced from 11 pence and 5.5 pence respectively to 2 pence.

The 2021 Warrants and 2022 Warrants will then be exercisable at the earlier of
(i) the five day volume weighted average price of Ordinary Shares attaining 4
pence or (ii) 12 months following First Admission or (iii) a takeover offer is
announced for the Company. The reduction in the warrant exercise prices has
been agreed with all the warrant holders and from the Company's perspective,
there will be a higher probability of receiving additional funding from the
exercise of these warrants as the share price appreciates and the warrants are
'in the money'.

Following Second Admission the 101,042,350 warrants in issue represent 18.29
per cent of the fully diluted share capital (as enlarged following full
exercise of these warrants and outstanding options and assuming full take up
of the Retail Offer).

Future Funding requirements

The Directors are confident that the fundraising, together with existing
funding and funding arrangements, will provide the Company with a clear cash
runway to at least the end of 2024.

This belief is based on assumptions, which include the Board's estimation of
the likely level of receipts under (i) the 2021 Lanstead Agreements and the
2022 Lanstead Agreements, and (ii) the current 2023 Lanstead Agreements (which
are variable and depend upon the level of the Company's Measured Price versus
the Benchmark Price each month).

In the event that the Company receives less funds than expected by the
Directors, the Company will undertake measures to limit or defer cash outflows
from the business in the near term, (which include the Directors deferring a
proportion of their salaries) until such time as the business is able to meet
these payments, or seek to introduce further funding to the business.

Conversely, in the event of share price performance in excess of the
assumptions made, the Company would have a longer cash runway as there would
be a higher level of cash receipts under the various  Lanstead Agreements. In
addition, a higher share price would increase the likelihood of the exercise
of outstanding Options and warrants, which would result in further cash
receipts for the Company, though there is no guarantee this will occur.

Related Party Transactions

 

Lanstead is interested in 26,572,252 Ordinary Shares (representing 7.97 per
cent. of the current issued share capital). Until 5 May 2023 Lanstead was a
substantial shareholder in the Company, therefore (i) the participation by
Lanstead in the Lanstead Subscription and Sharing Agreements (including the
issue of the Value Payment Shares), (ii) the participation by Lanstead in the
Direct Subscriptions for £0.2 million (iii) the variation in the terms of the
2021 Warrants and 2022 Warrants (of which Lanstead is a holder) constitute
related party transactions under the AIM Rules for Companies.

 

The Directors (all of whom are independent of Lanstead), having consulted with
SPARK Advisory Partners Limited ("SPARK"), the Company's nominated adviser,
consider that (i) the terms of the Lanstead Subscription and Sharing
Agreements, (ii) the terms of the Direct Subscription and (iii) the variation
of the terms of the 2021 Warrants and 2022 Warrants, are fair and reasonable
insofar as the Company's shareholders are concerned.

 

Other Share Issues

 

The Company will issue 500,000 new Ordinary Shares  to SPARK, and 3,750,000
new Ordinary Shares  to SCP at an issue price of 2 pence per share in lieu of
fees ("Fee Shares"). The Fee Shares will be issued credited as fully paid and
will rank pari passu in all respects with the Company's existing issued
Ordinary Shares.

Application for admission to trading on AIM ("Admission"), and expected dates
of Admission

 

Application will be made for the Subscription Shares, the Direct Subscription
Shares, the Value Payment Shares, the Fee Shares and the Retail Offer Shares
to be admitted to trading on the AIM market of the London Stock Exchange.

 

It is anticipated that Admission ("First Admission") of the Subscription
Shares, the Direct Subscription Shares, the Value Payment Shares and the Fee
Shares will occur at 8.00 a.m. on or around Tuesday 5  September 2023.

 

It is anticipated that Admission ("Second Admission") of the Retail Offer
Shares will occur at 8.00 a.m. on or around Tuesday 12 September 2023
(assuming the Retail Offer remains open up to 5.00 p.m. on Wednesday 6
September 2023).

 

Authority to allot shares

The allotment of the Subscription Shares, the Direct Subscription Shares, the
Retail Offer Shares, the Value Payment Shares and the Fee Shares is being made
pursuant to existing authorities to allot shares and other relevant securities
and to disapply pre-emption rights under section 551 of the Companies Act
2006, which the Directors were given at the Company's Annual General Meeting
held on 30 June 2023.

Total Voting Rights

Following First Admission the Company will have 409,903,115 Ordinary Shares in
issue. Since the Company currently holds no shares in treasury, the total
number of voting rights in the Company will therefore be 409,903,115. These
figures may therefore be used by Shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency Rules.

 

 

About Lanstead

 

Lanstead is a global investment firm that provides funding for ongoing
business objectives to listed small and mid-cap growth companies. In London,
Lanstead focus on equity investments in companies already listed or quoted on
the London Stock Exchange or European exchanges and on management teams with a
clear growth strategy.

 

Lanstead's extensive experience allows it to invest in most industries,
focusing on providing supportive, longer term capital that rewards company
growth. Companies with Lanstead on the shareholder register via an equity
placement to Lanstead with an accompanying sharing agreement can benefit from
a unique and flexible approach to finance growth. This provides the
opportunity for companies to benefit from additional cash beyond the original
subscription proceeds without having to issue additional shares.

 

Further information is available at www.Lanstead.com
(http://www.Lanstead.com)

 

 

Appendix - example of Lanstead Sharing Agreement

 

In relation to each of the months in the 24 month calculation period:

 

Average 20 Day VWAP
              2.0p                    2.6667p
                  3.3333p

 

Benchmark Price
             2.6667p                     2.6667p
                   2.6667p

 20 day VWAP as % of Benchmark Price                       75%
                     100%
     125%

 

Settlement from Lanstead in the month               £31,250
                   £41,667
             £ 52,083

 

Proceeds over 24 month period

if Average 20 Day VWAP is at this level

for the entire period
           £0.75 m                  £ 1.0 m
                   £1.25 m

 
 

  For further information please contact:

ImmuPharma PLC (www.immupharma.com (http://www.immupharma.com) )  + 44 (0) 207 152 4080

 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

 Neil Baldwin

 Stanford Capital Partners (Joint Broker)                          +44 20 3650 3650

 Patrick Claridge

 Bob Pountney

 SI Capital (Joint Broker)

 Nick Emerson

                                                                   +44 (0) 1483 413500

 

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.co.uk

 

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

 

Other information:

L1/Lind arrangement

On 11 June 2020 the Company announced it had entered into funding agreements
("Funding Agreements") with two specialist US healthcare investors L1 Capital
Global Opportunities Master Fund ("L1") and Lind Global Macro Fund LP, managed
by The Lind Partners, LLC ("Lind") for a total investment of up to US$6.30
million (£4.94 million) comprising an issue of unsecured convertible
securities ("Securities") and associated options ("Options"). These Securities
have now either been converted or redeemed as set out in notifications issued
on 9 September 2020, 10 September 2020, 22 September 2020, 23 November 2020,
24 November 2020 and 20 December 2021.

22,204,279 and 28,204,279 Options in the Company (with an exercise price of 5
pence per share), held  by L1 and Lind respectively, lapsed unexercised on 10
June 2023.

 

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