TIDMIMM
RNS Number : 2842N
Immupharma PLC
29 September 2021
RNS | 29 SEPTEMBER 2021
ImmuPharma PLC
("ImmuPharma", the "Company" or the "Group")
CORPORATE UDPATE
ImmuPharma PLC (LSE:IMM; Euronext Growth Brussels: ALIMM), the
specialist drug discovery and development company, is pleased to
provide an update in respect to a number of corporate and
scientific activities within the business over the last period.
Introduction
Following the major change in our managerial and Board structure
over the last couple of months, the new Board has conducted a full
appraisal of the product development portfolio and the underlying
Group corporate structure.
The purpose of this comprehensive appraisal was to recognise the
limited progress of the Company's product development portfolio
outside of Lupuzor(TM) for lupus over the last three years and
identify the reasons for this. More importantly, it sought to
identify how changes to the organisation and decision-making
processes of the Company could lead to more positive outcomes going
forward, creating in the longer term, an increase in shareholder
value.
The Board acknowledges the need to reconcile past endeavors to
current and more inspirational and achievable goals over the next
period and to present to our shareholders the new vision for
ImmuPharma.
Corporate Reorganisation
It is considered that the current corporate structure is too
complicated leading to disjointed efforts on product developments,
in addition to carrying a cost base which has unnecessary
duplication.
It has therefore been decided to merge our two wholly owned
French subsidiaries (ImmuPharma France SA and Ureka SAS) into one
company, which will be based in our current R&D facility in
Bordeaux, France.
The merged company will be renamed ImmuPharma Biotech SAS,
reflecting its new role in leading all the R&D activities of
the Group. Dr Tim Franklin (Group Chief Operating Officer) will be
President of the new company with Dr Sebastien Goudreau (Directeur
Generale) leading the team day to day.
One further Swiss based subsidiary (ImmuPharma AG), will be
dissolved.
We believe this reorganisation will lead to a much more focused
and results oriented product development portfolio (see section on
Product Development Portfolio below).
We have also reviewed our dual listing on the Euronext Growth
Brussels Exchange ("Euronext"). It is apparent that the vast
majority of trading in the Company's shares is through our primary
listing on AIM and the management time and costs associated with
maintaining the Euronext listing are not considered to be in the
best interests of our shareholders. Therefore, we have informed
Euronext of our intention to de-list from their market as soon as
possible. We will update shareholders in due course.
In considering all of these initiatives, from 2022 we expect
this to result in overall cost savings across the Group of
approximately GBP1.1m per annum, a decrease of over 50% (compared
to 2020) in our committed overhead costs (excluding specific
R&D project costs). Included in this overall cost saving are
reductions in the costs relating to the Board and connected
parties, amounting to approximately GBP0.5m per annum.
Product Development Portfolio
Our review of the R&D activities across the Group has
resulted in the Board having the following conclusions:
-- There is a depth of scientific knowledge and innovation
within the R&D team in Bordeaux and with the new scientific
leadership we expect there to be a significant improvement in
productivity and achievement of product development targets in the
future.
-- The need for a focus on those product developments (see
below) which offer the highest probability of both scientific and
commercial success.
-- To concentrate more management time on identifying and
concluding commercial collaborations and licensing deals across the
product portfolio.
Having assessed our current portfolio and resources the focus
will now be on Autoimmunity and Anti-infection and those product
developments which offer near-term and commercially viable
opportunities:
-- Autoimmunity
The increasing knowledge of P140's mode of action and its
relevance to many autoimmune and inflammatory conditions provides a
depth of disease states for ImmuPharma and its partners to explore
in the near future. The therapeutic potential of P140 goes beyond
just lupus, with CIDP being the next step. This expanding insight
is fundamentally driven by the excellent research partnership
between the Company and Prof. Sylviane Muller, inventor of P140 and
director of CNRS, France.
o Lupuzor(TM) (P140) - now entering a PK study prior to the
optimized Phase 3 study in lupus.
o P140 for Chronic Inflammatory Demyelinating Polyneuropathy
("CIDP"), a neurological disorder targeting the body's nerves.
Active preparation for a phase 2/3 clinical study has now been
initiated.
o Further clinical applications based on preclinical
investigation include asthma, Sjogrens syndrome, renal inflammation
in diabetes and periodontitis.
-- Anti-Infection
The innovative peptide technology at ImmuPharma Biotech has
recently given rise to a number of novel development programs, out
of which we have identified two core programs, in pre-clinical
development; BioAMB and BioCin, which we believe have the best
commercial opportunity and speed to market.
o BioAMB, a novel peptide-based drug that offers a potential
improvement on the limiting side effects 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 used in high medical need cases. BioCin has the
potential to offer improved safety and/or administration
benefits.
Interim Results
ImmuPharma today, through a separate announcement, also released
its Interim results for the six months ended 30 June 2021.
Commenting on this announcement, Tim McCarthy, CEO and Chairman
of ImmuPharma, said:
" The last few months have seen significant changes in the
leadership of the Company and today we are announcing similarly,
major changes in the way ImmuPharma will be organised and managed.
We have created positive and constructive changes within the
business, with a focus on delivery of product development, value
added milestones and a much more commercially focused corporate
strategy. The new Board, together with the excellent team and
collaborators supporting us, are determined to progress the
development and commercialisation of all the key assets in our
portfolio and to build shareholder value."
Dr Tim Franklin, COO of ImmuPharma, added: "I would like to
emphasise the importance of the changes made within our R&D
team by consolidating all the R&D into a single focused and
results driven entity, led by Dr Sebastien Goudreau and his team in
Bordeaux. Within our near-term asset portfolio, we are committed to
taking Lupuzor(TM) (P140) into a Phase 3 international study with
our US partner Avion, following the completion of the PK study. We
are delighted to be working with Prof. Sylviane Muller on P140 for
the CIDP program. Her expertise and collaboration has been
invaluable and again, with her guidance, we are confident of moving
the "autoimmunity" program into other indications, whilst also
developing partnering opportunities. Our earlier stage programs,
including our anti-infective BioAMB, are now aligned with our
internal expertise and commercial viability.
I am confident that we have the correct balance of internal
expertise, collaborators and partners to successfully move
ImmuPharma into this next phase and more importantly, delivering
value for shareholders."
End
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 AMED. 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.com )
Tim McCarthy, Chief Executive Officer &
Chairman + 44 (0) 207 152 4080
Lisa Baderoon, Head of Investor Relations
& Non-Executive Director + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin +44 (0) 203 36 8 3550
Stanford Capital Partners (Joint Broker)
Patrick Claridge +44 20 3650 3650
John Howes
Bob Pountney
SI Capital (Joint Broker)
Nick Emerson +44 (0) 1483 413500
4Reliance (Euronext Growth Listing Sponsor) +32 (0) 2 747 02 60
Jean-Charles Snoy
Degroof Petercam (Liquidity Provider) +32 (0) 2 287 95 34
Erik De Clippel
Backstage Communication
Olivier Duquaine +32 (0) 477 504 784
Gunther De Backer +32 (0) 475 903 909
Notes to Editors
About ImmuPharma PLC
ImmuPharma PLC (LSE AIM: IMM - Euronext Growth: ALIMM) is a
specialty biopharmaceutical company that discovers and develops
peptide-based therapeutics. The Company's portfolio includes novel
peptide therapeutics for autoimmune diseases, metabolic diseases,
anti-infectives and cancer. The lead program, Lupuzor(TM), is a
first-in class autophagy immunomodulator which is in Phase 3 for
the treatment of lupus and preclinical analysis suggest therapeutic
activity for many other autoimmune diseases that share the same
autophagy mechanism of action. ImmuPharma and Avion Pharmaceuticals
signed on 28 November 2019, an exclusive licence and development
agreement and trademark agreement for Lupuzor(TM) to fund a new
international Phase 3 trial for Lupuzor(TM) and commercialise in
the US.
For additional information about ImmuPharma please visit
www.immupharma.co.uk
ImmuPharma's LEI (Legal Entity Identifier) code:
213800VZKGHXC7VUS895.
Definitions & background
PK Study: Clinical pharmacology and pharmacokinetic
characterizations of Lupuzor(TM), prior to commencement of the
Phase 3 trial.
The PK study is a Phase I study to assess the presence of
Lupuzor(TM) in the body after administration of a single dose. The
study will be carried out in a total of up to 24 healthy male
subjects. Dependent on timing of patient recruitment, we anticipate
that the PK study will take between 8-12 weeks to complete, from
commencement.
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