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ImmuPharma plc (IMM.L) Release: Preliminary Results Announcement For The Year Ended 31 December 2009


5/19/2010 2:53:07 PM

ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug discovery and development company, is pleased to announce its preliminary audited results for the year ended 31 December 2009.

Key Highlights:

• Revenue reported of £22 million for the period following the receipt of $30 million from Cephalon, Inc. as a license payment for LupuzorTM in February, 2009

• Basic and diluted earnings per share were 10.46p and 9.99p respectively (31 December 2008: 6.23p and 6.07p respectively)

• Strong cash position of £22.5 million. Cash balance resulting from LupuzorTM agreement to be used to develop the other promising compounds in the pipeline

• Lead candidate for the treatment of Lupus, LupuzorTM, licensed to Cephalon, Inc in a transaction worth up to $500m in milestone payments in addition to significant royalties. $45m in cash received to date - $15m in Q4 2008 and $30m in Q1 2009

• Final results of the Phase IIb study of LupuzorTM showed a clinically significant improvement in patient response rate versus placebo

• Received IND approval from AFSSAPS, Agence Francaise de Securite Sanitaire des Produits de Sante, for a Phase I/IIa study in patients, IPP-204106, our anti-cancer compound with a novel and promising mechanism of action. First patients expected to be dosed within the next few weeks

• Received numerous awards during the year, including: ‘Breakthrough of the Year 2009’ European Mediscience Award, ‘Best Technology 2009’ AIM Award and ‘Best Drug Development Company Europe 2010’ New Economy Award.

Richard Warr, Chairman, said: “We are proud to report on our strong revenue and balance sheet performance . 2009 was a landmark year for ImmuPharma with the successful licensing of LupuzorTM to Cephalon, the promising results of our Phase IIb trial for LupuzorTM, the addition of further blue-chip institutional investors, and the receipt of prestigious industry awards. In addition to our successes in 2009 we are delighted to have received approval from the French regulatory authorities to commence our Phase I/IIa study in cancer patients with IPP-204106. This novel compound is the second ImmuPharma programme to move into clinical testing in patients and is an important part of our future. We look forward to reporting further progress throughout 2010.”

Read at BioSpace.com

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