9 September
2024
Incanthera
plc
("Incanthera" or "the
Company")
Extension of Warrants to
ImmuPharma plc to 31 March 2025
Incanthera plc (AQSE: INC), the
specialist company focused on innovative technologies in
dermatology and oncology advises that it has granted an
extension of the period of Warrants issued to
ImmuPharma plc ("ImmuPharma") to 31 March 2025.
At the time of its admission to the
AQSE Growth Market, the Company entered into a Warrant Instrument
("Warrant Instrument") with
ImmuPharma on 26 February 2020, whereby Incanthera created and
issued Warrants to ImmuPharma to subscribe in cash at 9.5p per
share, for 7,272,740 Ordinary Shares, valid until 6 September 2023.
On 18 August 2023, Incanthera agreed with ImmuPharma to extend the
Warrant Instrument by 12 months to 6 September 2024.
Incanthera has now agreed with
ImmuPharma to extend the Warrant Instrument to 31 March 2025 for a
cash consideration of £75,000. Other than the change in the expiry
period, all other provisions in the Warrant Instrument remain the
same.
In considering the warrant
extension, the Board of Incanthera concluded that as the cost to
ImmuPharma to fully exercise the warrants held by it would be
£691,000, ImmuPharma, in the interests of their responsible
operational cash management, would likely need to sell a proportion
of these new ordinary shares in the market to fund the warrant
exercise. As such, the Board of Incanthera further considered that
granting the extension and maintaining an orderly market ahead of
the launch of Skin + Cell to be beneficial to all
shareholders.
Related Party Transaction
ImmuPharma currently owns no shares
in Incanthera, having sold its previous holding of c.9.9 million
shares, as notified on 3 June 2024, however, it was a substantial
shareholder in Incanthera during the previous 12 months.
Tim McCarthy, Incanthera's Chairman,
is also the Chairman & CEO of ImmuPharma.
The extension of the Warrants has
been treated as a related party transaction pursuant to Rule 4.6 of
the Apex AQSE Growth Market Rulebook. Mr. McCarthy has not been
involved in the Board decision in respect to agreeing to the terms
of the extension.
The Directors (excluding Mr.
McCarthy), having exercised reasonable
care, skill and diligence, consider
that the related party transaction is fair and reasonable as far as the
shareholders of Incanthera are concerned.
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.
For
further enquiries:
Incanthera plc:
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www.incanthera.com
Simon Ward, Chief Executive Officer simon.ward@incanthera.com
Suzanne Brocks, Head of Communications
suzanne.brocks@incanthera.com
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+44 (0) 7747 625506
+44 (0) 7776 234600
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Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
Jo Turner / Liam Murray / Ed
Downes
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+44 (0) 20 7213 0880
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Broker:
Stanford Capital Partners Ltd
Patrick Claridge/Bob
Pountney
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+44 (0) 20 3650 3650/51
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Notes to Editors
Incanthera is a specialist company
focused on innovative technologies in dermatology and
oncology. It seeks to identify and develop innovative solutions to
current clinical, commercially relevant unmet
needs, utilising new technology from
leading specialists and academic institutions as well as its
in-house development team.
The Company originated from
the Institute of Cancer Therapeutics ("ICT") at
the University of Bradford. Incanthera's strategy
is to develop each candidate in its portfolio from initial
acquisition or discovery to securing its future through
commercially valuable partnerships at the earliest opportunity in
its development pathway.
For more information on the Company
please visit: www.incanthera.com
@incantheraplc
