TIDMIMM
RNS Number : 5435K
Immupharma PLC
22 December 2022
22 December 2022
ImmuPharma PLC
("ImmuPharma" or the "Company")
End of Year Update
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and
development company, provides an update to the market.
Review of 2022 and Outlook for 2023
As we approach the end of 2022 the Company can confirm that it
continues to work proactively, together with our partner Avion
Pharmaceuticals ("Avion) and external advisors, on the preparations
around the proposed updated P140 (Lupuzor(TM)) clinical programme
for 2023.
In addition, we are actively engaging with potential commercial
partners on all the development programmes across the portfolio,
including ex. US rights for P140 (Lupuzor(TM)) and we will be
continuing these discussions in January 2023 with meetings around
the JP Morgan Conference and the Biotech Showcase in San
Francisco.
We look forward with optimism to 2023 and the Board has the
clear objectives of advancing P140 ( Lupuzor(TM)) into its next
clinical trial and in addition, also delivering p ositive advances
across the whole portfolio in both clinical development and
commercial partnerships.
In conjunction with these objectives, the Company has been
continuing to manage its cost base which demonstrates a cash runway
through the end of 2023 and into the first half of 2024.
Board Remuneration
The Board is keen to emphasise its continued alignment with
shareholder interests and value enhancement. There is recognition
that 2022 has not delivered the advancement of P140 (Lupuzor(TM))
into its next clinical trial and there has been a consequent
negative impact on the Company's share price and valuation.
With this in mind, the Executive Directors have decided to waive
the following amounts of their remuneration for 2022:
Tim McCarthy GBP187,500 (representing a waiver of 64% of remuneration)
Tim Franklin GBP159,500 (representing a waiver of 63% of remuneration)
Looking forward into 2023, the Remuneration Committee will agree
with the Executive Directors an appropriate structure which matches
the level of remuneration to the achievement of pre agreed
corporate objectives.
Commenting on the announcement, Tim McCarthy, CEO of ImmuPharma,
said:
"Whilst recognising that 2022 has been a disappointing year, we
are looking forward to the new year of 2023 with optimism and with
the clear objective of advancing P140 ( Lupuzor(TM)) into its next
clinical trial and in addition, also delivering p ositive advances
across the whole portfolio in both clinical development and
commercial partnerships."
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.
Ends
For further information please contact:
ImmuPharma PLC ( www.immupharma.com ) +44 (0) 207 206 2650
Tim McCarthy, Chief Executive Officer
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin +44 (0) 203 36 8 3550
Stanford Capital Partners (Joint Broker)
Patrick Claridge, John Howes, Bob Pountney +44 (0) 203 650 3650
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(TM)), 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
About Avion Pharmaceuticals LLC
Avion Pharmaceuticals, LLC, is a specialty pharmaceutical
company formed to develop, acquire and market a portfolio of
innovative pharmaceutical products in the Women's Health and other
therapeutic categories aligned with its mission to improve the
quality of patient lives. Avion Pharmaceuticals focuses on
identifying opportunities to develop, acquire and enhance the
market potential of innovative, commercially available therapeutics
and late-stage development drugs to fulfil unmet medical needs.
For more information, visit www.avionrx.com .
About Lupus (Systemic Lupus Erythematosus / SLE)
Lupus is a chronic inflammatory disease which is thought to
affect some 5 million individuals worldwide. The current standard
of care still consists of drugs which have many side-effects and
limited efficacy. Despite the need for an effective treatment, only
two therapies, namely GlaxoSmithKline's Benlysta and more recently,
Astra Zeneca's Saphnelo, have been approved to treat the condition
over the past 50 years. As such, there clearly exists an unmet
medical need for a drug that has a strong efficacy and safety
profile.
ImmuPharma's LEI (Legal Entity Identifier) code :
213800VZKGHXC7VUS895.
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END
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