TIDMIMM
RNS Number : 0214Z
Immupharma PLC
11 May 2023
RNS: RELEASE
ImmuPharma PLC
("ImmuPharma" or the "Company")
FINAL RESULTS ANNOUNCEMENT
for the year ended 31 December 2022
ImmuPharma PLC (LSE:IMM) , ("ImmuPharma" or the "Company"), the
specialist drug discovery and development company, is pleased to
announce its final results for the twelve months ended 31 December
2022 (the "Period").
Key Highlights (including post Period review)
Financial
-- Loss for the Period of GBP3.8m (2021: GBP8.2m)
-- Research and development expenses of GBP2.0m (2021: GBP3.7m)
-- Administrative expenses of GBP0.8m (2021: GBP1.0m)
-- Exceptional items of GBPnil (2021: GBP1.4m, representing corporate reorganisation costs)
-- Cash balance at 31 December 2022 of GBP0.7m (31 December 2021: GBP1.6m)
-- Successful subscription and placing, raising in total GBP2.0m (gross) - August 2022
-- Lanstead derivative financial asset of GBP0.3m (2021: GBP0.9m)
-- Incanthera financial asset of GBP0.7m (2021: GBP1.2m)
-- Warrants financial asset of GBP0.001 (2021: GBP0.2m)
Product Development
-- P140 Pharmokinetic ("PK") study successfully completed in
April 2022 with key findings shared with the FDA*
-- In February 2023 an adaptive Phase 2/3 study for Lupuzor(TM)
in SLE/Lupus patients was agreed with US partner, Avion
Pharmaceuticals, following guidance from the FDA
-- Type C meeting confirmed with FDA for 7 June 2023 for
consideration of the new protocol of the Phase 2/3 adaptive study
for Lupuzor(TM) in SLE patients
-- Pre-IND meeting confirmed with FDA for 16 May 2023 for
feedback on the new protocol of the Phase 2/3 adaptive study for
CIDP
-- Collaboration with Orano - ImmuPharma peptide technology as a
vector for cancer radiotherapy - an initial collaboration for 12
months
*FDA (Food and Drug Administration)
Commenting on the statement and outlook Tim McCarthy, CEO, said
:
"As a Board, we remain focused on bringing our two key late
stage clinical assets, Lupuzor(TM) for lupus and CIDP closer to the
market. We now have a clinical roadmap for Lupuzor(TM) and remain
on track to commence the Phase 2/3 adaptive trial in H2 2023, with
potentially CIDP moving into clinical studies in parallel. This
illustrates the potential franchise we have within our P140
autoimmune platform.
We will also continue to concentrate on further commercial and
partnering opportunities. In conjunction with the above objectives,
we continue to take prudent measures on managing our cost base.
In closing, we would like to thank our shareholders for their
support as well as our staff, corporate and scientific advisers and
our partners including CNRS and Avion."
Market Abuse Regulation (MAR) Disclosure
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 + 44 (0) 2072 062650
Dr Tim Franklin, Chief Operating Officer
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin +44 (0) 203 368 3550
Stanford Capital Partners (Joint Broker)
Patrick Claridge, John Howes +44 (0) 203 650 3650
SI Capital (Joint Broker)
Nick Emerson +44 (0) 1483 413500
ImmuPharma plc
Chairman's Report
2022 was a year of further transition for ImmuPharma as we
continued to focus on progressing our late-stage pipeline assets as
well as dealing with some complex regulatory processes, in
conjunction with our partner Avion Pharmaceuticals ("Avion") and in
discussions with the US Food and Drug Administration ("FDA").
In 2022, ImmuPharma continued its primary focus on progressing
our late-stage program, Lupuzor(TM) (P140), in conjunction with our
US partner, Avion. During the second half of 2021, ImmuPharma
started preparations for the commencement of a clinical
pharmacokinetic ("PK") study, as guided by the US Food and Drug
Administration ("FDA"). The PK study was successfully completed in
April 2022 with guidance from the FDA in respect to progressing
Lupuzor's clinical program, announced in early 2023. This confirmed
that in conjunction with Avion, we have agreed that the optimum
route forward for Lupuzor(TM) is for a dose ranging Phase 2/3
adaptive study. Our current target is to commence this trial in H2
2023.
The PK study findings also contributed to progressing an
additional autoimmune clinical program for a new disease
indication, CIDP (Chronic Idiopathic Demyelinating
Polyneuropathy).
In June 2022, our share capital structure was reorganised and in
August 2022, we concluded a successful fundraising of GBP2.04m
(gross). ImmuPharma continued to explore opportunities with other
potential commercial partners ex-US for P140 in lupus. Global
partnerships are also being sought for P140 in CIDP and
anti-infective assets from the Company's R&D pipeline.
Lupuzor(TM)/P140 - opportunity and next steps
There are an estimated five million people suffering from lupus,
with approximately 5 million patients in the US, Europe and Japan
(Source: Lupus Foundation of America). The prevalence in China may
be 2-3 times that seen in the US. Current 'standard of care'
treatments, including steroids and immunosuppressants, can
potentially have either serious side effects for patients or
limited efficacy, with over 60 per cent of patients not adequately
treated.
ImmuPharma believes Lupuzor(TM)/P140 has the potential to be a
novel specific drug therapy for the treatment of Lupus by
specifically modulating the immune system and halting disease
progression in most lupus patients. It has a unique mechanism of
action and is not an immunosuppressant like other drugs.
Lupuzor(TM)/P140 normalises the over-activity of T-cells which are
involved in the immune response leading to lupus disease.
Lupuzor(TM) taken over the long term may have the potential to
prevent the progression of lupus rather than just treating its
symptoms, with the rest of the immune system retaining the ability
to work normally.
A new major opportunity for P140 is CIDP, a rare acquired
autoimmune disorder of peripheral nerves. It is a neurological
disorder characterized by progressive weakness and impaired sensory
function in the legs and arms. CIDP is a potential orphan drug
indication which would provide patent life extension of 7 years
post-approval.
The Board is confident that there is a route to market for P140
in lupus and CIDP including further corporate collaborations.
Lupuzor(TM) and Avion Pharmaceuticals | Background
On 28 November 2019, ImmuPharma and Avion signed an exclusive
Trademark, License and Development Agreement for Lupuzor(TM)/P140,
with Avion agreeing to fund a new international Phase 3 trial and
commercialising Lupuzor(TM)/P140 in the US. The agreement also
provides Avion an option on any other P140 indications. Since then,
there have been two guidance meetings with the FDA on the lupus
program. At the first meeting the FDA requested ImmuPharma complete
a clinical PK study of P140. Following successful completion of the
PK study in 2022 the FDA guided on a new dosing regimen which has
been built into a new Phase 2/3 adaptive clinical trial design.
ImmuPharma and its US partner Avion co-developed and
successfully completed a clinical PK study of P140 which was
announced on 13 April 2022. The study was a Phase 1, open-label,
single dose pharmacokinetic study of P140 after subcutaneous and
intravenous administration in healthy male volunteers . Patients
received a single subcutaneous injection of 200<MU>g or
800<MU>g P140 or a single intravenous injection of
800<MU>g P140. There was a clear time and dose-related PK
profile, which is detectable in the blood of human volunteers and
applicable for all potential clinical dosing regimens of P140.
In-line with all human dosing to date, P140 was safe and well
tolerated across all doses and in all subjects.
In the first half of 2022 ImmuPharma provided progress updates
to the market in respect to guidance meetings between the FDA and
Avion. This concluded with the FDA providing a detailed response in
September 2022 to Avion with significant guidance on next steps for
the clinical programme. This included advice on the dosing regime.
In addition, the FDA also provided further significant improvement
guidance on the study protocol.
In February 2023, ImmuPharma confirmed that, with its partner
Avion, they had agreed on an adaptive Phase 2/3 study for
Lupuzor(TM) in Systemic Lupus Erythematosus ("SLE") patients. This
is a one-protocol pivotal study which allows exploration of a
dose-range in the Phase 2 part of the study, followed by seamless
progression into the Phase 3 part of the study at the chosen dose.
The overall timelines for the Lupus clinical program are shorter as
one avoids the need for stopping and starting two independent
trials, regulatory checks, ethics approvals and site set-ups. It is
also expected to be less costly overall. There is also an
opportunity, through an interim analysis in the Phase 3 part of the
study, to stop the study earlier if an efficacy signal is reached
after a certain percentage of patients have been treated.
This new study design incorporates guidance from the FDA which
advised exploration of higher dose levels than have been used in
the clinical program to date. A clean safety profile has already
been established at higher doses.
In April 2023, ImmuPharma confirmed that the FDA had a set date
of 7 June 2023 for a type C meeting to consider the new Phase 2/3
study protocol, which remains on track to commence in H2 20223.
CIDP / P140
For P140 in CIDP we announced in April 2023 that we had received
confirmation from the FDA for a pre- Investigational New Drug
meeting date of 16 May 2023, to consider a Phase 2/3 adaptive trial
study protocol.
This will be the first pivotal stage clinical study of P140 in
patients with CIDP: a rare neurological disease with high medical
need.
A new Investigational New Drug ("IND") submission is required,
as this will be the first time that P140 is to be studied in humans
for the indication of CIDP. An application for Orphan Drug status
will be submitted following the pre-IND meeting.
The CIDP market is expected to reach global sales of US$2.7bn by
2029 (source: Data Bridge Market Research, Dec 2022).
Potential Distribution Agreement with Avion
As announced in November 2022, we have agreed to explore the
opportunity of a mutually beneficial route to allow ImmuPharma to
introduce certain Avion products into the European market. If this
is successful, this would generate top-line product sales revenue
for the first time in ImmuPharma's history and contribute net
positive cash flow to the Company.
We in turn have identified an established European partner who
could provide the infrastructure to market and distribute the
products.
Lupus ABC Consortium
The FDA's Center for Drug Evaluation and Research has partnered
with the Lupus Research Alliance (LRA) to launch the Lupus
Accelerating Breakthroughs Consortium (Lupus ABC), a
first-of-its-kind public-private partnership focused on addressing
challenges impacting lupus clinical trial success.
Lupus ABC will convene people living with lupus, medical
societies, industry, academic clinical researchers and scientists,
FDA, and other federal agencies to address scientific hurdles that
are beyond the capacity of any single entity. By connecting those
with lived experience with all parties involved in lupus treatment
research, CDER hopes to advance the development of urgently needed
treatments for lupus.
This can only be extremely good news for Lupus patients
worldwide, including ImmuPharma, our partners and our peers, in
bringing new safe Lupus drugs to the market, sooner rather than
later.
Centre National de la Recherche Scientifique (CNRS)
ImmuPharma continues to have important collaboration
arrangements with the Centre National de la Recherche Scientifique
("CNRS"), the French National Council for Scientific Research and
the largest basic research organisation in Europe. This is where
Lupuzor(TM) /P140 platform was invented by Prof. Sylviane Muller,
Emeritus Research Director at the CNRS. Through this partnership,
the CNRS will be entitled to receive from ImmuPharma, low
double-digit royalty payments of funds received by ImmuPharma from
Avion through the Licence and Development Agreement and through
further commercialisation deals for territories outside of the
US.
Pipeline Overview
There is a depth of scientific knowledge and innovation within
the R&D team in Bordeaux which is focusing on those product
developments (see below) which offer the highest probability of
both scientific and commercial success.
Management continues to concentrate on identifying and
concluding commercial collaborations and licensing deals across the
product portfolio.
Our therapeutic focus is on two core areas;
Autoimmunity/Inflammation and Anti-infection. We also look for
valuable deals for non-core assets as evidenced by a collaborative
deal, signed in March 2023, with Orano on ImmuPharma's peptide
technology as a vector for cancer radiotherapy. The initial
collaboration is for 12 months and a small undisclosed upfront
payment was paid to ImmuPharma.
Autoimmunity & Inflammation
P140's mode of action is relevant to many autoimmune and
inflammatory diseases which provides a number of opportunities for
ImmuPharma and its partners to explore in the near future. The
therapeutic potential of P140 goes beyond just Lupus, with Chronic
Inflammatory Demyelinating Polyneuropathy ("CIDP") being the next
step. P140's application across numerous disease states stems from
the research partnership between the Company and Prof. Sylviane
Muller, inventor of P140 and Emeritus Research Director CNRS,
France. Key highlights within the progression of the P140 platform
are summarized below:
o P140 - Lupuzor(TM) successfully completed PK study in 2022. A
Phase 2/3 adaptive study is planned to commence in H2 2023. This is
a one protocol pivotal study which allows exploration of a dose
range in the Phase 2 part of the protocol.
o P140 - CIDP a rare autoimmune disorder of peripheral nerves.
CIDP is a potential orphan drug indication which would provide
patent life extension of 7 years post-approval. A Phase 2/3
adaptive trial is planned with IND/FDA guidance and orphan drug
designation application underway.
o P140 - Second generation. Our pre-clinical team in Bordeaux,
'ImmuPharma Biotech' has commenced work to develop a
pharmacologically improved version of P140, a second-generation
product that aims to further strengthen the IP position and provide
therapies with different improved administration modalities, yet
still maintaining P140 as the active moiety.
o P140 - Other indications. Further clinical applications based
on further preclinical investigation include asthma, Sjogrens
syndrome, renal inflammation in diabetes, periodontitis and
gout.
Anti-Infection
The innovative peptide technology at ImmuPharma Biotech has been
a huge success and very recently has 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. Despite the preclinical stage, these programs are based on
existing drugs that have been used for decades so the PK, efficacy
and safety of those drugs is well understood. They will also be
patent protected.
o BioAMB, a novel peptide-based drug that offers a potential
improvement on the limiting side effects and poor administration
regime 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, vancomycin, used in high medical need cases and in
many cases the last line of defense. BioCin has the potential to
offer improved safety and administration benefits.
Interest in Incanthera Plc
As at 31 December 2022, ImmuPharma had a 12.97% interest in
Oncology specialist, Incanthera plc, which trades on Aquis Stock
Exchange ("AQSE") under the ticker (TIDM:INC).
ImmuPharma also has 7,272,740 warrants options in Incanthera at
an exercise price of 9.5p pence, being the price at which new
shares were issued in the Placing accompanying Incanthera's listing
in 2020.
As announced in Incanthera's interim report in December 2022,
the Company continues to concentrate upon furthering discussions to
capitalise on the potential for various applications of its
skincare portfolio for commercial success.
As a major shareholder, ImmuPharma remains supportive of
Incanthera.
Capital restructure
At the Annual General Meeting on 28 June 2022, the shareholders
approved the subdivision of the Company's ordinary share capital,
whereby each existing Ordinary Share with a nominal value of 10p
was subdivided into 1 new Ordinary Share of 1p and 1 Deferred Share
of 9p. The Deferred Shares have no significant rights attached to
them and carry no right to vote or to participate in distribution
of surplus assets and are not admitted to trading on the AIM market
of the London Stock Exchange plc. The Deferred Shares effectively
carry no value.
Capital subscription
On 03 August 2022 ImmuPharma announced a subscription and
placing to raise cGBP1.1m through the issue of 21,018,182 new
ordinary shares of 1 pence each in ImmuPharma at a price of 5p per
ordinary share ("Issue Price"). This was followed on 11 August 2022
by the completion of the associated Broker Option, which raised
GBP0.95m through the issue of 19,000,000 new ordinary shares of 1p
each in the Company at a price of 5p per ordinary share.
The monies raised included a GBP1.0m subscription for 20,000,000
new ordinary shares with Lanstead Capital Investors LP
("Lanstead"), at an Issue Price of 5 pence per share, together with
a related Sharing Agreement.
The GBP1.0 million gross proceeds of the Lanstead subscription
was followed by the Sharing Agreement with Lanstead for 100% of
these shares with a reference price of 6.67p per share ("Benchmark
Price"). The Sharing Agreement is for a 24 month period and the
Company will receive 24 monthly settlements, as measured against
the Benchmark Price. The actual consideration is variable depending
upon ImmuPharma's share price and provides the opportunity for
ImmuPharma to benefit from a positive future share price
performance or conversely to receive less proceeds if there is
negative future share price performance.
The Company also agreed to issue Lanstead 1,400,000 ordinary
shares in connection with entering into the Sharing Agreement
("Value Payment Shares").
The Company also issued 200,000 new Ordinary Shares ("Fee
Shares") at an issue price of 5 pence per share to SPARK Advisory
Partners Ltd in lieu of fees.
The Issue Price of 5 pence represented a 21.38% percent discount
to the closing mid-market price (of 6.36p) of the Ordinary Shares
on 02 August 2022, the latest business date prior to the
Subscription and Placing.
Warrants
The Company agreed to issue Lanstead 30,000,000 warrants in
return for Lanstead foregoing the entitlement to increase the
benchmark price in 2021 sharing agreement from 14.666p to 22p. The
warrants are exercisable for 10 years at an exercise price of 5.5
pence.
The Company also issued 2,500,000 and 500,000 warrants to
Stanford Capital Partners "SCP" and SI Capital in lieu of fees. The
warrants are exercisable for 10 years at an exercise price of 5
pence.
During 2022, L1 Capital Global Opportunities Master Fund ("L1")
exercised Options over 6,000,000 new ordinary shares of 1p each
("Ordinary Shares") at an exercise price of 5p per share, for a
consideration of GBP300,000.
Current Activities and Outlook
As a Board, we remain focused on bringing our two key late stage
clinical assets, Lupuzor(TM) and CIDP closer to the market. We now
have a clinical roadmap for Lupuzor(TM) and remain on track to
commence the Phase 2/3 adaptive trial in H2 2023, with potentially
CIDP moving into clinical studies in parallel. This illustrates the
potential franchise we have within our P140 autoimmune
platform.
We will also continue to concentrate on further commercial and
partnering opportunities. In conjunction with the above objectives,
we continue to take prudent measures on managing our cost base.
In closing, we would like to thank our shareholders for their
support as well as our staff, corporate and scientific advisers and
our partners including CNRS and Avion.
Tim McCarthy
Chairman & CEO
Financial Review
The financial results of the ImmuPharma Group in this report
cover the year ended 31 December 2022. The Group's principal
activity is that of research and development of novel drugs to
treat serious medical conditions.
Income Statement and Statement of Comprehensive Income
The operating loss for the year ended 31 December 2022 was
GBP3.0 million, down from GBP6.6 million for the year ended 31
December 2021. The research and development expenditure was GBP2.0
million, down from GBP3.7 million in 2021. The decrease is a direct
result of the corporate reorganisation in the prior year.
Administrative expenses were GBP0.8 million (2021: GBP1.0 million).
The operating loss for the prior year included exceptional costs of
GBP1.4 million in respect of corporate reorganisation, including
the departures of Board members (including Dr Robert Zimmer and
Dimitri Dimitriou) and respective settlement agreements. No such
costs have taken place during the year ended 31 December 2022.
Finance income has increased from GBP1k in 2021 to GBP29k in
2022. Finance costs amounted to GBP1.5 million, down from GBP2.4
million in 2021, caused largely by the comparative fair value
calculations on the Lanstead derivative financial asset and fair
value loss on issue of warrants of GBP219k (2021: GBPnil). The loss
after tax for the year was GBP3.8 million, a decrease from GBP8.2
million in 2021.
The amounts recognised directly in the Statement of
Comprehensive Income include the total fair value loss of GBP0.7
million (2021: fair value loss of GBP1.0 million) which comprises
the following components: fair value loss on shares held in
Incanthera plc of GBP520k (2021: fair value loss of GBP584k) and
fair value loss on Incanthera's warrants of GBP206k (2021: fair
value loss of GBP418k). Total comprehensive loss for the year was
GBP4.5 million, a decrease from GBP9.2 million in 2021.
Statement of Financial Position
The Group cash and cash equivalents at 31 December 2022 amounted
to GBP0.7 million (2021: GBP1.6 million) with the decrease caused
by the operating losses including research and development
expenditure related to PK study offset by cash inflows from
financing activities. Trade and other payables decreased to GBP1.5
million (2021: GBP1.6 million) and was largely due to PK study
related expenditure. The total value of the financial asset equated
to GBP0.7 million, comprising of shares in Incanthera of GBP0.7
million (2021: GBP1.2 million) and warrants in Incanthera of
GBP0.001 million (2021: GBP0.2 million). At 31 December 2022 the
Lanstead derivative financial asset amounted to GBP0.3 million
(2021: GBP0.9 million). The decrease was a result of the fair value
calculation performed at year end, reflecting the decrease in
ImmuPharma's share price.
Results
The Group recorded a loss for the year of GBP3.8 million (2021:
GBP8.2 million). Basic and diluted loss per share was 1.26p (2021:
3.25p). In accordance with the Group's loss making position, no
dividend is proposed.
Capital restructure
At the Annual General Meeting on 28 June 2022, the shareholders
approved the subdivision of the Company's ordinary share capital,
whereby each existing Ordinary Share with a nominal value of 10p
was subdivided into 1 new Ordinary Share of 1p and 1 Deferred Share
of 9p. The Deferred Shares have no significant rights attached to
them and carry no right to vote or to participate in distribution
of surplus assets and are not admitted to trading on the AIM market
of the London Stock Exchange plc. The Deferred Shares effectively
carry no value.
Total Voting Rights & Warrants
The Company had a total of 618,388,048 ordinary shares in issue
at 31 December 2022. The Company's issued share capital now
comprises 333,403,115 Ordinary Shares with one voting right each
and 284,984,933 deferred shares with no rights to vote. Total
warrants outstanding equal: 151,450,908.
Treasury Policy
The policy continues to be that surplus funds of the Group are
held in interest-bearing bank accounts on short or medium
maturities, until commitments to future expenditure are made, when
adequate funds are released to enable future expenditure to be
incurred. The Group's Treasury Policy and controls are
straightforward and approved by the Board.
Financial Strategy
The overall strategy is to maintain a tight control over cash
resources whilst enabling continued progress of the Company's
development assets.
On behalf of the Board
Tim McCarthy
Director
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
Notes 31 December 31 December
2022 2021
GBP GBP
Continuing operations
Revenue - 118,350
Research and development
expenses (2,022,507) (3,650,400)
Exceptional items - (1,427,084)
Administrative expenses (846,571) (1,011,398)
Share based payment expense (159,874) (616,423)
Operating loss (3,028,952) (6,586,955)
Finance costs (1,455,966) (2,354,872)
Finance income 28,585 1,107
Loss before taxation (4,456,333) (8,940,720)
Tax 648,902 766,815
Loss for the year (3,807,431) (8,173,905)
Attributable to:
Equity holders of the parent
company (3,807,431) (8,173,905)
Loss per ordinary share
Basic and diluted 2 (1.26)p (3.25)p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEARED 31 DECEMBER 2022
Year Year
ended 31 ended 31
December December
2022 2021
GBP GBP
Loss for the financial period (3,807,431) (8,173,905)
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Fair value loss on investment (519,977) (584,355)
Fair value loss on warrants owned (206,279) (418,068)
Total items that will not be reclassified
subsequently to profit or loss (726,256) (1,002,423)
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation
of foreign operations 79,104 (36,177)
Total items that may be reclassified
subsequently to profit or loss 79,104 (36,177)
Other comprehensive loss for the
period (647,152) (1,038,600)
Total comprehensive loss for the
period (4,454,583) (9,212,505)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
31 December 31 December
2022 2021
GBP GBP
Non-current assets
Intangible assets 473,892 477,553
Property, plant and equipment 389,716 352,996
Derivative financial asset 82,563 405,489
Financial assets 689,579 1,415,835
Total non-current assets 1,635,750 2,651,873
Current assets
Trade and other receivables 723,583 427,199
Derivative financial asset 252,258 508,167
Cash and cash equivalents 667,813 1,649,374
Current tax asset 695,297 761,188
Total current assets 2,338,951 3,345,928
Current liabilities
Financial liabilities - borrowings (111) (700)
Trade and other payables (1,451,213) (1,583,604)
Convertible loan notes - -
Total current liabilities (1,451,324) (1,584,304)
Net current assets 887,627 1,761,624
Net assets 2,523,377 4,413,497
EQUITY
Ordinary shares 28,982,676 28,498,494
Share premium 28,788,377 27,237,329
Merger reserve 106,148 106,148
Other reserves 5,761,496 5,153,159
Retained earnings (61,115,320) (56,581,633)
Total equity 2,523,377 4,413,497
The financial statements were approved by the Board of Directors
and authorised for issue on 10 May 2023
They were signed on its behalf by:
Tim McCarthy Tim Franklin
Director Director
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 DECEMBER 2022
Other Other
Other Other reserves reserves Other
reserves reserves - Share - Convertible reserves
Share Share Merger - - based option - Warrant Retained
capital premium reserve Acquisition Translation payment reserve reserve earnings Total
reserve reserve reserve equity
GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP
At 1 January
2021 25,022,130 27,237,329 106,148 (3,541,203) (1,308,480) 8,073,596 31,623 - (45,966,347) 9,654,796
Loss for the
financial
year - - - - - - - - (8,173,905) (8,173,905)
Exchange
differences
on translation
of foreign
operations - - - - (36,177) - - - - (36,177)
Transactions
with
owners:
Share based
payments - - - - - 616,423 - - - 616,423
New issue of equity
capital 3,476,364 322,727 - - - - - - (1,349,000) 2,450,091
Costs of new issue
of equity capital - (322,727) - - - - - - (121,581) (444,308)
Fair value loss on
investments - - - - - - - - (584,355) (584,355)
Fair value loss on
share warrants - - - - - - - - (418,068) (418,068)
Settlement of
convertible
loans reserve - - - - - - (31,623) - 31,623 -
Issue of warrants - - - - - - - 1,349,000 - 1,349,000
At 31 December 2021 28,498,494 27,237,329 106,148 (3,541,203) (1,344,657) 8,690,019 - 1,349,000 (56,581,633) 4,413,497
Loss for the
financial
year - - - - - - - - (3,807,431) (3,807,431)
Exchange
differences
on translation
of foreign
operations - - - - 79,104 - - - - 79,104
Transactions with
owners:
Share based
payments - - - - - 159,874 - - - 159,874
New issue of equity
capital 484,182 1,866,727 - - - - - - - 2,350,909
Costs of new issue
of equity capital - (165,679) - - - - - - - (165,679)
Fair value loss on
investments - - - - - - - - (519,977) (519,977)
Fair value loss on
share warrants - - - - - - - - (206,279) (206,279)
Issue of warrants - (150,000) - - - - - 369,359 - 219,359
At 31 December 2022 28,982,676 28,788,377 106,148 (3,541,203) (1,265,553) 8,849,893 - 1,718,359 (61,115,320) 2,523,377
Equity holders of
the parent
company 28,982,676 28,788,377 106,148 (3,541,203) (1,265,553) 8,849,893 - 1,718,359 (61,115,320) 2,523,377
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 DECEMBER 2022
Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Cash flows from operating
activities
Cash used in operations (3,224,906) (5,222,446)
Tax received 879,877 392,217
Interest paid (2,036) (2,943)
Net cash used in operating activities (2,347,065) (4,833,172)
Investing activities
Purchase of property, plant
and equipment (106,009) (50,934)
Interest received 28,585 651
Net cash used in investing activities (77,424) (50,283)
Financing activities
Decrease in bank overdraft - (211)
Loan repayments - (6,028)
Settlements from Sharing Agreement 362,500 328,495
Gross proceeds from issue
of new share capital 2,350,909 3,550,000
Share capital issue costs (165,679) (132,350)
Funds deferred per Sharing
Agreement (1,000,000) (2,200,000)
Interest paid on convertible
loan notes - (121,120)
Convertible loan notes repaid - (716,739)
Net cash generated from financing
activities 1,547,730 702,047
Net increase/(decrease) in cash
and cash equivalents (876,759) (4,181,408)
Cash and cash equivalents
at beginning of year 1,649,374 5,862,057
Effects of exchange rates on
cash and cash equivalents (104,802) (31,275)
Cash and cash equivalents
at end of year (excluding
overdraft) 667,813 1,649,374
1 BASIS OF PREPARATION
The financial information set out in this announcement does not comprise the Group's statutory
accounts as defined in section 434 of the Companies Act 2006 for the year ended 31 December
2022 or 31 December 2021.
The financial information has been extracted from the statutory accounts for the years ended
31 December 2022 and 31 December 2021. The auditors reported on those accounts; their reports
were unqualified and did not contain a statement under either Section 498(2) or Section 498(3)
of the Companies Act 2006 in respect of the years ended 31 December 2022 and 31 December 2021.
For the year ended 31 December 2022 and 31 December 2021 it did include an emphasis of matter
paragraph relating to the carrying value of Parent Company's investment in subsidiaries and
receivables due from group undertakings, and a reference to which the auditor drew attention
by way of emphasis without qualifying their report in respect of going concern.
The Group's statutory accounts for the year ended 31 December 2021 have been delivered to
the Registrar of Companies, whereas those for the year ended 31 December 2022 will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.
The accounting policies are consistent with those applied in the preparation of the statutory
accounts for the year ended 31 December 2021 and interim results for the period ended 30 June
2022, which have been prepared in accordance with International Financial Reporting Standards
('IFRS').
The financial information is for the year ended 31 December 2022 and the comparatives are
for the year ended 31 December 2021.
The Group's statutory accounts incorporate the financial statements of ImmuPharma plc and
other entities controlled by the company ("the subsidiaries"). The control principle in IFRS
10 sets out the following three elements of control: power over the investee; exposure, or
rights, to variable returns from involvement with the investee; and. the ability to use power
over the investee to affect the amount of those returns. The financial statements of these
other entities cease to be included in the Group financial statements from the date that control
ceases.
2. LOSS PER SHARE
- Group Year ended Year ended
31 December 31 December
2022 2021
GBP GBP
Loss
Loss for the purposes of basic loss
per share being net loss after tax
attributable to equity shareholders (3,807,431) (8,173,905)
Number of shares
Weighted average number of ordinary
shares for the purposes of basic earnings
per share 302,912,903 251,164,361
Basic loss per share (1.26)p (3.25)p
Diluted loss per share (1.26)p (3.25)p
There is no difference between basic loss per share and diluted
loss per share as the share options and warrants are anti-dilutive.
3. CASH USED IN OPERATIONS
Group Group Company Company
31 December 31 December 31 December 31 December
2022 2021 2022 2021
GBP GBP GBP GBP
Operating loss (3,028,952) (6,586,955) (1,567,079) (4,260,273)
Depreciation and amortisation 117,563 114,119 4,312 4,459
Profit on sale of
fixed assets 939 - 939 -
Share-based payments 159,874 616,423 129,799 568,157
(Increase)/decrease
in trade and other
receivables (296,384) (265,201) 37,900 (22,880)
(Decrease)/increase
in trade and other
payables (132,392) 896,798 (505,554) 483,767
(Gain)/loss on foreign
exchange (45,554) 2,370 - (7,277)
Cash used in operations (3,224,906) (5,222,446) (1,899,683) (3,234,047)
4. ANNUAL REPORT
The annual report for the year ended 31 December 2022 will be
posted to shareholders shortly, and will be made available on the
Company's website www.immupharma.co.uk .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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END
FR KZGMKLGLGFZM
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