ImmuPharma's patient approach disappoints

21st May 2014 13:14

Losses from AIM-listed biotech ImmuPharma were less than expected, with the company working hard to commercialise its Lupuzor lupus treatment via phase III clinical trials and new potential partners. Lupuzor has received approval from the US Food and Drug Administration (FDA) to start late-stage trials, with a phase III trial likely to start in the second half 2014.The company remains in discussions with contract research organisations and alternative financing organisations for the programme, in order to retain rights until commercialisation. Current cash levels, with £5.4m in the coffers at year-end, are enough to last for another 18 months.Chief Executive Dimitri Dimitriou said: "The £50m equity finance facility secured from Darwin Strategic has been a key development, providing additional strength for the company and the future advancement of Lupuzor." He also said the Nucant programme tested in cancer patients continued to progress, with more information on its novel potential uses expected during 2014. Analysts at broker Panmure Gordon said: "We believe investors should be patient and expect significant share price volatility in the coming weeks but, ultimately, from a purist valuation point of view, ImmuPharma shares are worth significantly more than the current share price."Shares in the company were down 8.2% to 44.5p at 13:30 on Wednesday.OH