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Admission of new ordinary shares of £0.01 following share capital reorganisation, was expected to be around Monday 4 July 2022. Market seems to be awaiting to see impact to begin accumulation pre-FDA meeting update.
Hopefully the delay means other news is upcoming
Let’s hope they don’t do a placing atm as the market is shocking, 30-40% discounted placings a regular occurrence on aim, I think Tim should dig deep and really back IMM in the next placing, it would definitely align him with shareholders and focus his mind, atm he gets paid regardless of performance which in any business is never good
Hi Dallo,
I’m also a long term holder, being here topping up for the last four years or so, I trust Immupharma but mainly Avion’s due diligence, investment, vision, recent announcement and efforts put on lupuzor. Yes, the value of our holdings should not be affected as I was informed by Lisa from Immupharma yesterday, just the nominal value for compliance purposes. The current volatility has not helped in the last couple of days but I really hope to see that changing soon…patience. All the best!
Oscar
It has been a long wait ..8 years in my case but stubbornly I kept holding .
Hopefully we will get our reward.
By the way the "new"shares to be listed replace exactly the current shares in issue ...the only change is the nominal value to accord with Companies Act...ie share price of issued shares cannot be below authorised nominal price....purely a regulatory adjustment and will not influence SP on Monday imho.
Hi Dallo,
The day of the meeting with the FDA should be announced shortly so hopefully this is not that far away and that helps the SP to start recovering. I have a similar holding than yours so I perfectly understand you but hopefully we can start seeing some light at the end of the tunnel soon!
Big unwind by short term traders following Monday's
RNS when SP hit 7p briefly.
The realisation that we have another 2 months to wait before the fateful and pivotal FDA Phase 3 decision has driven the short-termers to the sidelines but they will be back in a couple of weeks.
Hang in there and ATB
" Positive discussions with a number of potential commercial partners for Lupuzor™ in key territories outside of the US are continuing"
that is an area where they may get more funding ...via partner deals ....which "could" some sooner rather than later
2021
Research and development expenses of £3.7m
Administrative expenses of £1.0m
·Expected cost savings after corporate reorganisation (commencing from 2022) of approximately £1.1m per annum in committed overheads cost (excluding R&D project cost), a decrease of around 50%, including reduction of costs relating to Board and connected parties of £0.5m per annum
Cash balance at 31 December 2021 of £1.6m (31 December 2020: £5.9m)
Successful subscription and placing, raising in total £3.55m (gross) + 64,545,454 warrants issued under the Subscriptions and Placing - December 2021
whether the FDA happens in August or September doesnt really have bearing on company operating expenditure and nothing will happen until after the main holiday season anyway with the Trial........so I cant see it making much difference ...
even if there was a SP bounce in August with an announcement ..the summer would probably trade it into September when any further information would be provided and cash flows might well hold it back anyway
Any fund raise will not happen until the autumn post holidays but it has always been a distinct possibility so nothing has changed with that respect ......
the 11p shares have 11p warrants and they may have to book a non cash fair value on the warrants
well Tim just handed in his expense bill for the Antlanta trip ...and suddenly the fund raise need has become more urgent lol
Lambo222,
The cash balance as of the 31/12/2021 of 1.6 mill .. OK
The landstead monthly payments have to be added to that Cash figure …
One of those monthly payments ceased this month ,as that plan expired… so we have only one monthly payment left from here on in .
Cash will / should be scarce in the coming months but we will have to see what rabbits are left in Tim’s hat …imo
I have to hold onto the hope that the FDA state 75 days is the maximum period to await a schedule of a meeting. In theory a meeting can be held 1 month after submission of the PK Study. Bearing in mind that the Phase 3 trials were originally hoped to commence in 2021 it is a bit disappointing to say the least. The frustration here is that the Nov '21 Corporate Update stated that other news was expected in H1 2022. For example updates on BioAMB and potential commercial partnering discussions. Similarly updates on whether P140-CIDP moving into a Phase 2/3 adaptive registration clinical trial and again updates on the commercial partnering discussions. I am aware that some LTHs here date back to the start of the last Phase III and Fast Track designation by the FDA in Nov 2011.
They will raise money Dallo, FDA have 75 days to schedule a meeting which takes us until early September, they only had £1.6m left 6 months ago and burn £3,5m a year so it’s clear as day they will do a placing imo. But the amount needed should hopefully be small and supported by Avion so not too concerned about the placing tbh, it’s just a waiting game now, AGM was positive in the main, obviously a little disappointed that the FDA have 75 days to schedule a meeting but we cannot change how slowly the FDA work, more patience required, switch off time for me now and come back in two months when news will be close, GL all
Lambo
The change in the denomination of the authorised share capital is a pure Companies Act requirement following the consistent trading of the issued shares at a price below the nominal price .. ie 6p v 10p.
To accord with the Companies Act the company has now replaced the c285 m 10p nominal shares with c285 million 1p nominal shares which will come into effect next Monday ...each shareholder will effectively now have 1p nominal shares rather than 10p nominal shares.
There should be no change in the SP on Monday following the change nor does it mean an immediate funding raising imho.
I feel they will not issue under the 11p Placing price and are awaiting the FDA decision before raising more funds.
As you say flipper just have to see what the impact is next week, hopefully they can raise without too much of a hefty discount
Tim needs 5o get our money back from Incartha
Mute discussion now RNS has landed. Extract below. Will have to see what the impact on sp will be tomorrow and after the 4th July.
+++++++++++++++++++++++++++
RNS Number : 5391Q
At the AGM held earlier today, shareholders approved a resolution to sub-divide each existing ordinary share of £0.10 nominal value in the capital of the Company ("Existing Ordinary Shares")into one ordinary share of £0.01 each nominal value; and one deferred share of £0.09 each (these deferred shares have no voting rights, and no practical value).
Application has today been made for 284,984,933 ordinary shares of £0.01 ("New Ordinary Shares") to be admitted to trading on AIM. Admission is expected on or around Monday 4 July 2022
They will raise funds, that’s why they have changed the nominal share value at todays AGM from 10p to 1p so they can raise additional funds at levels 1p and above instead of 10p and above, that was the point in making this change, but any fund raise shouldn’t be huge, and btw Lupozor is there only drug, and is the drug used for CIDP trials… surely you know this?
IMM had a fund raise of £3.55m back late December 2021. The end of year result left as at 31st Dec 2021 was £1.6m. The question is was the £3.55m came after the £1.6m result which would mean £1.6m + £3.55m or the £3.55m has already factored in which would now be £1.6m is what left.
For the sake of argument, let just say it is exacting what is left £1.6m. If IMM is burning through £3.5m a year as someone said on this board and we are now half year 2022 then IMM is almost literally bankrupt right now. If your going to fund raise you don't wait until your down to your last pennies.
So why haven't IMM done so?
I'm not saying they won't. They may will do it in the next few days or weeks.
Alternately of course, is the licencing deal they are working on, on their CIDP. Normally for a drug awarded with a orphan drug designation depending on indication and is phase 3 ready, can command an upfront payment of $50m to $300m and royalty of 35% to 50% on sales. I'm not saying IMM will get that. After what happened to IMM's Lupuzor on their first phase 3 trial potential partners will be weary offering anything near that and according to IMM there two remaining suitors currently in discussions. If this was IMM (CIDP) first drug phase 3 ready (let say they never had Lupuzor) then this is the licencing sum I would expect.
As for fund raising, I expect they are holding out because of the CIDP deal and it will not be needed. But if they do fund raise it because the deal have not concluded in the timescale they hoped for and will do so to tie them up until it does.