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LONDON (Alliance News) - ImmuPharma PLC said on Wednesday it continues to progress its lupus treatment Lupuzor, as it saw a widened loss for the first half of 2018 due to higher costs and lower revenue.
The specialist drug development firm reported a pretax loss of GBP4.1 million for the six months to the end of June, widened from GBP3.2 million a year before, largely due to higher research & development, administrative and share-based expenses.
Revenue fell to GBP73,392 from GBP86,504 a prior year.
During the period, ImmuPharma completed the phase three trial for Lupuzor, through a double-blind, randomised, placebo-controlled trial, in which Lupuzor demonstrated a superior response rate over placebo, but statistical significance was not reached, therefore the primary endpoint was not met.
ImmuPharma said it will move forward with a managed access program for Lupuzor, which will allow lupus patients early access to Lupuzor prior to any regulatory filing.
"We were obviously disappointed with the outcome of the phase III trial results but are excited to be progressing the Managed Access Programme with a new strategic partner, which allows lupus patients early access to Lupuzor. In the medium term, we remain focussed on achieving the full regulatory approval of Lupuzor which we believe has the potential to be a ground breaking drug for lupus patients with blockbuster potential in commercial terms," said Chairman Tim McCarthy.
Shares in ImmuPharma were down 2.6% at 13.172 pence on Wednesday.
