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ImmuPharma Secures Financing To Continue Lupuzor Progress (ALLISS)
LONDON (Alliance News) - Drug discovery and development company ImmuPharma PLC on Monday said its registration for Lupuzor has gone live and said it has signed a term sheet to fund the clinical trial of the product.
Lupuzor is ImmuPharma's lupus treatment. The registration for the company on the US National Institutes of Health - ClincialTrials.gov website confirms Lupuzor's phase 3 trial protocol and completion of the study.
In addition, the company has signed a term sheet with a US investor for a proposed private placement to fund the deal. The deal involves the provision of a USD2 million convertible loan and a further USD12 million in additional capital over a two-year period.
ImmuPharma shares were up 9.5% to 45.45 pence on the news, one of the best performers in the AIM All-Share in early trade.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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