(Alliance News) - ImmuPharma PLC on Monday noted updates on Incanthera PLC's commercial skincare deal with Marionnaud, which was first announced in December 2023.
Shares in ImmuPharma were up 42% at 2.74 pence each in London on Monday midday, while Incanthera shares were trading 84% higher at 17.00p each.
ImmuPharma is a London-based drug discovery and development company. It holds a 10.8% stake in Manchester-based oncology and dermatology treatments manufacturer, Incanthera.
Incanthera on Monday announced that the first order from Marionnaud has now doubled to 50,000 units due to the strong demand anticipated by Marionnaud's management.
The first order, which is on track to be delivered during the second quarter of 2024, will generate around GBP2 million in revenue for Incanthera.
ImmuPharma Chief Operating Officer Tim Franklin comments: "As a major shareholder in Incanthera, we are delighted with this further progress and in particular Incanthera's revenue momentum and move into profitability. This highlights the strong financial asset we have in Incanthera and the enormous opportunities within the company's revolutionary skincare range and its partnership with Marionnaud."
Back in December, Incanthera's Swiss subsidiary Skin & Cell AG signed a deal with Marionnaud, which is part of the AS Watson Group, to make the skincare brand available exclusively initially in Marionnaud's stores in Switzerland and Austria from the second quarter of 2024.
By Sabrina Penty, Alliance News reporter
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Immupharma (IMM)