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Popeye;

I am inclined not to place too much emphasis on the opinion of the NED. I would only take the opinion of the Exec Directors seriously, especially that of the CSO.

If Seb Goudreau is permitted to share with us the inside negotiations with the scientists of possible partners in large pharma companies, well, then, I would take seriously what he thinks. And only if he believes that a deal is near will I too believe.

Saoirse;

Thanks for your supportive comment this morning to remind us that P140 is a revolutionary platform of drugs capable of changing the treatment of up to 50 autoimmmune diseases and bringing a cure to them.

It is strange that someone like OTM with a shareholding of 1,7million shares in IMM is only aiming for the share price to rise to only 20 - 30p per share for this targeted treatment of the majority autoimmune diseases. Is this not an immense change?

If it is, and IMM's CSO thinks it is, we should be looking for the IMM share price to reach several pounds. Why do OTM's comments not reflect this?

Juxtaposition;

Why do you denigrate Lisa's work? Despite her replying rapidly to enquiries about IMM your reaction is to say we should not place too much importance on her efficiency.

Well, if you were not to receive rapid responses from her, what would be your attitude? Criticism, praise? Your denigration of her efficiency is just silly.

She is in close touch with Immupharma's scientists and thinks highly of them. She is also in close touch with investors. She holds a substantial shareholding in IMM. She is as well informed about IMM's science as anyone of us so my view has been that it makes sense to hold IMM shares just as she does. Directors HAVE TO declare how many of its shares they hold.

Since she invests in IMM, and she knows as much as anyone else about the company, THEN INVEST AS SHE DOES.

Juxtaposition;

You are mistaken if you say that Lisa Baderoon in not on the IMM website as a NED responsible for investor relations. Just have a look again and you will see that she is registered with her own telephone number on the website. Besides that, she does reply to questions on her phone and email.

There seem to be so many points that have to be taken into account when calculating the price of Immupharma.

Whatever way the negotiations go, it seems inevitable that its share price will end up being very high.

Let's hope a large Pharma will pitch up and seal the deal.

ATB.

SYNOOGOLD;

Thanks for your very lucid comment. You may well be correct in predicting that next week's Conference is coming too soon for an offer to be made to IMM.

On the other hand, Seb Goudreau was very confident about the Sept filing of the new patent for P140 and that the largest of the Pharmas are ready to be convinced of the efficacy of the P140 drugs both as a diagnostic tool as well as a Therapeutic one.

During 2025, we received updates on IMM's science discoveries from Seb Goudreau which at one point he described as being too good to be true.

We have not heard much from him since then. Perhaps he has been ultra busy in persuading the top scientists of the largest Pharma Companies that the P140 drugs have an efficacy beyond anything that has gone before and that they are NOT too good to be true and will surely change the treatment of autoimmune diseases.

At the JPM Conference next week, I am looking forward to hearing of one or more deals involving Immupharma and other Pharmas, in which we can expect Seb G. to play a central part. I hope we won't be disappointed.

Onetomany:

I have to concede that your knowledge of the drug platform P140 is much greater than mine, given that you have been posting about it for much longer than me.

I rely much more on the know-how of Immupharma's Chief Scientific Officer, Dr Sebastien Goudreau and his assistant, Dr Laura Mauran-Ambrosino than my own know-how. They have been working on the properties of P140 for over 2 years. They have also worked with Professor Muller who first developed the peptide P140 in her work at the Scientific Research Institute in France.

What is interesting is that Goudreau and Mauran-Ambrosino have made huge developments in the properties on P140 and have shown how it has greater efficacy than the original peptide developed by Professor Muller. Moreover, their work has the properties to diagnose the autoimmune diseases which P140 has the capacity to cure, perhaps because they are using it safely at much higher dosage rates.

So the Sept 2025 patent for P140 is very different to what was tested in the P3 trial that Lupuzor/P140 was subjected to.

While I can understand that you feel very cautious about the prospects of P140, I do believe that Immupharma has moved a long way forward from where it was with the previous P140.

I am truly confused by the huge variations in the SP of Immupharma.

Onetomany has told us that he will be pleased if the SP rises to 20p by this summer, merely three times what it is now.

On the other hand, some investors have estimated that the shares are worth over £100 because of the Therapeutic efficacy of the shares but also because of their Diagnostic properties.

Moreover, the new patent for these drugs applies not only to one autoimmune disease but to as many as 50.

On the 18 December 2025, Professor1 estimated that Immupharma's shares were worth £5 to £7.50 each, way above otm's estimate of 20p. We need to agree a methodology for estimating the market value of Immupharma's shares. It would be useful if not essential for the BOD to advise us on this.

So Professor Zimmer, previously founder and Chairman of Immupharma has sold about half of his shares in Immupharma. Prior to that, he has given up being Chairman of the Board of Immupharma, and his place has, I believe, been taken by Mr Tim McCarthy.

I wonder if the shares Prof. Zimmer has sold have been sold to members of the present Board. It might be quite a good idea, don't you think?

Professor1:

Thanks for your emails on 30/12. They are very informative and paint a very positive picture of the prospects of Immupharma.

Thanks, and a Happy New Year to you and all LTHs.

Nolupus:

I guess I may have jumped the gun re the efficacy of Lupuzor in being able to cure lupus. If so, I apologise. I am not a pharmacist, merely an economist but the more recent research by Dr Goudreau in using much stronger dosage rates of P140/Lupuzor in treating autoimmune diseases including lupus may allow us to say that it is now effective. But Goudreau may not wish to make that claim.

Someone asked today whom do you trust on this bulletin board?

My answer is the scientists who have been carrying out research into P140. Over the years they have been Professor Muller, a Director of the leading French science institute - the National Science Research Institute; Dr Sebastien Goudreau Immupharma's Chief Scientific Officer; and Dr Laura Ambrosino, Dr Goudreau's assistant.

It was Professor Muller whose research identified the peptide which came to be know as P140, and subsequently named Lupuzor which is able to cure lupus.

It was Dr Goudreau who refined this peptide and discovered its method of operation in relation to various autoimmune diseases. He also discovered the method by which it not only cured but also diagnosed one autoimmune disease from another, an astonishing breakthrough. These discoveries are probably still to be confirmed by one or more of the large Pharma companies which are conducting due diligence on Immupharma at this very moment. So it is no surprise that the process of DD is still ongoing.

These scientists have not yet given us a definite date by which the due diligence process will have been completed, but let us believe that it will be completed by the end of this quarter and that if it isn't, we will be kept up to date by Dr Goudreau.

Mardler:

My opinion is that what a person says that matters, not how often.

In fact, people like roger65 and otm who post most frequently are the least convincing while others like Oscar22 and Saoirse12 who develop their arguments with more facts to support them whom I find most convincing.

I would like to receive posts from IMM's senior people like their Chief Scientific Officer, to repeat their case for P140 and to give us an indication of how many large Pharma corporations are doing their due diligence on Immupharma and P140.

Saoirse12: Roger is the most prolific contributor to this BB: 155 up to about one week ago.

Saoirse, I note that you quote from Dr Seb Goudreau, IMM's Chief Scientific Officer who believes that the outstanding scientific discoveries of his team are being examined to one or more of the leading Pharma companies and that a major announcement will be made in Q1 of 2026. He appears to be totally convinced of this.

No mention of Tim despite Roger attributing the above statement to Tim. Why?

Thanks, Mardler, for the link to the Proactive Investors' guide to the pricing of shares, including "unknowns" and thanks also to the others for their advice on the pricing of shares. Very useful advice.

In the last four transactions of today, all were classed as "Unknown" their total reached 3.82 million and the price varied between 6.10p and 6.30p. At these prices they look like Buys. Strange, they are all dated 15 December 2025. Why were they held off until the day after they took place?

There were other "Unknowns" earlier in the day totalling 1.24 million. All carried today's date and amounted to 25%

of "Unknown" transactions, 75% being the share of "Unknown" sales having been recorded in 15 December although they were only recorded just before the end of today's business.

What is going on and are these large transactions being classed as Unknown to hide them as having been Buys?

I can't understand what is going on - can anyone?

Bobsponge: Thanks for your contribution to the debate on the value of IMM's shares. I did not realise how long it could take to agree between Immupharma and the large pharma companies how much one or more of these companies would pay for the right to develop IMM's drugs to the point of commercialisation.

From what you say, it will take a lot of time and a lot of funding to reach an agreement. The funding arriving at Immupharma's doorstep will be a large multiple of what Immupharma has at present.

Bootnk; why do you have to descend to calling Tim a liar? You have no proof of that.

He may feel that he has to be cautious in what he says about a possible deal. But whether that is the case, I really believe that Tim should wait until he has definite information for shareholders. He must let us know the identity of the pharma corporation with whom IMM has got a deal in draft or in final form; and what the terms of the deal are and lets hope that the majority of the payment is in the form of an upfront payment. We don't want another Avion-style deal in which we have not received a penny. And let's get a deal sooner rather later; ie, this month or next. Tim is losing credibility by failing to come up with a definite deal.

Hi Oscar22

Your summary of the interview of Tim with the Proactive interviewer is very clear and helpful.

It's optimistic but I would have more reassurance if Tim was to quote an initial deal with one of the Pharma companies that he and his team have been negotiating with.

It is all very well to say that he is in talks with several of the unnamed big boys on the block but it would be so much more satisfactory if he quoted chapter and verse of an agreement with an actual corporation, and to do so either before the end of December or January 2026.