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12:02:22 a buy

I share roger65's concerns about Avion.

They have an agreement for p140 that covers all autoimmune indications for the US region. US is the biggest market for pharmaceuticals and no big pharma is likely to sign a major deal without the US. Imo, Avion have IMM over a barrel.

Of the 3 deal options put forward at 17:39 I am expecting, in the first instance, a type A. It will be with Avion and only for the diagnostic capability. However, if p140 plus diagnostics is as good as Tim and his scientists claim then there is the possibility of a big B!!

Prof1,

Like you, I believe that Avion has a pivotal role to play in taking p140 through to commercialisation. I would go so far as to postulate that a reason for the delay in announcing any licence agreement beyond 31st Dec 2025 could well be due to ongoing discussions/negotiations with Avion as to the future of their agreement announced 28th Nov 2019.

I do though disagree with you on who might hold the strongest hand.

- Lupuzor was a brand name given to p140 with SLE/lupus being the target market at the time. Strip away the brand and you still have p140. The difference today is that following intensive research subsequent to the original Ph3 failure, further capabilities of p140 have been identified. We have a greatly enhanced version as a result but we still have the p140 peptide as the foundation

- the agreement of 2019 states that, "Avion also has the rights, for the US, to explore further opportunities within Lupuzor™'s peptide platform for other auto-immune indications outside of lupus" In short, I believe that gives them the right to p140 covering the 50 autoimmune indications announced earlier this year.

- the Avion agreement ties them into paying for and managing a new Ph3 trial for p140 and lupus. That is long overdue and I would suggest could be due to ongoing discussions around the use of the diagnostic capabilities. Why would any organisation start a trial when with diagnostics they could profile participantsbeforehand and by so doing almost guarantee a successful trial?

- the major issue I would suspect is that the original Avion agreement is, "Avion will commercialise Lupuzor™ exclusively for the US." Still working on the basis that Lupuzor = p140, then what big pharma would want to licence p140 if they did not have access to the US market?

I'm sticking with my opinion that the licence agreement has been delayed into 2026 through a combination of ongoing discussions with Avion and the need to satisfy the demands of any interested party wanting access to the largest market for autoimmune treatments and accompanying diagnostic capability.

We shal see in due course!

Shychap,

For what it's worth, in preparation for the SBTX AGM.

I'm a LTH in IMM and similar concerns have been raised about their CEO to those being discussed on this board about SA. Principle difference being that they have been an issue over a significantly longer period!

I attended the AGM in June of this year along with 4 other PIs. Structure the same as for SBTX - sign off the following resolutions!

As a group, all strangers at that point, we said we didn't know sufficient about company progress at that point to be able to vote and that we wanted a discussion beforehand. Apart from the board, those present included their lead scientists who were responsible for the analysis effort that resulted in ground breaking results earlier this year.

The CEO was happy to agree (probably had no option) and the net result was a very insightful discussion that lasted for well over an hour. It was open and frank although clearly nothing discussed that could be interpreted as market sensitive. Most importantly and perhaps of most importance to the SBTX meeting it was measured in tone and not threatening in any way

Errors:

Should be in bold, "{to explore further opportunities within Lupuzor™'s peptide platform for other auto-immune indications outside of lupus{"

Probably guessed it!! - My opinion and I'm not a......scientist

Much recent debate about deal being to licence p140 or a full blown IMM acquisition. One part that has been overlooked in discussion and which, imo, has an important role to play is that of Avion. They are still here but in capacity unknown.

I’ve been back through RNSs relating to Avion starting with the trial failure RNS of 17/04/2018 (time flies when you’re enjoying yourself!!).

First, consider the difference between Lupuzor and p140. Lupuzor was nothing more than a branding of the peptide p140 as, at the time, it was being targetted primarily at SLE (lupus). I believe this was a commercial decision as, surely, CNRS, in their research, would have observed some efficacious effect with other autoimmune indications?

Lupuzor and p140 appeared jointly and separately in many RNs subsequent to 17/04/2018 but was then dropped following the RNS of 02/04/2024 when the new IP strategy was initiated. In short, Lupuzor was/is p140 without the enhancements and diagnostic capability announced in the RNSs of 09/01/2025 and 13/03/2025.

The RNS of 28/11/2019 announced the Lupuzor licence agreement with Avion from which the following, “ImmuPharma will also receive $5 million for each additional approval, other than lupus, as Avion also has the rights, for the US, {to explore further opportunities within Lupuzor™'s peptide platform for other auto-immune indications outside of lupus{.” Note the final words which I’ve highlighted. The peptide platform referenced is p140.

Also in this RNS, a new lupus trial was targetted to commence in 2020. After much interaction with the FDA, this was then updated in 09/02/2021 advising an international Ph3 trial would commence in H2 2021. Further to more interaction with the FDA on drug and trial details, the RNS of 19/06/2023 then confirmed a Ph2/3 adaptive trial would start in H2 2023. The delays were not down to subterfuge on the part of IMM, as some would suggest, but purely the time needed to respond to and reshape trial parameters to meet FDA demands. Since then.......silence! Why?

The RNSs announcing the wider application of p140 in autoimmune diseases and of the diagnostic capability came little more than 18 months after the last RNS relating to the Avion Ph2/3 trial. The further research into p140 following 2018’s failure would have been well advanced by then and I am certain that Avion would have been made aware of these developments. What would you have done with that knowledge??

One of the major reasons for the 2018 failure was down to participant profiling and the inclusion of individuals who were never going to respond positively to p140. Using the new diagnostic capability to profile participants, a trial success is all but guaranteed. Why would Avion start a trial when they may well have known about the reduced risk from using the p140 diagnostics to profile participants? Is this the reason for the silence as they renegotiate their agreement with IMM?

My opinion and I'm not a

OSD,

End of year, as communicated directly to attendees at this year's AGM, is 31st December 2025. Clearly need to factor in Christmas break etc. but IMM have a further 6 weeks from today to close out/announce a deal

Aquae,

Many thanks for the quality research. Interesting times ahead for shareholders.

Toyin, exactly.

They should also be embedding influencers as part of a campaign on any of the platforms you have highlighted. It's not exactly rocket science!

Thanks shy,

The choice of wording caused me much amusement! 'we have worked tirelessly' That's the wording used by the police when they're searching for a missing person who is then eventually found by the general public!!

Regarding the use of LinkedIn for a well overdue communication, I'm far from sure that it is the logical platform. The acne product will be targeted at and bought by youngsters, most likely teens. They don't use LinkedIn!

Lord,

The redaction by LSE is yet another demonstration of our pathetic, increasingly woke world. I was only trying to be humorous with a play on OSD's use of the word 'MEMBER'. The word I used was a male chicken - ****y! Now who or what decides that should be redacted. So sad!

No idea what happened there but you need to insert caps where you think they're missing. Also ****y is first para would read better as 'cheeky' Thanks LSE!

osd, depending on what you mean by 'member' and i can think of a number of interpretations but assuming it's positive then i'm going to be thoroughly '****y' and put my own name forward!

last night i opened the 'can of worms' (roger65, yesterday 21:34) about lupuzor v p140 and what avion had or had not licensed.(19:20 and 20:47) result has been an excellent debate throughout the day with much knowledge being shared and sensible, intelligent exchanges. to me, and i expect many others, this is what a bb is all about rather than the more common and very dull ramping/deramping and sniping that is prevalent. i've certainly benefitted today and i hope others have done so too.

we have, potentially, another 2 months before news hits the streets about a deal/s. although i do expect something pre christmas as i'm sure father tim will want to focus on his own festive celebrations and with good reason. what other topics relating to imm are worthy of intelligent debate. suggestions on a postcard to osd.

for example, avion has some interest in parkinson's disease. pd is generally seen as a neurological disease. however, growing evidence over recent years has suggested that a cause of pd is immune dysfunction and, as such, it could be considered an autoimmune disease. there are some 10 million sufferers worldwide today of which some 1.2 million can be found in the us. this number is growing due to an aging population. it is, though, believed that the number of sufferers could be significantly higher due to misdiagnosis. could the new, additional benefits of p140 therefore be of interest to avion and parent, alora pharma? discuss!!!!

Roger65 - Avion are only in possession of rights to Lupuzor in the US. They are not, as far as I am aware, in possession of rights to p140. If the original agreement has been updated or changed in any way then IMM would have been duty bound to release an RNS and update the market. Nothing has happened which is why I believe (speculation only!!) that Avion and IMM are working to update the original licence agreement in order to access to p140

j.kemp - Lupuzor is NOT p 140 and p140 is certainly not Lupuzor. They may both be based on the same peptide but that is where the similarity ends. Chalk and cheese! Checkout the RNS 1st September 2025 announcing patent filing which details the newly discovered capabilities of p140. Then read up on historic Lupuzor material and I guarantee you will find no reference to any items found in September's filing.

Lupuzor was the initial release of p140. It is Lupuzor that has been licensed by Avion, Nov 2019, with a licence agreement that included costs for the second Phase 3 trial supposedly designed to overcome issues identified with the first which failed in April 2018. Worth noting that failure in 2018 was primarily due to a poorly designed trial including participant profiling. See RNS 6th Feb 2020 for latest on Avion agreement

As a result of the intensive work over recent years by IMM Bordeaux, p140 is now believed to provide much broader immunotherapy coverage including diagnostics and is a significant development over Lupuzor. IMM have now dropped the name Lupuzor and only refer to their peptide as p140

Now what are the implications for Avion and their original licence agreement? Continuing with Lupuzor would be a complete waste of resources given there is now a vastly improved variant available. Do Avion walk away, take legal action against IMM or renegotiate terms? Pure hypothesis on my part, but the silence of both parties over a protracted period is, I believe, due to a renegotiation of the Avion licence agreement such that it will now cover the revised and updated p140. To me it makes total sense. In fact, I'll go as far as to suggest that one of the deals that have been referenced by Captain Tim could in fact be a significantly larger agreement with Avion.

Pure speculation!!

OSD - as always you speak the truth and I bow to your superior interpretation and presentation. However, whilst bending the knee before taking a heavy load is a truism oft overlooked and which potentially can result in severe damage , in the case of LTHs invested herein bending the knee in anticipation/expectation would have been a postural position practiced over many years resulting, for the faithful, in both physical and financial damage.

Yes, the expectation and anticipation is well founded based on the much repeated, clear and (hopefully!!) honest words of Father Tim but the bended knee will happen as a reaction to the shock of the sudden and significant increase in the weight of our holdings in IMM. May the RNS be fulsome in its promise!

"Why the knee?" OSD 09:13

When the patron saint of RNSs steps out of the shadows proudly holding aloft a parchment entitled 'p140 contract' then indeed we will be bent at the knee, loaded but joyful, by the weight of the bountiful and rapid rerating of our IMM shares.

Bonneville

You have the wrong 2 months!!

He has clearly stated on numerous occasions patent filing and deal(s) by year end 2025. Patent filing done. There are still 2 months until the end of the year for a deal(s) to close. Patience!!!

VikR

Good list and couldn't be clearer

Worth adding that the June AGM audience included PIs, IIs, Nomad, IMM Directors and Employees. Probably not the best group to attempt pulling wool over collective eyes!!

No hay nada! Has Tom got lost in India trying to sell Bleepa or just sitting in his armchair watching daytime TV and dreaming about what might be? High expectations a few months ago well and truly dashed