Immupharma Regulatory News (IMM)

ImmuPharma PLC

AVIVA LEAD INVESTOR IN £3.4 MILLION FUND RAISING TO SUPPORT

LUPUZORTM PIVOTAL PHASE III PROGRESS

ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug discovery and development company, announces that it has conditionally, raised approximately £3.4 million. This is principally from ImmuPharma's long standing shareholder Aviva Investors through a placing of 6,340,000 new ordinary shares of 10p each in the Company, at a price of 53 pence per share, approximately 3.9% per cent. premium to Monday's closing price.

Funds raised will be used to support ImmuPharma's pivotal Phase III clinical trial for LupuzorTM, the Company's lead candidate for the treatment of lupus, a potentially life threatening auto-immune disease.

The placement of shares is conditional on the admission of the new ordinary shares to trading on AIM. Application will be made to the London Stock Exchange plc for the admission of the new ordinary shares to trading on AIM. It is expected that admission of the new ordinary shares will become effective and dealings will commence on AIM at 8:00 am on 23 October 2014. The new ordinary shares will, when issued, rank pari passu with the existing ordinary shares of the Company.

Following the share issue referred to above, ImmuPharma will have 88,622,463 ordinary shares of 10p in issue. No ordinary shares are held in treasury. Shareholders may use the above figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under section 5 of the FSA's Disclosure and Transparency Rules.

Commenting on the announcement, Richard Warr, Chairman said: 

"We are delighted with the additional investment in ImmuPharma by Aviva and a small number of key investors. This is a significant boost to our plans to support LupuzorTM through its pivotal Phase III development."

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Principal terms of the Placing

The Board of ImmuPharma announces today a conditional placing 6,340,000 new ordinary shares of 10p in the Company at 53 pence per share to raise approximately £3.4 millionbefore expenses (the "Placing").

The shares being issued pursuant to the Placing represent approximately 7.2 per cent. of the existing share capital. The Placing Price of 53 pence per share represents a 3.9 per cent. premium to the closing mid-market price of a ImmuPharma ordinary share on 20 October 2014.

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 10 pence each in the Company ("Ordinary Shares"), including the right to receive all dividends and other distributions declared, made or paid in respect of such shares after the date of issue of the Placing Shares.

The Placing has not been underwritten and is conditional upon, amongst other things, admission of the Placing Shares to trading on AIM at the London Stock Exchange, becoming effective ("Admission"), settlement by the placees.

The trade date for the Placing will be 21 October 2014 and settlement for the Placing Shares as well as Admission is expected to take place on 23 October 2014.

Each Placee's allocation will be confirmed to Placees orally following the publication of this announcement and a trade confirmation will be dispatched as soon as possible thereafter. That oral confirmation shall constitute an irrevocable legally binding commitment upon such person (who will at that point become a Placee) in favour of the Panmure Gordon and the Company under which it agrees to subscribe for the number of Placing Shares allocated to it at the Placing Price on the terms and conditions set out in this Appendix and in accordance with the Company's Articles of Association.