Immupharma Regulatory News (IMM)

7 Feb 2007 07:01

Immupharma PLC07 February 2007 FOR IMMEDIATE RELEASE 7 FEBRUARY 2007 ImmuPharma Board Changes ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drugdiscovery and development company, announced today the following changes to itsBoard and a senior management appointment. Douglas Paterson, senior non executive director and chairman of the auditcommittee is stepping down by mutual agreement. Tony Johnson is also stepping down from his non-executive directorship to assumea scientific advisory role for the Company's development and licensing projects.Tony Johnson has over 30 years experience in the pharma sector, most recently asSenior Director, Scientific Licensing at GlaxoSmithKline. ImmuPharma welcomes Dr. Franco Di Muzio, aged 69, as a non executive director.Dr. Di Muzio has 40 years experience in the pharmaceutical and other industries,encompassing international management experience in business development,strategic marketing, international finance, M & A and re-engineering businesses.After graduating in Economics and Business in 1963, Dr Di Muzio worked forColgate Palmolive and Nestle before joining Squibb (now Bristol Myers Squibb)for eight years. Dr Di Muzio became Executive Vice President of BMS' medicalequipment and products division, Weck International Inc., in charge of Europe,Asia, Middle East and Africa. In 1990, he joined Glaxo Wellcome plc. (nowGlaxoSmithKline plc) in London as Area Managing Director and Head of all GW'sbusiness in the Middle East, Africa and Turkey. Following early retirement fromGlaxo Wellcome, in the beginning of 1998, he joined Alza International, the thenworld leader in drug delivery systems, as Managing Director, based in London, incharge of the company's business expansion in all markets outside the US andremained there until the end of 2000. In addition to the above board changes, Tracy Weimar is joining ImmuPharma asVice-President of Operations. She has spent over 8 years at GlaxoSmithKline andher most recent position was Director, Worldwide Business Development where shewas involved in a number of corporate licensing deals. Ms Weimar holds an MBAfrom the London Business School and a BA in Economics from the University ofCalifornia, Berkeley. Ms Weimar has also spent 5 years as tax consultant in amajor accounting firm in the US and the UK. All changes are with immediate effect. There is nothing further to disclose in relation to the appointment of Dr DiMuzio under paragraph (g) of Schedule 2 of the AIM Rules. ImmuPharma's Chairman, Richard Warr, said: "We wish to thank Douglas Patersonfor his support and advice during the formative period for ImmuPharma and wishhim every success in his future endeavours. Similarly we look forward to workingwith Tony Johnson in his new scientific advisory role. ImmuPharma has progressed with the clinical trials of its lead compound forLupus to the point where it is appropriate to plan ahead for the final trials,marketing and likely negotiations with potential licensing partners. Franco diMuzio's experience and relationships will be of invaluable assistance toImmuPharma when addressing these key decisions. Ms Weimar's financial andcommercial experience will augment ImmuPharma's capabilities." For further information please contact: ImmuPharma PLC:Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080Richard Warr, Chairman +44 20 7152 4080Dr Robert Zimmer, President & Chief Scientific Officer + 33 389 32 76 50 Buchanan Communications + 44 20 7466 5000Lisa BaderoonRebecca Skye Dietrich Notes to Editors: About ImmuPharma ImmuPharma PLC is a drug discovery and development company headquartered inLondon, UK and quoted on AIM of the London Stock Exchange (LSE:IMM). It hasresearch operations in France (ImmuPharma (France) SA) and Switzerland(ImmuPharma AG). ImmuPharma is dedicated to the development of novel drugs,largely based on peptide therapeutics, to treat serious medical conditions suchas autoimmune diseases characterised by: * blockbuster potential in niche markets * low promotional costs in few specialised physicians and centres and * lower risk of drug development and lower development costs ImmuPharma is a currently developing drug candidates for three different medicalconditions, each of which would represent a significant breakthrough in itsfield. The furthest advanced drug candidate targets Lupus, a disease for whichthere is currently no cure or specific treatment. The other two address moderateto severe pain (such as that experienced by cancer sufferers and post-operativepatients), and MRSA and similar severe hospital-acquired resistant infections. All three have significant sales potential as well as low marketing costs and arelatively low risk of development failure. One or more have the potential to befast-tracked by the US Food and Drug Administration according to "Guidance forIndustry: Fast Track Drug Development Programs - Designation, Development andApplication Review" issued July 2004 and could therefore obtain their marketauthorization by 2010. Key to the potential success of ImmuPharma is its unique collaborative agreementwith Centre National de la Recherche Scientifique, France's scientific researchinstitution. This agreement grants ImmuPharma worldwide exclusive rights toexploit certain key discoveries. In addition to its three leading drug candidates, ImmuPharma has a drugdevelopment pipeline using its rights to a virtual chemical library of hundredsof thousands of molecules as well as an innovative technology for convertingpeptides to drug candidates. ImmuPharma has the option to commercialise its assets itself or to license themto other pharmaceutical companies at an earlier stage. The products Treatment of Lupus (IPP-201101) This is a long-term treatment for Lupus, a chronic, life-threatening autoimmunedisease where the immune system attacks healthy cells. There is currently nocure and existing medications only treat the symptoms whereas ImmuPharma's drugcandidate has the potential to produce remission of the disease in a substantialproportion of patients. Based on independent forecasts, the value of ImmuPharma's Lupus drug isestimated to be "substantial" with peak annual sales forecast to generate inexcess of $4 billion. Severe pain relief (IPP-102199) ImmuPharma is developing a potential non-addictive compound for relievingmoderate to severe pain, such as experienced by cancer sufferers andpost-surgical patients. Most existing treatments are derived from the opiatemorphine and tend to have serious side effects. ImmuPharma's new treatment isbased on met-enkephalin, the body's internal analgesic. IPP-102199 is beingdeveloped to have major advantages over morphine such as longer pain reliefduration and reduced side effects. The market for chronic opioids in the UScurrently exceeds $3.5 billion and is growing by more than 10 to 20 per cent ayear. Antibiotic for MRSA and similar highly resistant infections (IPP-203101) This is a novel antibiotic to combat MRSA and other severe hospital-acquired,resistant infections which affect some two million people in the US, accordingto the US Centers for Disease Control and Prevention. ImmuPharma's drugcandidate is targeted at disrupting the membrane potential of the bacterialpathogens. It is hoped this novel approach will reduce their potential to becomeresistant. This information is provided by RNS The company news service from the London Stock Exchange