Last checked at 7 Mar 2016 15:31
RNS : FOR IMMEDIATE RELEASE | 7 MARCH 2016
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ImmuPharma PLC
TR1 NOTIFICATION OF MAJOR INTEREST BY LANSTEAD
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the specialist drug discovery and development company, confirms that it has received a TR-1 by Lanstead Capital LP ("Lanstead") confirming its increased holding in ImmuPharma to 17,893,456 Ordinary Shares.
This follows on from the announcement on 1 March 2016 that ImmuPharma has received advance assurance from HM Revenue and Customs of EIS and VCT qualifying status and the issue and allotment of 2,856,539 new Ordinary Shares of 10 pence each. ImmuPharma now has a total of 121,781,219 Ordinary Shares of 10 pence each in issue which takes Lanstead's current position in the Company to 14.69%
Full disclosure of the TR1 is shown below:
1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: |
Immupharma plc | ||||||||
2. Reason for the notification (please tick the appropriate box or boxes): | |||||||||
An acquisition or disposal of voting rights |
x | ||||||||
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached | |||||||||
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments | |||||||||
An event changing the breakdown of voting rights | |||||||||
Other (please specify): The placement by ImmuPharma PLC of 2,856,539 new ordinary shares |
x | ||||||||
3. Full name of person(s) subject to the notification obligation: |
Lanstead Capital LP | ||||||||
4. Full name of shareholder(s) (if different from 3.): | |||||||||
5. Date of the transaction and date on which the threshold is crossed or reached: |
4 March 2016 | ||||||||
6. Date on which issuer notified: |
4 March 2016 | ||||||||
7. Threshold(s) that is/are crossed or reached: |
15% | ||||||||
8. Notified details: | |||||||||
A: Voting rights attached to shares | |||||||||
Class/type of shares
if possible using the ISIN CODE | Situation previous to the triggering transaction | Resulting situation after the triggering transaction | |||||||
Number of Shares | Number of Voting Rights | Number of shares | Number of voting rights | % of voting rights | |||||
Direct |
Direct |
Indirect |
Direct |
Indirect | |||||
GB0033711010 |
17,872,341 |
17,872,341 |
17,893,456 |
17,893,456 |
14.69% | ||||
B: Qualifying Financial Instruments | ||||
Resulting situation after the triggering transaction | ||||
Type of financial instrument | Expiration date | Exercise/ Conversion Period | Number of voting rights that may be acquired if the instrument is exercised/ converted. | % of voting rights |
N/A | ||||
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments | ||||||
Resulting situation after the triggering transaction | ||||||
Type of financial instrument |
Exercise price |
Expiration date | Exercise/ Conversion period |
Number of voting rights instrument refers to
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% of voting rights
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N/A | Nominal | Delta | ||||
Total (A+B+C) | |
Number of voting rights | Percentage of voting rights |
17,893,456 |
14.69% |
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: |
N/A |
Proxy Voting: | |
10. Name of the proxy holder: | |
11. Number of voting rights proxy holder will cease to hold: | |
12. Date on which proxy holder will cease to hold voting rights: | |
13. Additional information: | |
14. Contact name: | Lisa De Vargas, Lanstead Partners Limited |
15. Contact telephone number: | +1 (801) 895-3700 |
-Ends-
For further information please contact:
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Notes to Editors
ImmuPharma PLC
ImmuPharma is a pharmaceutical development company listed since 2006 on AIM of the London Stock Exchange (LSE:IMM), focusing on developing novel medicines with high sales potential in specialist markets with serious unmet need. ImmuPharma is led by a commercially focused Board and management team with extensive experience.
ImmuPharma announced on 1 March 2016 the successful completion of a £8.4 million fund raise, comprising a Placing and Subscription together with confirmation of EIS and VCT qualifying status. Monies raised will principally be used to complete the pivotal Phase III trial of Lupuzor™. Following the issue of the New Ordinary Shares referred to above, ImmuPharma will have 121,781,219 ordinary shares of 10 pence each (the "Ordinary Shares") in issue.
LupuzorTM
LupuzorTM (also referred to as forigerimod, rigerimod, IPP-201101 or P140 is ImmuPharma's lead compound and a potential treatment for lupus (or Systemic Lupus Erythematosus), a chronic, potentially life-threatening auto-immune disease. LupuzorTM has a novel mechanism of action aimed at modulating the body's immune system so that it does not attack healthy cells, and avoids causing adverse side effects. It has the potential to halt the progression of the disease in a substantial proportion of patients.
LupuzorTM has been granted Fast Track status by the US FDA and approval to start Phase III under Special Protocol Assessment (SPA). This SPA was subsequently amended due to its strong safety and efficacy profile to allow for a reduced number of patients in the pivotal Phase III trial thereby reducing the projected cost and time of development considerably.
The pivotal Phase III clinical study is entitled "A 52-Week, Randomized, Double-Blind, Parallel-Group, Placebo-Controlled Study to Evaluate the Efficacy and Safety of a 200-mcg Dose of IPP-201101 Plus Standard of Care in Patients With Systemic Lupus Erythematosus". It is a pivotal study designed to demonstrate the safety and efficacy of IPP-201101 and as a last step prior to the filing of the drug for approval with the US Food & Drug Administration ("FDA") and the European Medicines Agency ("EMA"). For more information please visit: www.ClinicalTrials.gov/lupuzor
Commercial Opportunity
There are an estimated five million people globally suffering from Lupus, with approximately 1.5 million patients in the US, Europe and Japan (Source: Lupus Foundation of America). Current 'standard of care' treatments, including steroids and immunosuppressants, can potentially have either serious side effects for patients or limited effectiveness, with over 60% of patients not adequately treated. GSK's Benlysta is the first Lupus drug approved in over 50 years and paves the path to market for Lupuzor™. Based on conservative estimates, and taking into account that Benlysta is priced currently at approximately $35,000 per patient per year, Lupuzor™ would be entering a market with the potential for multi-billion dollar sales. For more information on Lupuzor™ please visit: www.lupuzor.com