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5 Jan 2010 07:00
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FOR IMMEDIATE RELEASE 5 JanuaryΒ 2010
Immupharma plc
ING take 4% stakeΒ in ImmuPharma plcΒ
ImmuPharma plc (LSE:IMM), the specialist discovery and development pharmaceutical company is pleased to announceΒ that ING, Belgium (ING) has taken a 4% stake in the company with theΒ exercise of warrants issuedΒ in December 2006. These warrants were exercised onΒ 24 December 2009.
The warrants were originally issued in December, 2006Β whenΒ ING agreed to advance β¬3,000,000 to the Company's wholly owned subsidiary, ImmuPharma France SA, by way of a Bond whichΒ was interest free and unsecured. At the same time,Β ImmuPharmaΒ issued warrants whereby ING couldΒ subscribe β¬3,000,000 for 3,245,280 new ImmuPharma plc shares at any time during the three years ending 31 December 2009. At the Euro/Sterling exchange rate when these financing arrangements were agreed, the effective subscription price of the warrantsΒ was 62Β penceΒ per share. These arrangementsΒ were putΒ in place to ensure that theΒ warrantsΒ could beΒ exercised to fund the repayment of the Bond asΒ required.
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ING will have 3,245,280 shares following the exercise. Application has been made to London Stock Exchange plc for the admission of the new ordinary shares to trading on AIM. Following the share issueΒ and a separate, recent exercise of options, ImmuPharma will have 81,091,463 ordinary shares of 10p each in issue.
Richard Warr, Chairman, said: "ING has been a strong supporter of ImmuPharma over the last three years. The acquisition of a 4% stake in ImmuPharmaΒ by this eminent life science specialist investorΒ underlines their confidence in the futureΒ developmentΒ of the Company. We areΒ delighted that ourΒ continuedΒ progressΒ hasΒ attracted suchΒ prestigiousΒ institutional investors as ING."Β
Dr.Β Denis Biju-Duval of ING,Β said: "We have been delighted to be a part of ImmuPharma's progress over the past few years and are pleased to confirm our belief in the Company's future through this shareholding. Immupharma's management team has demonstrated during the last three yearsΒ thatΒ it was able to deliver excellent progress in term of clinical results and commercialΒ perspectives on its major compound while strengthening its links with some major researchΒ partnersΒ as illustrated byΒ the ongoing relationship with CNRS.Β Β INGΒ BelgiumΒ will continue to support the strategy pursued in order to create both clear benefits for many ill people and shareholder valueΒ in the medium and long term.Β "
- Ends -Β Β
For further information please contact:Β
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ImmuPharma PLC |
+44 20 7152 4080 |
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Dimitri Dimitriou, Chief Executive OfficerΒ Richard Warr, ChairmanΒ Dr Robert Zimmer, President and Chief Scientific Officer |
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Buchanan Communications |
+44 20 7466 5000 |
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Lisa BaderoonΒ Catherine Breen |
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PanmureΒ Gordon & Co (NOMAD and Broker) Β Andrew Burnett Rakesh Sharma |
+44 151 243 0963 |
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Noble & Company LimitedΒ (Joint Broker) |
+44 20 7763 2200 |
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James Bromhead |
Notes to Editors
About ImmuPharma PLC
ImmuPharma is a drug discovery and development group with its key operations inΒ LondonΒ and subsidiaries inΒ Mulhouse,Β FranceΒ andΒ Basle,Β Switzerland. The Company aims to develop novel drugs to treat serious medical conditions for which there is a high unmet need. It has five drugs in development to treat 1) Lupus, 2) Cancer, 3) Severe Pain, 4) Highly resistant infections like MRSA and 5) Inflammatory and Allergic disorders.Β
Its lead candidate for the treatment of Lupus, LupuzorTM, a chronic, life-threatening autoimmune disease, was licensed to Cephalon, Inc in a transaction worth up to $500m in milestone payments in addition to significant royalties. $45m in cash has been received to date - $15m in Q4 2008 and $30m post year end in Q1 2009
The Company also has a strong proprietary and collaborative drug development pipeline.
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