Preliminary Results

8 May 2008 07:00

Immupharma PLC08 May 2008 For immediate release 8 May 2008 ImmuPharma plc PRELIMINARY RESULTS ANNOUNCEMENT for the year ended 31 December 2007 ImmuPharma plc (LSE:IMM), ("ImmuPharma" or the "Company"), the specialistpharmaceutical discovery and development company is pleased to announce itspreliminary results for the year ended 31 December 2007. Key Highlights: • Recruitment of patients well underway with IPP-201101, drug candidate for the treatment of Systemic Lupus Erythematosus, in pivotal Phase IIb trial • Added a novel drug candidate to the pipeline, IPP-204106, for cancer; rights obtained from Centre National de la Recherche Scientifique (CNRS) • Discovery of a new lead candidate for inflammation, IPP-201007 from internal proprietary chemical library • Consolidated cash balance at 31 December 2007 of approx £2.9 million Dimitri Dimitriou, Chief Executive Officer, said: "2007 was an exciting yearfor ImmuPharma with good progress being made through our pipeline, particularlyfor our lead drug candidate IPP-201101 for Lupus and the addition of two newcompounds to our portfolio. We look forward to reporting on further progressthroughout 2008 principally the results of our Phase IIb trial for Lupus." For further information please contact: ImmuPharma plc Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080 Richard Warr, Chairman +44 20 7152 4080 Dr Robert Zimmer, Chief Scientific Officer +33 389 32 76 50 Buchanan Communications +44 20 7466 5000 Lisa Baderoon, Rebecca Skye-Dietrich Panmure Gordon & Co +44 151 243 0963 Andrew Burnett IMMUPHARMA PLC The consolidated results for ImmuPharma and its subsidiaries (collectively the "Group") cover the year ended 31 December 2007. REPORT FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER We are pleased to report our achievements and continued progress during 2007 andare enthusiastic about our plans for 2008. 2007 has been an important year inour corporate history. During our second year as a public company we have madea number of key achievements including the addition of two novel drug candidatesto our portfolio and the continued progress of our most advanced asset indevelopment, our lead candidate for the treatment of Lupus. Following the successful completion of a phase II study in patients sufferingfrom Lupus, where our lead drug candidate (IPP-201101) showed a statisticallysignificant clinical improvement in patients' overall symptoms, ImmuPharma hasinitiated a Phase IIb, double-blind, placebo-controlled trial in 200 patients inEurope and Latin America. The first patients have been dosed and the Companyexpects to report headline efficacy data in summer of 2008. Analysts estimatethat IPP-201101 for the treatment of Lupus has blockbuster sales potential. ImmuPharma was delighted to announce the addition of two novel drug candidatesto our portfolio during 2007. IPP-204106 is a novel drug candidate for cancer,the rights to which have been obtained through the Company's ongoing researchcollaboration with the Centre National de la Recherche Scientifique (CNRS),France's leading scientific research institution. The molecule is a nucleolinantagonist and has a dual mechanism of action, acting both in preventingangiogenesis as well as proliferation. Preclinical data has shown thatnucleolin antagonists inhibit the growth of tumours and metastasis in manycancer types. Following investigation of our proprietary chemical library, ImmuPharma hasdiscovered a new molecular series with potential application in inflammatory/allergic conditions such as asthma and rheumatoid arthritis. These molecules,programme code-named IPP-201007, have utility as selective phospholipase A2subtype inhibitors and are already patented through ImmuPharma's library broadpatent. Summary and Outlook The ImmuPharma business model is to focus on innovative drugs for nichetherapeutic areas with significant sales potential but without the need for alarge commercial infrastructure. In contrast to other types of pharmaceuticaldevelopment, this is characterised by relatively streamlined development costsand timelines. This is evident in our progress so far with IPP-201101 for thetreatment of Lupus. ImmuPharma is in discussions with a number of pharmaceutical companies regardingpotential licensing deals. The Company intends to optimise the value of itsasset portfolio and to maximise the return to its shareholders. The focus for the year ahead will be on the current and next phase of trials forour Lupus compound, IPP-201101; to make progress advancing our other compounds,particularly our new cancer compound, IPP-204106, and to continue in dialoguewith other pharmaceutical companies in respect of potential corporate deals. With a strong team in place to execute these objectives, we believe we are wellpositioned to take the Group forward. The Board of ImmuPharma should like to thank its shareholders for their supportas well as its scientific advisors and the Centre Nationale de la RechercheScientifique in France for their collaboration. REPORT FROM THE CHIEF SCIENTIFIC OFFICER 2007 has been a year of exciting progress and new developments for ImmuPharma.Following the successful Phase II trial in 2006 and further to discussions withthe US Food and Drug Administration (FDA), the first patients have been dosedwith IPP-201101, our lead candidate for the treatment of Lupus, in a pivotalPhase IIb trial. Two new drug candidates have been discovered. The first oneannounced chronologically, IPP-201007, was discovered from our proprietarychemical library and has potential application in inflammatory/allergicconditions. The second, IPP-204106, represents an exciting approach topotentially treating cancer and is a further validation of the value of ourongoing collaboration with the Centre National de la Recherche Scientifique(CNRS), France's leading scientific research institution. Furthermore, generalprogress on our other pipeline assets continues to be made. IPP-201101 Lupus Drug Candidate Following a Phase I study showing IPP-201101 to be generally safe andwell-tolerated and the successful completion of a Phase II study in Lupuspatients which met all of its primary endpoints (p