ING take 4% stake in ImmuPhar

RNS Number : 0020F

Immupharma PLC

05 January 2010

 



FOR IMMEDIATE RELEASE    5 January 2010

Immupharma plc

ING take 4% stake in ImmuPharma plc 

ImmuPharma plc (LSE:IMM), the specialist discovery and development pharmaceutical company is pleased to announce that ING, Belgium (ING) has taken a 4% stake in the company with the exercise of warrants issued in December 2006.  These warrants were exercised on 24 December 2009.

The warrants were originally issued in December, 2006 when ING agreed to advance €3,000,000 to the Company's wholly owned subsidiary, ImmuPharma France SA, by way of a Bond which was interest free and unsecured. At the same time, ImmuPharma issued warrants whereby ING could subscribe €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 warrants was 62 pence per share. These arrangements were put in place to ensure that the warrants could be exercised to fund the repayment of the Bond as required.

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 issue 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 ImmuPharma by this eminent life science specialist investor underlines their confidence in the future development of the Company.  We are delighted that our continued progress has attracted such prestigious institutional investors as ING." 

Dr. Denis Biju-Duval of ING, 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 years that it was able to deliver excellent progress in term of  clinical results and commercial perspectives on its major compound while strengthening its links with some major research partners as illustrated by the ongoing relationship with CNRS.  ING Belgium will continue to support the strategy pursued in order to create both clear benefits for many ill people and shareholder value in the medium and long term. "

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For further information please contact: 

ImmuPharma PLC	[phone]
Dimitri Dimitriou, Chief Executive Officer  Richard Warr, Chairman  Dr Robert Zimmer, President and Chief Scientific Officer
Buchanan Communications	[phone]
Lisa Baderoon  Catherine Breen
Panmure Gordon & Co (NOMAD and Broker)      Andrew Burnett Rakesh Sharma	[phone]
Noble & Company Limited (Joint Broker)	[phone]
James Bromhead

Notes to Editors

About ImmuPharma PLC

ImmuPharma is a drug discovery and development group with its key operations in London and subsidiaries in Mulhouse, France and Basle, 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. 

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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