Interim Results

Immupharma PLC
28 September 2007


For Immediate Release                                         28 September 2007



                                 ImmuPharma PLC


                          INTERIM RESULTS ANNOUNCEMENT

                      For the six month ended 30 June 2007


ImmuPharma plc (LSE:IMM), the specialist pharmaceutical discovery and
development company is pleased to announce its interim results for the six
months ended 30 June 2007.



INTERIM HIGHLIGHTS



   • Submitted file to the FDA for phase II / III programme for lead drug for
     Lupus
   • Discovered new lead drug candidate for inflammation
   • Continued development progress of other R&D assets
   • Appointed two board members with pharma industry experience
   • Appointed Teather & Greenwood (now Landsbanki) as nominated adviser and
     broker while retaining Dawnay, Day Corporate Finance as joint financial
     adviser
   • Cash and cash equivalents at 30th June 2007 were £4,826,994, compared to
     £6,459,918 at 31st December 2006.



On outlook, Dimitri Dimitriou, Chief Executive Officer, said:


'The focus of the Group continues to be on the progression of its lead drug
candidates and discovery pipeline. ImmuPharma is in discussions with a number of
large pharmaceutical and biotech companies for potential collaborations whilst
also considering the option of further progressing the development of some of
its assets independently.'



For further information please contact:

ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive                     [phone]
Officer
Dr Robert Zimmer, President & Chief                   + 33 389 32 76 50
Scientific Officer
Richard Warr, Chairman                                 [phone]

Buchanan Communications                               + 44 20 7466 5000
Lisa Baderoon
Rebecca Skye Dietrich

Landsbanki Securities (UK) Limited
Thilo Hoffmann                                         [phone]



Statement from the Chairman, Chief Executive Officer

and Chief Scientific Officer


In the first six months of 2007, we have continued to progress our key
development assets and have discovered a new series of lead drug candidates for
inflammation. In parallel, we have strengthened the management team with the
appointment of Ms Tracy Weimar (former Director of Business Development at
GlaxoSmithKline) as Vice President of Operations and also appointed to the Board
Dr Franco Di Muzio, former Glaxo senior executive and Dr Ajay Agrawal with 20
years' experience in the biotech and pharmaceutical industry.


Our pipeline now includes 4 drug candidates, the most advanced one for Systemic
Lupus Erythematosus having completed a phase II study and the 3 others in
preclinical development - one for moderate to severe pain, one for serious
hospital infections and one for inflammatory disorders. In addition to our lead
compounds, our long-term pipeline includes a patented chemical library of over
300,000 small molecules and a technology for converting small peptides to drugs
that can be applied to generate more compounds for the Company.


IPP-201101, treatment of Lupus


Following the successful completion of a Phase II study in the last quarter of
2006, an IND (Investigational New Drug) was submitted to the US Food and Drug
Administration (FDA) for the initiation of a Phase II/III development program.


ImmuPharma believes that IPP-201101, which was developed through its
collaboration with CNRS, has the potential to be a novel first-line drug therapy
for the treatment of Lupus by specifically modulating the immune system and
halting disease progression in a substantial proportion of patients. IPP-201101
has a unique mechanism of action that modulates the activity of the CD4+ cells
which are involved in the cell-mediated immune response which leads to the Lupus
disease.


Estimates of the size of the market opportunity for the treatment of Lupus vary,
but analysts estimate that, assuming launch in 2010, IPP-201101 could generate
peak annual sales of between $1 billion and $6 billion.


IPP-201007, treatment of inflammation


Arising from research activities on its proprietary chemical library, ImmuPharma
has discovered several new lead drug candidates in the form of a new molecular
series with potential application in inflammatory/allergic conditions such as
asthma and rheumatoid arthritis. These molecules, in the programme code-named
IPP-201007, have utility as selective phospholipase A2 subtype inhibitors and
are already patented through ImmuPharma's library broad patent.


IPP-102199, treatment of moderate and severe pain


Progress continues to be made on IPP-102199, ImmuPharma's lead drug candidate
for the treatment of moderate and severe pain, which is being developed as a
potential morphine replacement. Its advantages may include longer pain relief
and reduced opioid side effects such as respiratory depression and dependency.



IPP-203101, treatment of MRSA and other hospital-acquired infections


Progress also continues to be made on IPP-203101, ImmuPharma's lead drug
candidate for the treatment of MRSA and other hospital-acquired infections.
ImmuPharma, in conjunction with CNRS, has discovered a novel class of
antibiotics that can kill bacteria by disrupting their membranes with small
electrical charges. The potential for IPP-203101 therefore exists due to its
unusual mechanism of action to work even in cases of bacterial resistance to
other antibiotics.


The Discovery Pipeline


In addition to these lead drug candidates, ImmuPharma has a promising
proprietary discovery engine that would augment the Company's long-term
capabilities to sustain the generation of further novel compounds that either
fit with ImmuPharma's strategic focus for internal development or allow
out-licensing opportunities.


During 2007, ImmuPharma has discovered the new lead candidates for inflammation,
IPP-201007, from these research activities.



CORPORATE HIGHLIGHTS


In the first half of 2007, ImmuPharma appointed Tracy Weimar as Vice-President
of Operations. Her most recent position was Director, Worldwide Business
Development at GlaxoSmithKline where she was involved in a number of corporate
licensing deals. Ms Weimar holds an MBA from the London Business School and a BA
in Economics from the University of California, Berkeley. Ms Weimar has also
spent 5 years as tax consultant in a major accounting firm in the US and the UK.
Since joining the Company, Ms Weimar has also been appointed Company Secretary
and assumed responsibility for finance from Mr Walker Taylor who stepped down
from the Board but remains an employee of the Company.


The Company also made two board appointments - Dr. Franco Di Muzio and Dr Ajay
Agrawal joined as non-executive Directors to replace Mr Douglas Paterson and Mr
Tony Johnson (who is now involved with the company in a scientific capacity).


Dr. Di Muzio has 40 years experience in the pharmaceutical and other industries,
encompassing international management experience in business development,
strategic marketing, international finance, and M&A. After graduating in
Economics and Business in 1963, Dr Di Muzio worked for Colgate Palmolive and
Nestle before becoming Executive Vice President of Bristol Myers Squibb's
medical equipment and products division, Weck International Inc., in charge of
Europe, Asia, Middle East and Africa. In 1990, he joined Glaxo Wellcome plc (now
GlaxoSmithKline plc) in London as Area Managing Director and Head of all GW's
business in the Middle East, Africa and Turkey. Following early retirement from
Glaxo Wellcome, in the beginning of 1998, he joined Alza International, the then
world leader in drug delivery systems, as Managing Director, based in London, in
charge of the Company's business expansion in all markets outside the US and
remained there until the company's acquisition by Johnson & Johnson in 2000.



Dr Agrawal has almost 20 years' experience in the biotech and pharmaceutical
industry worldwide. He was a founder of polyMASC Pharmaceuticals plc, London in
1995, the first UK biotech company, derived from a university that was directly
listed on AIM, raising approximately $40 million in 1995, and subsequently
merged with a NASDAQ-listed company, Valentis Inc (USA) in 1999 to become one of
the biggest companies in the delivery of biologics at that time.


He currently sits on the editorial advisory board of three international trade
journals



FINANCIAL HIGHLIGHTS


Our financial results are in line with expectations and show our focused level
of activity in developing our key assets.


The Group has adopted International Financial Reporting Standards as its
accounting basis.


ImmuPharma's drug candidates are not yet marketed and therefore the Group does
not have revenues yet. Our financial results reflect the activities of the
Company undertaken for the development of our potential products. The loss of
the Group for the six months was £1,539,057. Basic and diluted loss per share
were 2.25p. No interim dividend is proposed.


The operating loss was £1,633,440. It represents principally the employment cost
and overhead of maintaining the Group, together with expenditure on research
carried out by Contract Research Organisations.


Cash and cash equivalents at 30th June 2007 were £4,826,994, compared to
£6,459,918 at 31st December 2006.



OUTLOOK


The focus of the Group continues to be on the progression of its lead drug
candidates and discovery pipeline. ImmuPharma is in discussions with a number of
large pharmaceutical and biotech companies for potential collaborations whilst
also considering the option of further progressing the development of some of
its assets independently.




Richard Warr, MA, Chairman

Dimitri Dimitriou, MSc, Chief Executive Officer

Dr Robert Zimmer, MD, PhD, President and Chief Scientific Officer





For company information, visit www.immupharma.com


Independent Review Report to ImmuPharma plc

We have been instructed by the Company to review the financial information for
the six months ended 30 June 2007 which comprises the Consolidated Income
Statement, the Consolidated Statement of Recognised Income and Expense, the
Consolidated Balance Sheet, the Consolidated Cash Flow Statement, and the
related notes 1 to 10. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the AIM Rules of
the London Stock Exchange. Our review has been undertaken so that we might state
to the Company those matters we are required to state to it in this report and
for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company for our review work,
for this report or for the conclusions we have reached.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the AIM
Rules of the London Stock Exchange which require that the accounting policies
and presentation applied to the interim figures should be consistent with those
applied in preparing the preceding annual accounts except where any changes, and
the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of Group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Auditing Standards (UK and Ireland)
and therefore provides a lower level of assurance than an audit. Accordingly, we
do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2007.



Nexia Smith & Williamson 25 Moorgate
Chartered Accountants London
Registered Auditors EC2R 6AY
2007




ImmuPharma plc


CONSOLIDATED INCOME STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2007



                                         6 months       9 months       3 months
                                            ended       ended 31          ended
                                                        December
                                          30 June                       30 June
                                Note         2007           2006           2006
                                                £              £              £
Continuing operations
Revenue                                    26,366         44,818          1,782
Research and development                (790,661)      (568,139)      (227,371)
expenses
Administrative expenses                 (869,145)    (1,447,998)      (125,348)

Operating loss                        (1,633,440)    (1,971,319)      (350,937)

Finance costs                             (8,723)        (7,739)        (1,738)
Investment revenues                       103,239         64,307         27,563

Loss before taxation                  (1,538,924)    (1,914,751)      (325,112)

Tax                                         (132)         54,713            214

Loss for the period                   (1,539,057)    (1,860,038)      (324,898)


Loss per ordinary share

Basic and diluted                 6       (2.25)p        (2.72)p        (0.48)p



ImmuPharma plc


CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2007



                                      6 months      9 months     3 months
                                         ended      ended 31        ended
                                                    December
                                       30 June                    30 June
                                                        2006
                                          2007                       2006
                                             £             £            £

Exchange differences on
translation of foreign operations  (112)             (4,143)   (9,770)
Loss for the financial period      (1,539,057)   (1,860,038)    (324,898)

Total recognised income and        (1,539,169)           (1,    (334,668)
expense for the period                              864,181)

Attributable to:
Equity holders of the parent       (1,539,169)   (1,864,181)    (334,668)
company



ImmuPharma plc


CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2007



                                        30 June   31 December       30 June
                                           2007                        2006
                             Notes                       2006
                                              £             £             £
Non-current assets
Property, plant and                      15,628        11,503        14,100
equipment
Intangible assets                       737,250       748,878       758,460

Total non-current assets                752,878       760,381       772,560

Current assets
Trade and other receivables             110,463       103,801        97,702
Cash and cash equivalents             4,826,994     6,459,918     2,409,915

Total current assets                  4,937,457     6,563,719     2,507,617

Current liabilities
Financial liabilities -                 212,855       192,987       528,284
borrowings and grants
Trade and other payables                565,213       747,615       499,594
Provisions                              104,915        94,218             -

Total current liabilities               882,983     1,034,820     1,027,878

Net current assets                    4,054,474     5,528,899     1,479,739

Non-current liabilities
Financial liabilities -                 369,959       403,634        82,987
borrowings

Net assets                            4,437,393     5,885,646     2,169,312

EQUITY
Ordinary shares                7      7,277,615     7,277,615     6,813,815
Share premium                  7      3,558,340     3,558,340     1,607,990
Merger reserve                 7        106,148       106,148       106,148
Other reserves                 7      (622,837)     (713,641)   (3,550,965)
Retained earnings              7    (5,881,873)   (4,342,816)   (2,807,676)

Total equity                          4,437,393     5,885,646     2,169,312





ImmuPharma plc


CONSOLIDATED CASH FLOW STATEMENT

FOR THE PERIOD ENDED 30 JUNE 2007

                              Notes      6 months       9 months        3 months
                                            ended       ended 31           ended
                                                        December
                                     30 June 2007                   30 June 2006
                                                            2006
                                                £              £               £
Cash flows from operating
activities
Cash used in operations         8     (1,707,156)    (1,236,598)       (627,510)
Tax                                         (132)              -               -
Interest paid                             (8,723)        (7,739)         (1,738)

Net cash used in operating            (1,716,011)    (1,244,337)       (629,248)
activities

Investing activities
Purchase of property, plant               (6,344)        (2,389)         (3,642)
and equipment
Acquisition of intangibles                      -              -         (1,514)
assets
Interest received                         103,239         64,307          27,563
Tax received                                    -              -             214

Net cash from investing                    96,895         61,918          22,621
activities

Financing activities
Net proceeds from share                         -      2,609,150               -
issues
(Decrease)/increase in bank                  (24)          2,556             327
overdraft
New loans                                 100,000        384,754         333,085
Loan repayments                         (113,784)       (68,586)               -
Equity shares to be issued                      -      2,021,563               -

Net cash (used in)/from                  (13,808)      4,949,437         333,412
financing activities

Net (decrease)/increase in
cash and cash equivalents             (1,632,924)      3,767,018       (273,215)

Cash and cash equivalents at            6,459,918      2,692,900       2,692,900
start of period
                                                               

Effect of foreign exchange                      -              -         (9,770)
rate changes

Cash and cash equivalents at            4,826,994      6,459,918       2,409,915                
end of period
                                                       



ImmuPharma plc


NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007


1 The financial information set out in this interim statement has been prepared
under International Financial Reporting Standards (IFRS) on the basis of the
accounting policies set out in the statutory accounts of ImmuPharma plc for the
period ended 31 December 2006. This interim statement has not been audited but
has been reviewed by the Company's auditors, Nexia Smith & Williamson.


2 The financial information does not constitute statutory accounts within the
meaning of Section 240 of the Companies Act 1985. Statutory accounts for
ImmuPharma plc for the period ended 31 December 2006 reported under IFRS, on
which the auditors gave an unqualified opinion and contained no statement under
s237(2) or s237(3), are available at the Registrar of Companies.


3 Copies of this statement will be posted to shareholders. Further copies are
available free of charge on request from the Company Secretary at the Company's
registered office, 50 Broadway, London, SW1H 0BL.


4 COMPARATIVE INFORMATION


The financial information in respect of the period ended 31 December 2006 is
derived from the audited statutory accounts of the Group for that period. The
financial information in respect of the period ended 30 June 2006 was not
audited but was reviewed by the Company's auditors, Nexia Smith & Williamson.


5 SEGMENT INFORMATION


A segment is a distinguishable component of the Group that is engaged in
providing products or services (business segment), or in providing products or
services within a particular economic environment (geographical segment), which
is subject to risks and rewards that are different from those of other segments.


No analysis of the Group's turnover and contribution to profit from operations
by geographical segment or business segment has been presented as all of the
Group's operating activities are in respect of the development of pharmaceutical
products and all are carried out within Europe.


ImmuPharma plc


NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007

(continued)



6 EARNINGS PER SHARE


                                                     9 months
                                      6 months       ended 31       3 months
                                      ended 30       December       ended 30
                                     June 2007                     June 2006
                                                         2006
                                             £              £              £

Earnings
Earnings for the purposes of basic (1,539,057)    (1,860,038)      (324,898)
earnings per share being net loss
attributable to equity                            
shareholders

Number of shares
Weighted average number of          68,388,353     68,388,353     68,138,149
ordinary shares for the purposes
of basic earnings per share

Basic and diluted loss per share       (2.25)p        (2.72)p        (0.48)p



The Group has granted share options and warrants in respect of equity shares to
be issued. As a result of the net loss for the period, there are no dilutive
effects of these options and warrants.





ImmuPharma plc


NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007

(continued)



7    STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY


                      Share       Share    Merger         Other      Retained         Total
                    capital     premium    reserve     reserves*      Earnings        equity
                          £           £         £             £             £             £

     At 1 April   6,813,815   1,607,990   106,148   (3,541,195)   (2,482,778)     2,503,980
     2006
     Exchange
     differences
     on
     translating
     foreign              -           -         -       (4,143)             -       (4,143)
     operations

     Loss for the
     period ended
     31 December          -           -         -             -   (1,860,038)   (1,860,038)
     2006
     Total
     recognised
     income and
     expense for
     the period           -           -         -       (4,143)   (1,860,038)   (1,864,181)

     Equity
     shares to be
     issued               -           -         -     2,021,563             -     2,021,563

     New issue of
     equity share
     capital        463,800   2,305,200         -             -             -     2,769,000

     Less:
     expenses of
     new share            -   (159,850)         -             -             -     (159,850)
     issue

     At 31        7,277,615   3,558,340   106,148     (713,641)   (4,342,816)     5,885,646
     December
     2006

     Exchange
     differences
     on
     translating
     foreign              -           -         -         (112)             -         (112)
     operations

     Loss for the
     period ended
     30 June 2007         -           -         -             -   (1,539,057)   (1,539,057)
     Total
     recognised
     income and
     expense for
     the period           -           -         -         (112)   (1,539,057)   (1,539,169)



     Equity
     shares to be
     issued               -           -         -        90,916             -        90,916

     At 30 June   7,277,615   3,558,340   106,148     (622,837)   (5,881,873)     4,437,393
     2007




* other reserves as at 30 June 2007 comprises a reverse acquisition reserve £
(3,541,203), a translation reserve £(4,247) and equity shares to be issued of
£2,922,613.


ImmuPharma plc


NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2007

(continued)



8    CASH USED IN OPERATIONS
                                             30 June    31 December       30 June
                                                2007           2006          2006
                                                   £              £             £

     Operating loss                      (1,633,440)    (1,971,319)     (350,937)
     Depreciation and amortisation            13,847         19,032         9,620
     Share-based payments                     90,916        615,134             -
     Decrease/(increase)                     (6,662)        108,483        59,869
     in debtors
                                             
     (Decrease)/increase                   (182,514)      (102,146)     (346,062)
     in creditors
                                           
     Increase in                              10,697         94,218             -
     provisions

     Cash used in                        (1,707,156)    (1,236,598)     (627,510)
     operations



9     RELATED PARTY TRANSACTIONS

      Included within other creditors is an amount of £2,986 (31 December
      2006: £3,791) due to R Zimmer, and an amount of £40 (31 December 2006:
      £40) due to D Dimitriou. No interest or formal repayment terms apply to
      these loans.

      Included within financial liabilities is an amount of £53,364 due to R
      Zimmer. The loan is repayable on demand. Interest is payable at 3.5% per
      annum.

      During the period an amount of £19,998 (31 December 2006: £13,187) was
      paid to the wife of Dr R Zimmer in respect of services provided to
      ImmuPharma AG.

      R Zimmer and D Dimitriou are both directors and shareholders of this
      company.



10    POST BALANCE SHEET EVENTS

      On 31 July 2007 630,000 share options were executed and granted to the
      executive directors and 250,000 share options were executed and granted
      to employees of ImmuPharma Plc and directors of other group companies.



















                      This information is provided by RNS
            The company news service from the London Stock Exchange