Interim Results
Immupharma PLC
26 September 2006
FOR IMMEDIATE RELEASE 26 SEPTEMBER 2006
IMMUPHARMA PLC
INTERIM RESULTS ANNOUNCEMENT
For the three months ended 30th June 2006
ImmuPharma plc (LSE:IMM), (the 'Company' or the 'Group'), the specialist
pharmaceutical discovery and development Company is pleased to announce its
interim results for the three months ended 30th June 2006.
The interim figures are for three months due to the accounting reference date of
the Company year end being changed from 31st March to 31st December, as
highlighted in the full year statement issued on 1st August 2006.
KEY HIGHLIGHTS:
Financial Highlights
•Net loss after tax for the three month period of £324,898
•Cash, cash equivalents and money market investments of £2.4 million at 30
June 2006
Recent News Flow - 5 July 2006
•IPP-201101 treatment for Lupus enters Phase II
• First patients dosed
• Results from this short duration study, expected by year end, will be
of great value in preparation of pivotal Phase III studies.
The company has established an executive committee comprising Dr Robert Zimmer,
President and CSO and Mr Dimitri Dimitriou CEO to execute the pharma strategy as
agreed by the Board.
Richard Warr, Chairman, said:
'We are very pleased to have initiated phase II for our lead compound for the
treatment of Lupus. Our financial results are in line with expectations and
ImmuPharma continues to make progress in the development of its exciting assets'
For further information please contact:
ImmuPharma plc: Telephone
Richard Warr, Chairman: +44 20 7152 4080
Dimitri Dimitriou, Chief Executive Officer:
Buchanan Communications:
Lisa Baderoon/ Rebecca Skye Dietrich + 44 20 7466 5000
About ImmuPharma
ImmuPharma PLC is a drug discovery and development company headquartered in
London, UK. It has its research operations in France and Switzerland. ImmuPharma
is dedicated to the development of novel drugs, to treat serious medical
conditions such as autoimmune diseases characterised by:
•blockbuster potential in niche markets
•low promotional costs in few specialised physicians and centres and
•lower risk of drug development and lower development costs
Since its Admission in February, ImmuPharma has successfully completed a Phase I
trial with IPP-201102I its potential treatment for Lupus, a chronic life
threatening autoimmune disease and initiated phase II in Lupus patients.
Chairman's Statement
We are very pleased to have initiated phase II for our lead compound for the
treatment of Lupus. Our financial results are in line with expectations and
ImmuPharma continues to make progress in the development of its exciting assets.
Financial Review
The Group has adopted International Financial Reporting Standards as its
accounting basis.
The interim results are for three months rather than six months due to the
accounting reference date of the Company being changed from 31st March to 31st
December, as highlighted in the full year statement issued on 1st August 2006.
Hence, the current accounting period is the 9 months to 31st December 2006, and
the interim results are for the three months to 30th June 2006.
The loss of the Group for the three months was £324,898. Basic and diluted loss
per share were 0.48p. No interim dividend is proposed.
The operating loss was £350,937. 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 2006 were £2,409,915, compared to
£2,692,900 at 31st March 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 its assets
alone.
Richard Warr
Chairman
25 September 2006
Independent Review Report to ImmuPharma plc
We have been instructed by the Company to review the financial information for
the three months ended 30 June 2006 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 three months
ended 30 June 2006.
Nexia Smith & Williamson 25 Moorgate
Chartered Accountants London
Registered Auditors EC2R 6AY
25 September 2006
ImmuPharma plc
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
Note 3 months ended 13 January 2005 13 January 2005
30 June 2006 to 31 March to 30 June
2006 2005
£ £ £
Continuing operations
Revenue 1,782 25,409 10,513
Research and development
expenses (227,371) (679,091) (47,164)
Administrative expenses (125,348) (880,074) (295,277)
Other income - - 2,510
-------- ---------- ---------
Operating loss (350,937) (1,533,756) (329,418)
Exceptional charge
arising from reverse
acquisition - (970,524) -
Finance costs (1,738) (8,045) (3,619)
Investment revenues 27,563 28,759 3,349
-------- ---------- ---------
Loss before taxation (325,112) (2,483,566) (329,688)
Tax 214 788 (174)
-------- ---------- ---------
Loss for the period (324,898) (2,482,778) (329,862)
======== ========== =========
(Loss) per ordinary share
Basic and diluted 6 (0.48)p (4.16)p (11.2)p
======== ========== =========
ImmuPharma plc
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
FOR THE PERIOD ENDED 30 JUNE 2006
3 months ended 13 January 2005 13 January 2005
30 June to 31 March to 30 June
2006 2006 2005
£ £ £
Exchange differences on
translation of foreign operations (9,770) 8 (2,280)
(Loss) for the financial period (324,898) (2,482,778) (329,862)
--------- --------- ---------
Total recognised income and
expense for the period (334,668) (2,482,770) (332,142)
========= ========= =========
Attributable to:
Equity holders of the
parent company (334,668) (2,482,770) (332,142)
========= ========= =========
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2006
Notes 30 June 2006 31 March 30 June
2006 2005
£ £ £
Non-current assets
Property, plant and equipment 14,100 12,020 8,546
Intangible assets - other 758,460 765,004 439,562
----------- --------- --------
Total non-current assets 772,560 777,024 448,108
----------- --------- --------
Current assets
Trade and other receivables 97,702 157,572 26,200
Cash and cash equivalents 2,409,915 2,692,900 1,161,235
----------- --------- --------
Total current assets 2,507,617 2,850,472 1,187,435
----------- --------- --------
Current liabilities
Financial liabilities -
borrowings and grants 528,284 277,898 269,123
Trade and other payables 499,594 845,618 243,004
----------- --------- --------
Total current liabilities 1,027,878 1,123,516 512,127
----------- --------- --------
Net current assets 1,479,739 1,726,956 675,308
----------- --------- --------
Non-current liabilities
Financial liabilities -
borrowings 82,987 - -
----------- --------- --------
Net assets 2,169,312 2,503,980 1,123,416
=========== ========= ========
EQUITY
Ordinary shares 7 6,813,815 6,813,815 4,064
Share premium 7 1,607,990 1,607,990 1,345,346
Merger reserve 7 106,148 106,148 106,148
Other reserves 7 (3,550,965) (3,541,195) (2,280)
Retained earnings 7 (2,807,676) (2,482,778) (329,862)
----------- --------- --------
Total equity 2,169,312 2,503,980 1,123,416
=========== ========= ========
ImmuPharma plc
CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2006
Notes 3 months ended 13 January 2005 13 January 2005
to to
30 June 2006 31 March 30 June
2006 2005
£ £ £
Cash flows from operating
activities
Cash used in operations 8 (627,510) (871,552) (214,344)
Interest paid (1,738) (8,045) (3,619)
--------- --------- ---------
Net cash used in operating
activities (629,248) (879,597) (217,963)
--------- --------- ---------
Investing activities
Purchase of property,
plant and equipment (3,642) (17,130) (4,067)
Acquisition of intangibles
assets (1,514) (337,274) (6,248)
Cash on reverse acquisition - 975,961 -
Cash on acquisition of
subsidiaries - 17,773 17,773
Reverse acquisition expense - (59,561) -
Subsidiary acquisition
expense - (2,342) -
Interest received 27,563 28,759 3,349
Tax received 214 788 -
--------- --------- ---------
Net cash from investing
activities 22,621 606,974 10,807
--------- --------- ---------
Financing activities
Net proceeds from share
issues - ImmuPharma UK
Limited - 1,397,976 1,380,260
Net proceeds from share
issues - Company - 1,569,802 -
Net loan advances 333,085 (2,267) (12,634)
Increase in bank overdraft 327 12 765
--------- --------- ---------
Net cash from financing
activities 333,412 2,965,523 1,368,391
--------- --------- ---------
Net (decrease)/increase in
cash and cash equivalents (273,215) 2,692,900 1,161,235
Cash and cash equivalents
at start of period
2,692,900 - -
Effect of foreign exchange
rate changes (9,770) - -
--------- --------- ---------
Cash and cash equivalents at
end of period 2,409,915 2,692,900 1,161,235
========= ========= =========
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
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 March 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 March 2006 reported under IFRS, on which
the auditors gave an unqualified opinion, will be delivered to the Registrar of
Companies after the Annual General Meeting.
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 March 2006 is
derived from the audited statutory accounts of the Group for that period.
The reverse acquisition of ImmuPharma plc by ImmuPharma UK Limited did not occur
until 16 February 2006. ImmuPharma UK Limited was incorporated on 13 January
2005. The unaudited financial information for the period from 13 January 2005 to
30 June 2005 is therefore in respect of the sub-group headed by ImmuPharma UK
Limited (excluding ImmuPharma plc). For further details of the reverse
acquisition, please refer to note 1 of the statutory accounts of the Group for
the period ended 31 March 2006.
5 SEGMENT INFORMATION
Revenue by source and by destination predominantly relates to the European
Union. The Group operates as one class of business which is unaffected by
seasonality.
The following is an analysis of the carrying amount of the Group's net
assets analysed by geographical area:
30 June 31 March 30 June
2006 2006 2005
£ £ £
Net asset book value
United Kingdom 1,573,156 2,475,583 709,333
France 576,410 39,788 367,976
Switzerland 19,746 (11,391) 46,107
--------- -------- --------
2,169,312 2,503,980 1,123,416
========= ======== ========
ImmuPharma plc
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
(continued)
6 EARNINGS PER SHARE
13 January 2005 13 January 2005
to to
3 months ended 31 March 30 June
30 June 2006 2006 2005
£ £ £
Earnings
Earnings for the purposes
of basic earnings per share
being net loss attributable
to equity shareholders (324,898) (2,482,778) (329,862)
========= ========= ========
Number of shares
Weighted average number of
ordinary shares for the
purposes of basic earnings
per share 68,138,149 59,663,827 2,947,615
========= ========= ========
Basic and diluted loss per
share (0.48)p (4.16)p (11.2)p
========= ========= ========
As at 30 June 2006 the Group had no potential dilutive shares, nor during any
prior period.
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
(continued)
7 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share capital Share premium Merger Other Retained Total
reserve reserves* Earnings equity
£ £ £ £ £ £
At incorporation - - - - - -
------------- --------- -------- ------- -------- -------- --------
Exchange - - - 8 - 8
differences on
translating
foreign
operations
Loss for the - - - - (2,482,778) (2,482,778)
period ended
31 March 2006
------------- --------- -------- ------- -------- -------- --------
Total recognised - - - 8 (2,482,778) (2,482,770)
income and
expense for
the period
Equity share 420,000 557,003 - - - 977,003
capital of
the Company
prior to reverse
acquisition
Reverse 5,875,000 - - (3,541,203) - 2,333,797
acquisition
of the Company
New issue of 518,815 1,686,148 - - - 2,204,963
equity share
capital
Less: - (635,161) - - - (635,161)
expenses of
new share issue
Acquisition - - 106,148 - - 106,148
of subsidiaries
--------- -------- ------- -------- -------- --------
At 31 March 6,813,815 1,607,990 106,148 (3,541,195) (2,482,778) 2,503,980
2006
Exchange - - - (9,770) - (9,770)
differences
on translating
foreign
operations
Loss for the - - - - (324,898) (324,898)
period ended
30 June 2006
--------- -------- ------- -------- -------- --------
At 30 June 6,813,815 1,607,990 106,148 (3,550,965) (2,807,676) 2,169,312
2006
========= ======== ======= ======== ======== ========
* Other reserves as at 30 June 2006 comprised a reverse acquisition reserve £
(3,541,203) and a translation reserve totalling £(9,762) (31 March 2006: £
(3,541,203) and £8 respectively).
NOTES TO THE INTERIM ACCOUNTS FOR THE PERIOD ENDED 30 JUNE 2006
(continued)
8 CASH USED IN OPERATIONS
30 June 31 March 2006 30 June 2005
2006
£ £ £
Operating loss (350,937) (1,533,756) (329,418)
Depreciation and amortisation 9,620 15,221 492
Decrease/(increase) in debtors 59,869 (118,280) (14,771)
(Decrease)/increase in creditors (346,062) 765,263 129,353
---------- ---------- ---------
Cash used in operations (627,510) (871,552) (214,344)
========== ========== =========
9 RELATED PARTY TRANSACTIONS
Included within Group other creditors as at 30 June 2006 is an amount of £3,861
(31 March 2006: £3,632) due to R Zimmer and an amount of £40 (31 March 2006:
£560) due to D Dimitriou. No interest or formal repayment terms apply to these
loans.
Included within Group financial liabilities as at 30 June 2006 is an amount of
£127,149 (31 March 2006: £138,217) due to R Zimmer. The loan is repayable on
demand. Interest is payable at 3.5% per annum.
R Zimmer and D Dimitriou are all directors and shareholders of this company.
10 POST BALANCE SHEET EVENTS
The unapproved share option scheme was adopted by the Board of Directors on 26
July 2006 and options which were disclosed in the Annual Report have now been
formally executed. Unapproved share options totalling 2,522,000 were executed
for the executive directors on that date. The approved share option scheme was
adopted by the Board of directors after obtaining HM Revenue and Customs
approval. Approved share options totalling 93,000 were executed for the
executive Directors on 25 September 2006.
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