Issue of Equity

Immupharma PLC
21 December 2006



                                 ImmuPharma PLC

               ImmuPharma raises €7 million to advance programmes

For release at 7am on 21 December 2006

ImmuPharma PLC (LSE:IMM), ('ImmuPharma' or the 'Company') the specialist drug
discovery and development company, announced today that it has successfully
raised just over €7 million (£4.71m) through the issue of new shares and an
interest free unsecured Bond with warrants.

The new funds will be invested in the development of the Company's clinical and
preclinical pipeline, of which the principal current assets include IPP-201101,
a long-term treatment for Lupus, the life threatening auto immune disease which
is due to commence Phase II/III trials in 2007.

ImmuPharma has issued 4,350,000 new ordinary shares at a price of 62p each,
raising £2.697m from funds managed by Jupiter, Martin Currie and Powe Capital by
way of a Placing. Application has been made to London Stock Exchange plc for the
admission of the new ordinary shares to trading on AIM.

In addition, ING Belgium ('ING') has agreed to advance €3,000,000 to the
Company's wholly owned subsidiary, ImmuPharma France SA, by way of a Bond which
is interest free and unsecured, and ImmuPharma has issued Warrants whereby ING
may 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 is 62p per share. There are arrangements in place to
ensure that the Warrants are exercised to fund the repayment or buy-back of the
Bond when required.

Following the share issue referred to above, ImmuPharma now has 72,488,149
ordinary shares of 10p each in issue, each of which entitles the holder to cast
one vote in general meetings.

Richard Warr, Chairman, said: 'We are delighted that our progress over the last
year has led to institutional demand for ImmuPharma shares. We are pleased to
welcome our new investors and thank our existing shareholders for their
continuing support.'

Dr. Robert Zimmer, President & Chief Scientific Officer said: 'This placing
comes at a very good time for ImmuPharma and ensures that we can maintain the
momentum on all our promising development programmes.'

For further information please contact:

ImmuPharma PLC
Dimitri Dimitriou, Chief Executive Officer                 [phone]
Richard Warr, Chairman                                     [phone]
Dr Robert Zimmer, President & Chief Scientific Officer     [phone]

Dawnay, Day Corporate Finance Limited, Nominated adviser
David Floyd                                                [phone]
                                                                          

Buchanan Communications                                                                                                
Lisa Baderoon                                             + 44 (0) 20 7466 5000


Notes to Editors:

About ImmuPharma

ImmuPharma PLC is a drug discovery and development company headquartered in
London, UK and quoted on AIM of the London Stock Exchange (LSE:IMM). It has
research operations in France (ImmuPharma (France) SA) and Switzerland
(ImmuPharma AG). ImmuPharma is dedicated to the development of novel drugs,
largely based on peptide therapeutics, 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

ImmuPharma is a currently developing drug candidates for three different medical
conditions, each of which would represent a significant breakthrough in its
field. The furthest advanced drug candidate targets Lupus, a disease for which
there is currently no cure or specific treatment. The other two address moderate
to severe pain (such as that experienced by cancer sufferers and post-operative
patients), and MRSA and similar severe hospital-acquired resistant infections.

All three have significant sales potential as well as low marketing costs and a
relatively low risk of development failure. One or more have the potential to be
fast-tracked by the US Food and Drug Administration according to 'Guidance for
Industry: Fast Track Drug Development Programs - Designation, Development and
Application Review' issued July 2004 and could therefore obtain their market
authorization by 2010.

Key to the potential success of ImmuPharma is its unique collaborative agreement
with Centre National de la Recherche Scientifique, France's scientific research
institution. This agreement grants ImmuPharma worldwide exclusive rights to
exploit certain key discoveries.

In addition to its three leading drug candidates, ImmuPharma has a drug
development pipeline using its rights to a virtual chemical library of hundreds
of thousands of molecules as well as an innovative technology for converting
peptides to drug candidates.

ImmuPharma has the option to commercialise its assets itself or to license them
to other pharmaceutical companies at an earlier stage.

The products

Treatment of Lupus (IPP-201101)

This is a long-term treatment for Lupus, a chronic, life-threatening autoimmune
disease where the immune system attacks healthy cells. There is currently no
cure and existing medications only treat the symptoms whereas ImmuPharma's drug
candidate has the potential to produce remission of the disease in a substantial
proportion of patients.

Based on independent forecasts, the value of ImmuPharma's Lupus drug is
estimated to be 'substantial' with peak annual sales forecast to generate in
excess of $4 billion.

Severe pain relief (IPP-102199)

ImmuPharma is developing a potential non-addictive compound for relieving
moderate to severe pain, such as experienced by cancer sufferers and
post-surgical patients. Most existing treatments are derived from the opiate
morphine and tend to have serious side effects. ImmuPharma's new treatment is
based on met-enkephalin, the body's internal analgesic. IPP-102199 is being
developed to have major advantages over morphine such as longer pain relief
duration and reduced side effects. The market for chronic opioids in the US
currently exceeds $3.5 billion and is growing by more than 10 to 20 per cent a
year.

Antibiotic for MRSA and similar highly resistant infections (IPP-203101)

This is a novel antibiotic to counter the effects of MRSA and other severe
hospital-acquired, resistant infections which affect some two million people in
the US, according to the US Centers for Disease Control and Prevention.
ImmuPharma's drug candidate uniquely uses an electrical charge rather than
biochemical methods against MRSA and other bacterial strains. It is hoped this
novel approach will reduce their potential to become resistant.




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