ImmuPharma cashes in £10M ($14.03M)

ImmuPharma has completed a fundraise totalling £10 million (14.03million) before expenses by placing 6,944,445 new ordinary shares of 10p each in the company at a price of 144p per share.

ImmuPharma said that major new and existing institutional investors have participated in the placing. The company said that it will use the funds for future investment in ImmuPharma’s P140 peptide platform as additional working capital.

Commenting on the announcement on Wednesday, Tim McCarthy, Chairman, said: “With our recent key milestone being announced confirming the completion of our Phase III trial of Lupuzor, the Company is now at an exciting and pivotal phase of its development. We were approached by new institutions, introduced by Turner Pope Investments, keen to support ImmuPharma over the next period of growth. We are therefore delighted to be able to announce this Placing that includes both new and existing institutions to support our continued development.”

He said that the company can now invest in potential indications emanating from its P140 platform, in addition to lupus. The Placing further strengthens the balance sheet and enhances ImmuPharma’s position in ongoing and future negotiations with potential partners for Lupuzor, McCarthy said.

“We look forward to providing our shareholders with further updates regarding the Lupuzor™ Phase III trial with key data still on track to be announced before the end of Q1 2018.”