ImmuPharma has completed a sharing agreement with Lanstead Capital from February 2016, for supporting of ImmuPharma’s pivotal Phase III clinical trial of Lupuzor.
As announced on 5 February 2016, Lanstead subscribed for £4.4 million of new ordinary shares in ImmuPharma, with both parties also entering into the Sharing Agreement. All 18 settlements of the Sharing Agreement have now been completed. Through both the subscription and Sharing Agreement, ImmuPharma has received a total of just over £5.0 million from Lanstead, with a net gain of £0.6 million more than originally subscribed.
Tim McCarthy, Chairman of ImmuPharma, said that Lanstead was an important supporter of ImmuPharma the Sharing Agreement was effective, and has worked for both parties. “We look forward to a continued supportive relationship with Lanstead as ImmuPharma seeks to create long term shareholder value within its asset portfolio and specifically our focus on hitting key milestones within our lead programme Lupuzor, as we get nearer to reporting top-line Phase III results in Q1 2018,” McCarthy said.
Nicholas Malins-Smith of Lanstead, said: “We are delighted to have been able to be supportive in the progression of ImmuPharma’s pivotal Phase III clinical trial of Lupuzor. Through the Sharing Agreement with Lanstead, ImmuPharma has been able to benefit, through the increase in its share price, by securing additional funds over and above the original subscription amount.
“Lanstead is pleased to remain a supportive shareholder of ImmuPharma and looks forward to the company’s further progress.”