IN BRIEF: IP Group notes investee Pulmocide terminating phase 3 study
IP Group PLC - London-based intellectual property commercialisation firm - Notes that portfolio company Pulmocide announced the termination of the Opera-T phase 3 study for opelconazole in refractory invasive pulmonary aspergillosis, a severe fungal infection of the lungs. Opelconazole is an experimental antifungal drug. IP has a 12.0% holding in Pulmocide valued at GBP28.1 million. Pulmocide, a biopharmaceutical firm, will conduct a thorough review of the unblinded data from the trial to determine potential next steps for the programme. IP adds that it expects to "significantly" reduce the carrying value of the asset and conduct further work as part of the year end process to fully gauge the appropriate level of its adjustment. IP says it "benefits from a strong pipeline of new and maturing companies, as well as a number of valuable licences, and remains confident of delivering meaningful returns for shareholders over the medium term." Read More