24th May 2019 11:47
LONDON (Alliance News) - Drug development firm Immupharma PLC said Friday its 2018 loss widened amid share placing costs, whilst it continued to make "key" progress in its pipeline.
In 2018, pretax loss deepened 14% to GBP8.0 million from GBP7.0 million the year prior. Meanwhile, immaterial revenue fell 46% to GBP81,281 from GBP150,462 the year before.
Profit performance was hurt by a rise in share-based expenses to GBP1.8 million from GBP742,752 the year prior, this was after it raised GBP10 million through a 6.9 million share issue in January 2018. In addition, finance income almost halved to GBP129,808 from GBP240,447 the year before.
"We are pleased to report our results for 2018 as well as the key highlights for our programs," Immupharma Chair Tim McCarthy said."
The lead drug candidate for the firm is the lupus treatment Lupuzor.
"Following on from the Phase III results, we are focused on progressing Lupuzor and the P140 autoimmune platform," McCarthy added. "Our plans to combine and either divest, spin off or license Elro Pharma (Nucant) and Ureka (Peptide Platform) are planned to unlock value for shareholders. We look forward to reporting on these developments in the coming months."
Shares in Immupharma were 5.0% lower at 9.80 pence on Friday.
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