1st May 2020 09:51
(Alliance News) - ImmuPharma PLC on Friday reported a narrowed loss for 2019 as research and development expenses fell by more than GBP2.0 million and said that it is planning a new trial of Lupuzor after mixed results.
The drug discovery and development company reported a GBP6.7 million pretax loss for 2019, narrowed from an GBP8.0 million loss the year before, as research and development expenses dropped 45% to GBP2.6 million from GBP4.7 million.
Revenue fell 4.1% to GBP77,925 from GBP81,281, while other operating income was GBP119,901 compared to nothing in 2018.
ImmuPharma is currently focused on developing Lupuzor, its lead compound intended to treat incurable autoimmune disease lupus. Lupus causes joint, skin, and organ inflammation. ImmuPharma believes Lupuzor also has the potential to treat other autoimmune diseases.
However, data from an open label extension study, following a successful phase 3 trial, failed to achieve a statistically significant performance compared to placebo and did not meet its primary endpoint.
It was noted that patients who were anti-dsDNA autoantibody positive did see a statistically significant higher response rate versus placebo.
Fore this reason, ImmuPharma said the study "indicates that the activity of Lupuzor could be correlated with the presence of anti-dsDNA autoantibodies in lupus patients" and it "believes that predictive biomarkers, such as anti-dsDNA autoantibodies, could allow identification of patients that are more likely to respond positively to treatment with Lupuzor".
ImmuPharma signed a licence and development agreement with Avion Pharmaceuticals in November 2019, granting Avion exclusive US rights for the drug. Avion is to fund up to USD25 million of a new "optimised" phase 3 trial.
ImmuPharma Chair Tim McCarthy sad: "In the medium term, we remain focused on achieving the full regulatory approval of Lupuzor in conjunction with our US partner, Avion, which we believe has the potential to be a ground breaking drug for lupus patients with blockbuster potential in commercial terms. Both companies are focused on expediting Lupuzor into a new optimised international phase 3 study."
McCarthy added that parallel talks with other possible commercial partners outside the US are ongoing.
The chair also stated that: "In also broadening our R&D programs we are excited by the potential of our anti-fungal Bio-AMP-B therapy and our new BioGlucagon program, both have the potential of progressing quickly through initial bio-equivalence trials whilst in parallel opening up discussions for potential partnering opportunities. These initiatives continuing to create further opportunities in the medium to long term to enhance shareholder value.
"We are in a new chapter within ImmuPharma's history, with the investment thesis for the company and specifically Lupuzor being repositioned and we look forward to providing further updates on progress with shareholders over the next period."
Shares in ImmuPharma were down 1.9% at 13.30 pence in London on Friday morning.
By Anna Farley; [email protected]
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