30th Sep 2015 09:29
LONDON (Alliance News) - ImmuPharma PLC Wednesday appointed Tim McCarthy as its non-executive chairman with immediate effect, as it reported a narrowed pretax loss for the first half of 2015.
McCarthy was formerly chief executive officer and finance director for a number of UK listed and private companies, including Alizyme PLC and Peptide Therapeutics, ImmuPharma said. Tuesday the company reported that its former Chairman Richard Warr died late last week.
For the half year to end-June the company reported a pretax loss of GBP1.5 million, narrowed from a pretax loss of GBP3.3 million a year before, as a result of lower research, development and administrative costs. It reported revenue of GBP13,559, down from GBP184,815 a year before.
The company said it had progressed all of its key programmes, beginning a phase III trial for its lupus treatment Lupuzor. Following the results of a phase I/IIa dose-finding study in its Nucant programme for cancer compound APP-204106, the company can now progress with a phase II study.
"We are delighted to have Tim join ImmuPharma as chairman. This appointment represents a further strong addition to the Board. Tim's commercial and industry background together with capital markets experience will be extremely valuable as ImmuPharma progresses its lead compound, Lupuzor, through its pivotal Phase III trial, as well as providing guidance on ImmuPharma's long term business strategy," said Chief Executive Officer Dimitri Dimitrou in a statement.
Shares in ImmuPharma were up 1.3% at 39.50 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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