29th May 2018 09:40
LONDON (Alliance News) - ImmuPharma PLC said Tuesday it continues to be "excited" by its future potential despite a widened loss for 2017.
The drug development company reported a pretax loss of GBP7 million from GBP6.3 million in 2016.
Operating loss, including research costs and share-based expenses, amounted to GBP7.2 million up 9.1% from GBP6.6 million previously.
Revenue was down 8.7% to GBP150,462 in 2017 from GBP164,784 in 2016.
In a separate statement Tuesday, ImmuPharma said its drug for the treatment of lupus, Lupuzor, showed "superior" response rate over the placebo in the Phase III trial results.
The company said it will continue to review the study's full data set.
"As a board, we continue to be excited by ImmuPharma's future potential. Looking at the Lupuzor top line data announced in April, the drug demonstrated a superior response rate over placebo with an exceptional safety profile, giving it, we believe, a compelling product profile," Non-Executive Chairman Tim McCarty said.
"We continue to engage with potential partners and, although no guarantees of a successful outcome can be given at present, we are focused on moving forward with the development and commercialisation of Lupuzor."
ImmuPharma shares were trading higher 4.2% at 28.75 pence.
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