7th Sep 2018 11:43
LONDON (Alliance News) - ImmuPharma PLC said Friday it signed a clinical development collaboration for the Nucant cancer programme with Incanthera Ltd, a specialist oncology development company.
Under the terms of the deal, Incanthera will licence in and take up the clinical development of the programme as part of its own development portfolio, the company said.
The deal includes a GBP1 million licence payment to ImmunoPharma via the issue of shares in Incanthera.
Furthermore, Incanthera will be responsible for all of the development costs of the programme and the two companies will share all future commercialisation revenue equally.
ImmunoPharma invested GBP2 million in Incanthera by subscribing for 363,637 shares at GBP5.50 per share. Following the deal, ImmunoPharma holds a 16% stake in Incanthera.
Separately, the company added that it started the process to divest from its French research unit Ureka as, despite its progress, "is not part of the ongoing strategy of ImmuPharma".
Chairman Tim McCarthy said: "Our Nucant programme and Ureka subsidiary have been part of our portfolio for a number of years. We are equally excited by the potential of both. We believe the strategy we have announced today for both, will create enhanced value for shareholders going forward."
Meanwhile, the company added that it agreed a managed access programme for the distribution of Lupzor, its Lupus-focused asset.
"It's currently envisaged that up to 500 patients will be recruited for the managed access programme and that these patients will be granted access to Lupuzor for a minimum of two years," the company said.
Shares in ImmunoPharma were trading down 6.8% at 18.88 pence each.
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