21st May 2014 11:45
LONDON (Alliance News) - Specialist drug discovery and development company ImmuPharma PLC Wednesday said it losses widened in 2013, as its invests in developing its lupus and cancer treatments.
The company posted pretax profit loss of GBP4.4 million for 2013, compared with a GBP4.2 million loss in 2012, as research and development expenditure rose to GBP2.1 million from GBP1.6 million. This was primarily due to the manufacture of Phase III trial supplies for Luzpuzor and continued expenditure for its cancer trial programme.
Lupuzor is the company's Lupus treatment. Lupus is an autoimmune condition, which means it is caused by problems with the body's immune system.
ImmuPharma said its main objectives for 2014 are to initiate the final development phase of Lupuzor, either with a licensing partner or with supportive funding and to advance its Nucant programme in cancer.
Financially, cash and cash equivalents at the period-end amounted to GBP5.4 million, down from GBP8.9 million a year earlier.
ImmuPharma shares were quoted down 6.2% at 45.48 pence Wednesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Immupharma