27th Sep 2013 12:23
LONDON (Alliance News) - ImmuPharma PLC, a drug development company, posted narrowed pretax losses as it prepares to launch its Lupuzor product.
For the half year ended June 30 the company posted pretax losses of GBP1.8 million, narrowed from GBP4.2 million in the previous year. The company posted no revenues. Administrative expenses dropped to GBP1.0 million from GBP2.5 million, and research and development expenses dropped to GBP843,332 from GBP1.6 million.
The company has focused on securing support to develop Lupuzor, its treatment for Lupus. It has secured a GBP50 million finance facility from Darwn Strategic Limited which it will utilise to complete the Phase III programme for Lupuzor as it continues discussions with pharmaceutical companies.
The company said that given its development stage, losses are in line with the sector as there are minimal revenue and business activities concerned with clinical trial expenditure, maintaining its infrastructure and seeking a corporate deal for Lupuzor.
Shares in ImmunPharma were trading down 6% at 70.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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