9th Sep 2024 16:46
(Alliance News) - ImmuPharma PLC on Monday expressed optimism about the potential of its pipeline, after narrowing pretax loss in the first half.
For the six months ended June 30, the specialist drug discovery and development company posted a pretax loss of GBP400,000, narrowed from a loss of GBP800,000 a year prior. Basic and diluted loss per share narrowed to 0.09 pence from 0.25p.
Research and development expenses narrowed to GBP500,000 from GBP800,000, while administrative expenses were down to GBP300,000 from GBP400,000.
As at June 30, ImmuPharma posted a cash balance of GBP1.1 million, significantly higher than GBP200,000 the previoys year. The firm also noted derivative financial assets of GBP500,000 at the same date, up from GBP300,000.
"We remain committed as a board, on the development of P140 in [systemic lupus erythematosus] and [chronic inflammatory demyelinating polyneuropathy], our two key late-stage clinical assets, together with securing additional partnering for P140. We have made significant scientific progress over the last period, including refinement of the protocols for the SLE and CIDP studies and new insights into the [mechanism of action] of P140, and as a result, we have a high level of confidence of the success of these new studies," said Chief Executive Officer Tim McCarthy.
"We look forward to providing further updates on the progress of our pipeline and commercial deals throughout the remaining period of 2024 and moving into 2025."
Shares in ImmuPharma were trading 2.9% lower at 1.49 pence each in London on Monday afternoon.
By Holly Beveridge, Alliance News senior reporter
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