31st Mar 2020 07:31
(Alliance News) - ImmuPharma PLC said on Monday it has raised GBP1.5 million through the issue of 15.0 million shares at 10 pence each.
The issue price represents a 6.5% discount to the closing price of 10.69p on Friday. The stock closed 6.9% lower at 9.95p each on Monday in London. ImmuPharma has a market capitalisation of GBP16.7 million.
The pharmaceutical firm said the money will be used to expand its research & development programmes including its Lupuzor international Phase III trial, a new BioGlucagon product expected to launch in 2022, plus three new anti-infective programmes.
Lupuzor is ImmuPharma's lead compound and is intended to treat the autoimmune disease lupus, which causes join, skin and organ inflammation.
Robert Zimmer, chief scientific officer of ImmuPharma, subscribed for 2 million shares through Luca & Associates AG. Substantial shareholder Lanstead Capital Investors LP subscribed for the other 13 million shares.
"We are delighted to receive further investment from Lanstead, who remain a long term supporter and significant institutional shareholder in ImmuPharma. We also recognise the further investment from our president and chief scientific officer, Dr Robert Zimmer, who similarly is a significant shareholder in the company, said Immupharma Chair Tim McCarthy.
"We believe that this latest investment from Lanstead is a strong endorsement of ImmuPharma and in support of their own carefully developed investment strategy of only supporting companies and technology platforms which have substantial future accretive opportunities," he added.
By Ife Taiwo; [email protected]
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