29th Sep 2021 20:31
ImmuPharma PLC - London-based drug discovery and development company - Says current corporate structure too complicated, and as such has decided to merge its two French subsidiaries - ImmuPharma France SA and Ureka SAS - into one company. One further Swiss based subsidiary, ImmuPharma AG, will be dissolved. "We believe this reorganisation will lead to a much more focused and results oriented product development portfolio," it says.
Plans to delist from Euronext Growth Brussels Exchange, given vast majority of trading in its shares is done through its primary listing on AIM.
"In considering all of these initiatives, from 2022 we expect this to result in overall cost savings across the group of approximately GBP1.1m per annum, a decrease of over 50% (compared to 2020) in our committed overhead costs (excluding specific R&D project costs)," company says.
On research & development review, says the focus will now be on autoimmunity and anti-infection.
Also on Wednesday, firm reported a widened pretax loss for the six months to June 30 of GBP3.9 million from GBP3.1 million posted a year prior, as revenue fell to GBP23,531 from GBP62,207 year-on-year.
Current stock price: 7.4 pence
Year-to-date change: down 45%
By Lucy Heming;Â [email protected]
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