Incanthera PLC and ImmuPharma PLC on Monday agreed a 12 month extension to their warrant instrument.

Incanthera is a Manchester-based oncology and dermatology treatments manufacturer. ImmuPharma is a London-based drug discovery and development company.

ImmuPharma entered into a warrant instrument with Incanthera in February 2020.

Incanthera has agreed with ImmuPharma to extend the warrant instrument by 12 months to September 6, 2024. This means that ImmuPharma is entitled to subscribe to 7.2 million Incanthera shares at an exercise price of 9.50 pence each.

Shares in ImmuPharma were down 4.4% to 2.35 pence each on AIM in London on Monday about midday. Incanthera shares were untraded at 6.35p on AQSE.

ImmuPharma currently owns 9.9 million shares in Incanthera, a 12.7% stake.

In addition, ImmuPharma Chair Tim McCarthy, who also is the chair of Incanthera, has 3.9 million Incanthera shares, a 5.05% stake.

McCarthy was not involved in the ImmuPharma board’s decision to agree to the extension. The other directors considered the terms of the warrant extension as ‘fair and responsible’.

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