ImmuPharma PLC on Thursday announced a share placing and a retail share offer to raise just under £2 million, while it also reported a narrowed loss in the first half of the year on reduced expenses.
The London-based drug discovery and development company reported a pretax loss of £1.1 million in the six months that ended June 30, narrowed from £1.8 million a year before.
ImmuPharma booked £69,959 in revenue, compared to none a year before. More importantly, research and development expenses were reduced to £828,767 from £1.0 million and administrative expenses to £412,277 from £555,600. The company also swung to net finance income of £161,355 from net finance expense of £160,301.
ImmuPharma said it raised £1.4 million from subscriptions to 67.5 million new shares at 2 pence each. The subscriptions were by finance provider and current 8.0% shareholder Lanstead Capital Investors LP, together with an institutional investor who wasn’t named.
ImmuPharma shares were down 9.8% at 2.16p each in London early Thursday afternoon.
The company also launched a retail offer via the Winterflood Retail Access Platform to raise up to £500,000 from the sale of 25.0 million new shares at the same 2p price.
‘We continue to make positive progressive steps for ImmuPharma,’ said Chair & Chief Executive Officer Tim McCarthy. ‘As a board, we remain focused on bringing our two key late stage P140 clinical assets in Lupus and [chronic idiopathic demyelinating polyneuropathy] through their final clinical trials and to the market.’
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