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Drug development company ImmuPharma (LON:IMM) released full year results on Thursday, in line with expectations and remaining on track to deliver strong results for the first quarter of next year.
The company has made good progress with its lead program, Lupuzor, a potential breakthrough compound for auto-immune disease lupus. The drug is is undergoing phase III clinical trials with development partner Simbec-Orion, with all 200 patients passing the three-month stage.
The company disclosed a deficit for the year to December of £5.3 million, the same that amount the company spent on R&D. ImmuPharma’s net assets were £5.5 million for the year to 31st December 2016, despite making a £5.3 million loss.
In a statement, the company said it had made “stable financial performance over the period, in line with market expectations”.
Commenting on the statement and outlook, Chairman Tim McCarthy said:
“We have achieved a number of significant milestones during this period including three successful and share price accretive fund raisings.
“We are delighted by the continued progress of our Lupuzor(TM) Phase III study having recently announced that all 200 patients have passed the three month stage, 28 patients have passed the full 12 months of the study and over 80 percent of patients having had exposure to Lupuzor(TM) for over six months, compared to our Phase IIb three month study, whilst still maintaining an excellent safety profile. We remain on track to report top line results in Q1 2018”, he concluded.
Shares in ImmuPharma (LON:IMM) are currently trading up 0.46 percent at 55.00 (0947GMT).