TIDMIMM
RNS Number : 8695K
Immupharma PLC
31 August 2023
31 August 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN. IN ADDITION, MARKET SOUNDINGS WERE TAKEN
IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE
RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE
INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH
PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE
INFORMATION.
ImmuPharma PLC
("ImmuPharma" or the "Company")
Subscriptions to raise GBP1.35 million; Sharing Agreement;
WRAP Retail Offer to raise up to GBP0.5 million
Related Party Transactions
ImmuPharma PLC (LSE AIM: IMM), the specialist drug discovery and
development company, is pleased to announce subscriptions to raise
GBP1.35 million through the issue of 67,500,000 new ordinary shares
of 1 pence each in the Company ("Ordinary Shares") at a price of 2
pence per Ordinary Share ("Issue Price") utilising existing
authorities to allot shares. This comprises a subscription subject
to a Sharing Agreement of GBP1.0 million ("Subscription") and
Direct Subscriptions of GBP0.35 million. The Company has also
entered into a sharing agreement ("Sharing Agreement") with finance
provider and current 7.97 per cent shareholder, Lanstead Capital
Investors L.P. ("Lanstead") in relation to GBP1.0 million of the
amount subscribed by them under the Subscription.
Highlights
-- Subscription for 50,000,000 new Ordinary Shares (the
"Subscription Shares") by Lanstead at an issue price of 2 pence per
share to raise GBP1.0 million (the "Lanstead Subscription"), with
associated Sharing Agreement ("Sharing Agreement")(together the
"2023 Lanstead Agreements").
-- Subscriptions of 17,500,000 new Ordinary Shares ("Direct
Subscription Shares") by Lanstead (GBP0.2 million) and an
Institutional investor (GBP0.15 million) to raise in total GBP0.35
million (the "Direct Subscriptions").
-- A retail offer ("Retail Offer") to raise up to a maximum
additional GBP0.5 million via the Winterflood Retail Access
Platform ("WRAP"). The Retail Offer will allow qualifying investors
to invest in Ordinary Shares ("Retail Offer Shares") on the same
terms as the Direct Subscription Shares. Further details of the
Retail Offer are set out below.
-- The Iss ue Price of 2 pence represents a 16.7 per cent.
discount to the closing mid-market price (of 2.4 pence) of the
Ordinary Shares on 30 August 2023, the latest business date prior
to the announcement of the Subscription and Direct
Subscription.
-- The GBP1 million gross proceeds of the Lanstead Subscription
will be pledged by the Company pursuant to a Sharing Agreement with
Lanstead. The Sharing Agreement, details of which are set out
below, entitles the Company to receive back those proceeds on a pro
rata monthly basis over a period of 24 months, subject to
adjustment upwards or downwards each month depending on the
Company's share price at the time. The monthly settlement amounts
for the Sharing Agreement are structured to commence around one
month following First Admission. The Sharing Agreement provides the
opportunity for the Company to benefit from positive future share
price performance.
-- The proceeds of the Subscription and Sharing Agreement, the
Direct Subscription and the Retail Offer will be used primarily to
fund:
-- Investment into the Company's R&D pipeline;
-- General working capital; and
-- Cash expenses associated with the Subscription and Sharing
Agreement, the Direct Subscription and the Retail Offer of c.
GBP0.1 million
The Subscription and Direct Subscription have been arranged by
Stanford Capital Partners Limited ("SCP").
Commenting on the fundraising, Tim McCarthy, Chairman and CEO of
ImmuPharma, said:
"We are delighted to have reached agreement with Lanstead, our
largest and long standing shareholder, to provide additional
funding for the Company, which provides us with a clear cash runway
to at least the end of 2024.
After a period of significant reorganisation of the Company,
both in corporate structure and our development portfolio, we are
now entering a very important period and we are poised to see a
sustained positive news flow programme going forward.
There is the expectation of achieving key milestones over the
next period, including moving forward with the Phase 2/3 adaptive
clinical trial in lupus; concluding the licensing of Lupuzor(TM)
for the ex-US rights; progressing our further late-stage asset,
CIDP, where we are now gaining interest from potential partners to
expedite this program and also to progress our earlier stage assets
including BioAMB and BioCin within our anti-infective
portfolio.
Our expectation and belief is that this progressive news flow
should reflect positively in the Company's share price, thereby
having a beneficial impact on the Lanstead funding arrangement and
is therefore the optimum funding solution for the Company and its
wider shareholder base at this time."
.
Rationale for the fundraising
Following the major change in the composition of the Board of
Directors and the management, in mid-2021, the Company has
undergone a significant corporate reorganisation, leading to a much
more streamlined (and effective) corporate structure, which in turn
has also resulted in a much lower level of fixed overheads. In
addition, the Company's product development portfolio has been
refocused into Auto-immunity and Anti-Infectives, with positive
developments across all the portfolio, including the Company's P140
platform with the imminent start of a new Phase 2/3 adaptive
clinical trial for lupus and an additional indication of CIDP
receiving positive feedback from a pre-IND meeting with FDA for a
similar Phase 2/3 adaptive clinical trial.
Whilst funding for both the lupus and CIDP programmes will be
met from either existing or anticipated future external commercial
deal(s), additional funding at this pivotal time would allow
management to move forward with the development of the 'non-P140'
products i.e. BioAMB and BioCin, as well as to fund overheads and
working capital requirements.
The Company's current funding is primarily through 2 existing
Lanstead Sharing Agreements entered into in December 2021 and
August 2022 which complete in March 2024 and August 2024
respectively. In addition, the Company receives R&D tax credits
from both the UK and French tax authorities. Due to the Company's
share price not meeting the relevant benchmark prices under each of
these Agreements, the Company has to date not received as much
proceeds from the Sharing Agreements as it anticipated when
entering into these agreements.
Additionally, certain warrants issued in 2021 ("2021 Warrants")
and 2022 ("2022 Warrants") are significantly "out of the money",
and as such it is unlikely, with the current exercise prices being
11p and 5.5p respectively, that holders will exercise such warrants
and thereby provide additional funding for the Company.
Therefore, the Company has considered the optimum way to fund
our ongoing cash requirements at the current time. The Board
consulted with the Company's brokers, Stanford Capital Partners,
regarding the current market sentiment towards fundraisings for AIM
quoted companies and in particular our industry sector and the
advice received was that it would be extremely difficult to
complete a successful equity fundraise and the Company would, in
all likelihood, need to offer a very high discount to the current
share price. Assuming such a fundraising was carried out, it would
most likely not raise sufficient funds for the Company's
requirements whilst also being highly dilutive for current
shareholders.
Discussions with Lanstead resulted in the Board (in consultation
with its advisors) agreeing to enter into a new Lanstead
Subscription (with associated Sharing Agreement) for GBP1 million
and a separate subscription by Lanstead in a Direct Subscription
for GBP0.2 million, in each case at an Issue Price of 2p, which
represents a relatively small discount (16.7%) to the prevailing
share price.
The Board believes that being able to apply this new funding to
focused R&D programmes will deliver quicker results and be an
additional contributor to already anticipated regular positive
newsflow and programme updates which will have a major impact to
drive a positive upward movement in the share price, thereby
increasing value for all shareholders.
It is with our expectation of an upward movement in share price
that the Board decided that new Lanstead Subscription and Sharing
Agreements (especially at an Issue Price which is near the all time
low share price) would represent, in the circumstances, the most
optimum solution to meet our current funding requirements. As the
Company experienced in our very first Sharing Agreement with
Lanstead in February 2016, with an appreciating share price, the
Company receives substantial more funding, without any further
dilution for shareholders. In addition, the existing two Sharing
Agreements from 2021 and 2022 will return more funds than they have
to date in circumstances where the share price is appreciating
(notwithstanding the opposite occurs where the share price
declines).
To illustrate the potential for positive newsflow, we are
entering a very important period for ImmuPharma as we move forward
with the Phase 2/3 adaptive clinical trial in lupus. In addition,
there is the prospect of reaching other key milestones over the
next period. This includes concluding the licensing of Lupuzor(TM)
for the ex-US rights; progressing our further late-stage asset,
CIDP, where we are now gaining interest from potential partners to
expedite this program and also to progress our earlier stage assets
including BioAMB and BioCin within our anti-infective
portfolio.
As disclosed in our Interim Results announcement today, the
Company had cash balances of approximately GBP0.2 million at 30
June 2023. These cash balances did not reflect the subsequent
receipt of R&D tax credits, nor the subsequent ongoing monthly
receipts from the existing two Lanstead Sharing Agreements from
2021 and 2022.
The current proposals seek to raise further funding by a
Subscription and associated Sharing Agreement for GBP1.0 million,
Direct Subscriptions of GBP0.35 million, a Retail Offer of up to
GBP0.5 million and a reduction in the exercise price of the 2021
Warrants and 2022 Warrants.
Further information on the Lanstead Subscription
Pursuant to the subscription agreement between the Company and
Lanstead (the "Subscription Agreement"), 50,000,000 new Ordinary
Shares have today been allotted and will be issued, conditional
upon First Admission, to Lanstead at 2 pence per Subscription Share
for an aggregate subscription value of GBP1.0 million.
The Lanstead Subscription proceeds of GBP1.0 million will
immediately following First Admission be pledged to Lanstead under
the Sharing Agreement under which Lanstead will then make, subject
to the terms and conditions of that Sharing Agreement, monthly
settlements (subject to adjustment upwards or downwards) to the
Company over 24 months, as detailed below. As a result of entering
into the Sharing Agreement, the aggregate amount received by the
Company under the Lanstead Subscription and the Sharing Agreement
may be more or less than GBP1.0 million, as further explained
below. Notwithstanding the Subscription Price of 2 pence,
shareholders should note that the share price of the Company needs
to be on average over the 24 months of the Sharing Agreement at or
above the Benchmark Price of 2.6667 pence per share for the Company
to receive at least, or more than, the gross Subscription of GBP1.0
million.
The Subscription Shares will be issued credited as fully paid
and will rank pari passu in all respects with the Company's
existing issued Ordinary Shares.
The Lanstead Subscription is conditional, inter alia , on
admission of the Subscription Shares to trading on AIM, and there
being: (i) no breach of certain customary warranties given by the
Company to Lanstead at any time prior to First Admission (which is
expected on or around Tuesday 5 September 2023); and (ii) no force
majeure event occurring prior to First Admission.
The Sharing Agreement
In addition to the Lanstead Subscription, the Company has
entered into the Sharing Agreement, pursuant to which ImmuPharma
will pledge the GBP1.0 million gross proceeds of the Lanstead
Subscription to Lanstead. The Sharing Agreement will enable the
Company to share in any share price appreciation over the Benchmark
Price (as defined below). However, if the Company's share price is
less than the Benchmark Price then the amount received by the
Company under the Sharing Agreement will be less than the gross
proceeds of the Lanstead Subscription which were pledged by the
Company to Lanstead at the outset.
The Sharing Agreement provides that the Company will receive 24
monthly settlement amounts (23 months of GBP41,666.67 and the final
month of GBP41,666.59 ) as measured against a benchmark share price
of 2.6667 pence per Ordinary Share (the "Benchmark Price"). The
monthly settlement amounts for the Sharing Agreement are structured
to commence approximately one month following First Admission.
If the measured share price (the "Measured Price"), calculated
as the average of each day's volume weighted share price ("VWAP")
of the Company's Ordinary Shares over a 20 day period prior to the
monthly settlement date, exceeds the Benchmark Price, the Company
will receive more than 100 per cent. of that monthly settlement due
on a pro rata basis according to the excess of the Measured Price
over the Benchmark Price. There is no upper limit placed on the
additional proceeds receivable by the Company as part of the
monthly settlements and the amount available in subsequent months
is not affected. Should the Measured Price be below the Benchmark
Price, the Company will receive less than 100 per cent. of the
monthly settlement calculated on a pro rata basis and the Company
will not be entitled to receive the shortfall at any later date. As
such, the final determination of the total amounts to be received
under the Sharing Agreement will only be known after the 24 months
have elapsed.
For example, if on a monthly settlement date the calculated
Measured Price exceeds the Benchmark Price by 10 per cent., the
settlement on that monthly settlement date will be 110 per cent. of
the amount due from Lanstead on that date. If on the monthly
settlement date the calculated Measured Price is below the
Benchmark Price by 10 per cent., the settlement on the monthly
settlement date will be 90 per cent. of the amount due on that
date. Each settlement as so calculated will be in final settlement
of Lanstead's obligation on that settlement date.
Assuming the Measured Price equals the Benchmark Price on the
date of each and every monthly settlement, ImmuPharma would receive
aggregate proceeds of GBP1.0 million (before expenses) from the
Lanstead Subscription and Sharing Agreements. Examples of the
proceeds from the Sharing Agreement to be received each month,
based upon varying levels of average share price in the month, are
shown in the Appendix to this announcement.
The Company will pay Lanstead's legal costs of cGBP15,000
incurred in connection with the Lanstead Subscription and in
entering into the Sharing Agreement and, in addition, has agreed to
issue to Lanstead 4,750,000 new Ordinary Shares ("Value Payment
Shares") in connection with entering into the Sharing
Agreement.
In no event will fluctuations in the Company's share price
result in any increase in the number of Subscription Shares issued
by the Company or received by Lanstead. The Sharing Agreement
allows both Lanstead and the Company to benefit from future share
price appreciation.
In total, Lanstead will be issued with 50,000,000 new Ordinary
Shares pursuant to the Lanstead Subscription which, when issued,
will equate (together with the 4,750,000 Value Payment Shares and
the 10,000,000 new Ordinary Shares issued in the Direct
Subscription) to approximately 15.80 per cent. of the Company's
enlarged issued share capital following the Subscription and the
Direct Subscription (and 14.89 per cent. if the Retail Offer is
fully subscribed).
No shares, warrants or additional fees are owed to Lanstead at
any point during this agreement other than those disclosed
above.
Following Second Admission Lanstead will have a holding of
91,322,252 Ordinary Shares which will represent between 21.00 per
cent. and 22.28 per cent. of the Company's enlarged share capital
(dependent on the take up of shares in the Retail Offer).
The Sharing Agreement is similar in structure to those
undertaken by the Company with Lanstead in February 2016, June
2019, March 2020, December 2021 and August 2022 respectively. The
first three of these arrangements have completed their settlement
periods. The February 2016 agreement yielded a net gain to
ImmuPharma of approximately GBP0.6 million more than originally
subscribed by Lanstead. The June 2019 and March 2020 agreements
yielded approximately GBP0.9 million and GBP1.0 million less than
originally subscribed by Lanstead respectively. The fourth
arrangement runs to March 2024 and is currently yielding
approximately GBP1.1 million less than the pro rata amount
originally subscribed by Lanstead on cumulative settlements to
date. The fifth arrangement runs to August 2024 and is currently
yielding approximately GBP0.3 million less than the pro rata amount
originally subscribed by Lanstead on cumulative settlements to
date.
The February 2016 agreement yielded a net gain due to the share
price appreciation during its duration, which coincided with the
progression of Lupuzor(TM) through its first Phase 3 clinical
trial. The subsequent agreements have all coincided with a
prolonged period of share price underperformance due to multiple
factors including the negative macro-economic environment and
prolonged discussions with the Food and Drug Administration on
progressing forward with the next clinical trial for lupus (which
has now been successfully resolved).
With the anticipation of regular positive newsflow as the
Company moves forward on the Phase 2/3 adaptive clinical trials of
both lupus and CIDP; the expectation of entering into additional
commercial deals on both indications and other positive newsflow
from the product portfolio, the Directors have an expectation that
this new Lanstead agreement will yield a net gain.
The Directors believe that the Sharing Agreement potentially
provides a number of benefits to the Company and its shareholders
including: the certainty of additional investment, albeit the
quantum of returns under the agreement is dependent on the
Company's share price; the opportunity to benefit from positive
future share price performance; and that the amount of shares
issued is fixed, together with the cost of their issue.
Retail Offer
The Company intends to offer up to 25,000,000 new Ordinary
Shares at the Issue Price (the "Retail Shares") via the Winterflood
Retail Access platform ("WRAP") to raise up to GBP0.5 million gross
proceeds (the "Retail Offer"), to provide qualifying retail
investors in the United Kingdom with an opportunity to participate
alongside the Subscription and Direct Subscriptions. It is expected
that the Retail Offer will launch at 8.00 a.m. on Thursday 31
August 2023 and will be open for applications up to 5.00 p.m. on
Wednesday 6 September 2023. The result of the Retail Offer is
expected to be announced by the Company on or around Thursday 7
September 2023, with Second Admission expected on or around 12
September. For the avoidance of doubt, the Retail Offer is in
addition to the Subscription and Direct Subscriptions and will be
conditional upon Second Admission becoming effective. The Retail
Offer is not underwritten and may not be fully subscribed.
A further announcement giving details of the Retail Offer and
its terms will be made shortly.
Direct Subscription
The subscribers under the Direct Subscriptions are Lanstead
(GBP200,000) and an Institutional shareholder (GBP150,000). These
parties have each agreed to subscribe directly with the Company.
17,500,000 Direct Subscription Shares will be issued to raise
GBP0.35 million.
The Direct Subscription Shares will be issued credited as fully
paid and will rank pari passu in all respects with the Company's
existing issued Ordinary Shares.
The Direct Subscription is conditional, among other things, upon
First Admission (which is expected to occur on or around Tuesday 5
September 2023) becoming effective.
Variation of terms of the 2021 Warrants and the 2022
Warrants
At present there are a total of 101,042,350 warrants in
issue.
Of these, 64,545,455 warrants, with an exercise price of 11p and
an exercise period ending 23 December 2031 ("2021 Warrants"), were
issued under a warrant deed in December 2021 (see RNS notification
headed "Subscription and Placing to raise GBP3.55million" dated 20
December 2021). The holders of these 2021 Warrants are Lanstead
(40,000,000), Alora Pharmaceuticals, LLC (21,818,182) and an
Institutional shareholder (2,727,273).
A further 30,000,000 warrants, with an exercise price of 5.5p
and an exercise period ending 15 August 2032 ("2022 Warrants") were
issued under a warrant deed in August 2022 (see RNS notification
headed "Subscription/Placing to raise GBP1.1m; Broker Option" dated
3 August 2022). The holder of these 2022 Warrants is Lanstead
(30,000,000).
These warrants are currently significantly "out of the
money".
It is proposed that the warrant deeds (between the Company and
the respective counter-parties - the holders of warrants) will be
varied, subject to First Admission, such that the exercise price of
the 2021 Warrants and 2022 Warrants is reduced from 11 pence and
5.5 pence respectively to 2 pence.
The 2021 Warrants and 2022 Warrants will then be exercisable at
the earlier of (i) the five day volume weighted average price of
Ordinary Shares attaining 4 pence or (ii) 12 months following First
Admission or (iii) a takeover offer is announced for the Company.
The reduction in the warrant exercise prices has been agreed with
all the warrant holders and from the Company's perspective, there
will be a higher probability of receiving additional funding from
the exercise of these warrants as the share price appreciates and
the warrants are 'in the money'.
Following Second Admission the 101,042,350 warrants in issue
represent 18.29 per cent of the fully diluted share capital (as
enlarged following full exercise of these warrants and outstanding
options and assuming full take up of the Retail Offer).
Future Funding requirements
The Directors are confident that the fundraising, together with
existing funding and funding arrangements, will provide the Company
with a clear cash runway to at least the end of 2024.
This belief is based on assumptions, which include the Board's
estimation of the likely level of receipts under (i) the 2021
Lanstead Agreements and the 2022 Lanstead Agreements, and (ii) the
current 2023 Lanstead Agreements (which are variable and depend
upon the level of the Company's Measured Price versus the Benchmark
Price each month).
In the event that the Company receives less funds than expected
by the Directors, the Company will undertake measures to limit or
defer cash outflows from the business in the near term, (which
include the Directors deferring a proportion of their salaries)
until such time as the business is able to meet these payments, or
seek to introduce further funding to the business.
Conversely, in the event of share price performance in excess of
the assumptions made, the Company would have a longer cash runway
as there would be a higher level of cash receipts under the various
Lanstead Agreements. In addition, a higher share price would
increase the likelihood of the exercise of outstanding Options and
warrants, which would result in further cash receipts for the
Company, though there is no guarantee this will occur.
Related Party Transactions
Lanstead is interested in 26,572,252 Ordinary Shares
(representing 7.97 per cent. of the current issued share capital).
Until 5 May 2023 Lanstead was a substantial shareholder in the
Company, therefore (i) the participation by Lanstead in the
Lanstead Subscription and Sharing Agreements (including the issue
of the Value Payment Shares), (ii) the participation by Lanstead in
the Direct Subscriptions for GBP0.2 million (iii) the variation in
the terms of the 2021 Warrants and 2022 Warrants (of which Lanstead
is a holder) constitute related party transactions under the AIM
Rules for Companies.
The Directors (all of whom are independent of Lanstead), having
consulted with SPARK Advisory Partners Limited ("SPARK"), the
Company's nominated adviser, consider that (i) the terms of the
Lanstead Subscription and Sharing Agreements, (ii) the terms of the
Direct Subscription and (iii) the variation of the terms of the
2021 Warrants and 2022 Warrants, are fair and reasonable insofar as
the Company's shareholders are concerned.
Other Share Issues
The Company will issue 500,000 new Ordinary Shares to SPARK, and
3,750,000 new Ordinary Shares to SCP at an issue price of 2 pence
per share in lieu of fees ("Fee Shares"). The Fee Shares will be
issued credited as fully paid and will rank pari passu in all
respects with the Company's existing issued Ordinary Shares.
Application for admission to trading on AIM ("Admission"), and
expected dates of Admission
Application will be made for the Subscription Shares, the Direct
Subscription Shares, the Value Payment Shares, the Fee Shares and
the Retail Offer Shares to be admitted to trading on the AIM market
of the London Stock Exchange.
It is anticipated that Admission ("First Admission") of the
Subscription Shares, the Direct Subscription Shares, the Value
Payment Shares and the Fee Shares wi ll occur at 8.00 a.m. on or
around Tuesday 5 September 2023.
It is anticipated that Admission ("Second Admission") of the
Retail Offer Shares wi ll occur at 8.00 a.m. on or around Tuesday
12 September 2023 (assuming the Retail Offer remains open up to
5.00 p.m. on Wednesday 6 September 2023 ).
Authority to allot shares
The allotment of the Subscription Shares, the Direct
Subscription Shares, the Retail Offer Shares, the Value Payment
Shares and the Fee Shares is being made pursuant to existing
authorities to allot shares and other relevant securities and to
disapply pre-emption rights under section 551 of the Companies Act
2006, which the Directors were given at the Company's Annual
General Meeting held on 30 June 2023.
Total Voting Rights
Following First Admission the Company will have 409,903,115
Ordinary Shares in issue. Since the Company currently holds no
shares in treasury, the total number of voting rights in the
Company will therefore be 409,903,115. These figures may therefore
be used by Shareholders as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
About Lanstead
Lanstead is a global investment firm that provides funding for
ongoing business objectives to listed small and mid-cap growth
companies. In London, Lanstead focus on equity investments in
companies already listed or quoted on the London Stock Exchange or
European exchanges and on management teams with a clear growth
strategy.
Lanstead's extensive experience allows it to invest in most
industries, focusing on providing supportive, longer term capital
that rewards company growth. Companies with Lanstead on the
shareholder register via an equity placement to Lanstead with an
accompanying sharing agreement can benefit from a unique and
flexible approach to finance growth. This provides the opportunity
for companies to benefit from additional cash beyond the original
subscription proceeds without having to issue additional
shares.
Further information is available at www.Lanstead.com
Appendix - example of Lanstead Sharing Agreement
In relation to each of the months in the 24 month calculation
period:
Average 20 Day VWAP 2.0p 2.6667p
3.3333p
Benchmark Price 2.6667p 2.6667p
2.6667p
20 day VWAP as % of Benchmark Price 75% 100%
125%
Settlement from Lanstead in the month GBP31,250 GBP41,667
GBP 52,083
Proceeds over 24 month period
if Average 20 Day VWAP is at this level
for the entire period GBP0.75 m GBP 1.0 m
GBP1.25 m
For further information please contact:
ImmuPharma PLC ( www.immupharma.com )
Tim McCarthy, Chief Executive Officer + 44 (0) 207 152 4080
Lisa Baderoon, Head of Investor Relations + 44 (0) 7721 413496
+44 (0) 203 36 8 3550
SPARK Advisory Partners Limited (NOMAD)
Neil Baldwin
+44 20 3650 3650
Stanford Capital Partners (Joint Broker)
Patrick Claridge
Bob Pountney
SI Capital (Joint Broker)
Nick Emerson +44 (0) 1483 413500
Notes to Editors
About ImmuPharma PLC
ImmuPharma PLC (LSE AIM: IMM) is a specialty biopharmaceutical
company that discovers and develops peptide-based therapeutics. The
Company's portfolio includes novel peptide therapeutics for
autoimmune diseases and anti-infectives. The lead program, P140
(Lupuzor(TM)), is a first-in class autophagy immunomodulator for
the treatment of Lupus and preclinical analysis suggest therapeutic
activity for many other autoimmune diseases that share the same
autophagy mechanism of action.
For additional information about ImmuPharma please visit
www.immupharma.co.uk
ImmuPharma's LEI (Legal Entity Identifier) code:
213800VZKGHXC7VUS895.
Other information:
L1/Lind arrangement
On 11 June 2020 the Company announced it had entered into
funding agreements ("Funding Agreements") with two specialist US
healthcare investors L1 Capital Global Opportunities Master Fund
("L1") and Lind Global Macro Fund LP, managed by The Lind Partners,
LLC ("Lind") for a total investment of up to US$6.30 million
(GBP4.94 million) comprising an issue of unsecured convertible
securities ("Securities") and associated options ("Options"). These
Securities have now either been converted or redeemed as set out in
notifications issued on 9 September 2020, 10 September 2020, 22
September 2020, 23 November 2020, 24 November 2020 and 20 December
2021.
22,204,279 and 28,204,279 Options in the Company (with an
exercise price of 5 pence per share), held by L1 and Lind
respectively, lapsed unexercised on 10 June 2023.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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END
IOEPMMPTMTJJBJJ
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