Never miss an issue of Master Investor Magazine – sign-up now for free! |
Shares in AIM-listed drug discovery outfit ImmuPharma (LON:IMM) fell by 5.55% to 19.15p (as of 13:20 BST) after it announced that its Lupuzor treatment for Lupus patients would be made available via a Managed Access Programme before it receives regulatory approval. Management said that they were hoping to recruit 500 patients for the 2 year programme which will be funded from current reserves.
The company also announced that it would divest itself of its France-based subsidiary Ureka, as resources would be focused on later-stage prospects rather than Ureka’s portfolio of early stage projects.
Chairman Tim McCarthy commented: “The Board has been focused on delivering a business strategy which provides the optimum route forward for ImmuPharma and its shareholders, based on its current assets, resources and knowhow. We believe that the strategy outlined today provides the most effective route to create shareholder value going forward.
“We are excited as a team to be progressing the MAP programme which allows Lupus patients early access to Lupuzor™. In the medium term, we remain focussed on achieving the full regulatory approval of Lupuzor™ which we believe has the potential to be a ground breaking drug for Lupus patients and in turn has blockbuster potential in commercial terms.”