Investment summary

ImmuPharma is seeking a development partner for its Phase III-ready lupus candidate, Lupuzor, having reclaimed global rights from Cephalon after Cephalon's acquisition by Teva in October 2011. A deal with a larger pharmaceutical/biotech partner, or potentially a contract research organisation (CRO), will ideally be concluded in 2012. The FDA has agreed an SPA for a Phase III programme, based on ImmuPharma's Phase IIb study completed in 2009, and granted fast-track status. The Phase I/IIa escalating-dose study of N6L in cancer has completed and results are due in H112. On 27 March, ImmuPharma reported a net loss of £3.4m in FY11. It currently holds £11.2m net cash, which is sufficient for three years at a projected annual cash burn rate of £3.5m.

Last updated on 23/04/2012

Industry outlook

GSK/HGSI Q4 sales of Benlysta were $25.7m - a slower than expected sales uptake due to high price and reimbursement issues. Lupuzor's unique mechanism of action offers potential efficacy and safety advantages over Benlysta and many other late-stage lupus candidates.

Last updated on 23/04/2012