Times could be about to get interesting for Immupharma and its lead lupus product Lupuzor. The company develops treatments for auto-immune diseases and is expecting an interim analysis from a new US Phase IIb clinical trial in the third quarter which could bolster the case for Lupuzor. However, a hostile bid by Valeant for Cephalon, its US development partner, could result in Immupharma being handed back the rights to Lupuzor.
Chief executive Dimitri Dimitriou said he was unconcerned if this happens: "Cepahlon has funded a lot of work on Lupuzor - the milestone payments are non-refundable - and it is now a valuable product. We were in talks with other partners at the time of the original deal and we will partner it again, but this time with more clinical data." Mr Dimitriou also said that GlaxoSmithKline (GSK), which launched lupus-treatment Benlysta earlier this year, has now set the pricing trend for others to follow - GSK plans to charge up to $35,000 per year for Benlysta.
Immupharma has other products in development and hopes to start Phase IIb trials in Europe later this year for its brain tumour drug IPP-204106. Research and development spend fell from £4m to £1.6m and the cash pile should last a further three years.
IMMUPHARMA (IMM) | ||||
|---|---|---|---|---|
| ORD PRICE: | 70p | MARKET VALUE: | £58m | |
| TOUCH: | 69-71p | 12-MONTH HIGH: | 100p | LOW: 64.5p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 19p | NET CASH: | £14.8m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2006 | 0.05 | -2.55 | -3.63 | nil |
| 2007 | 0.06 | 3.34 | -4.24 | nil |
| 2008 | 0.05 | 4.86 | 6.23 | nil |
| 2009 | 22.05 | 9.10 | 10.46 | nil |
| 2010 | 0.03 | -2.47 | -2.44 | nil |
| % change | -100 | - | - | - |
