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Immupharma Plc

“ImmuPharma plc is grossly undervalued” Says Northland Capital

Northland Capital partners view on Immupharma PLC LON:IMM: Today’s announcement provides further details on ImmuPharma’s flagship Phase 3 clinical trial. With enrolment and dosing now complete, we have better visibility of the trial’s timetable. Given that the last patient dosed needs to be monitored for 12 months, we now expect the trial to read out top line results in Q1-18, a couple of months later than we originally expected—but now with a high degree of certainty. Importantly, no drug related ‘Serious Adverse Events’ have been reported to date, indicating that the drug remains safe. We reiterate that should Lupuzor be approved, we estimate it could achieve multi-billion dollar annual sales. Consequently, we calculate that ImmuPharma is grossly undervalued.

Update on Lupuzor Phase 3 trial
n  ImmuPharma PLC announced further details of patient participation in its flagship Phase 3 clinical trial of Lupuzor™, a potential treatment for Lupus, the auto-immune disease.

n  293 patients initially screened illustrating the demand from physicians for a new safe and effective treatment for Lupus.

n  Of these, the required 200 patients have been successfully recruited and randomised (dosed).

n  7 Countries and 28 sites are participating in the study.

n  By the end of this month, over 80% of patients will have been treated for at least 3 months.

n  To date no drug related ‘Serious Adverse Events’ have been reported.

Year end Dec Revs (£m) Adj. EBITDA (£m) Adj. PBT (£m) Tax (%) Adj. EPS (p) PER (x) Div (p) Net cash (£m) Yield (%)
2014A 0.2 -3.3 -3.3 -3.4 4.6
2015A 0.1 -4.4 -4.5 -4.4 0.4
2016E -6.5 -6.6 -4.2 2.3
2017E -4.8 -4.9 -3.4 1.3

Source: Northland Capital Partners Limited. *Northland acts as Nomad and Broker

 

 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.