25 May 2012

US cheer for ImmuPharma

03/11/2011 Robert Tyerman

The US Food & Drugs Administration (DFA) has granted drug discoverer ImmuPharma (IMM) approval to start Phase III trials for its key Lupuzor product.

The FDA, which has also conferred 'fast track' designation on Lupuzor, a treatment for lupus for which AIM-quoted ImmuPharma recently recovered all rights from its former US development partner, Cephalon.

The company says the European Medicines Agency has made recommendations on Lupuzor 'very similar' to the FDA's and the Japanese authorities have also agreed to initiate clinical trials. ImmuPharma had received only $45 million (£28.1 million) of a potential $500 million in milestone payments when it ended its Cephalon deal, but it is now talking to other drug companies about a new deal and chief executive officer Dimitri Dimitriou declares 'the interest we are seeing already from pharma companies as potential partners gives us great confidence.'

IImmuPharma's shares, which surged from below 60p to more than 140p in 2009 on the original Cerphalon deal before falling back to 65p during the past year, have bounced 15p this morning to 90p, valuing the company at £73.4 million. They have should recover further if the company strikes a suitable new partnership deal.

Tags: AIM market, Dimitri Dimitriou, European Medicines Agency, FDA, Lupuzor

Sector: Pharmaceuticals & Biotechnology

Companies: ImmuPharma

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