ImmuPharma looks to join AIM

Published: 23-Jan-2006

ImmuPharma, a UK drug discovery and development company focusing on the treatment of serious medical conditions such as Lupus, cancer pain and MRSA, is seeking a listing on AIM.


ImmuPharma, a UK drug discovery and development company focusing on the treatment of serious medical conditions such as Lupus, cancer pain and MRSA, is seeking a listing on AIM.

The company plans to gain AIM admission via a reverse takeover of AIM-listed General Industries. Under the proposal General Industries has undertaken to make a share exchange offer for ImmuPharma's entire equity capital which, on successful completion, will result in the existing shareholders of ImmuPharma taking a controlling interest in General Industries.

ImmuPharma is currently developing drug candidates for three different medical conditions. The furthest advanced drug candidate targets Lupus, a disease for which there is currently no cure or specific treatment. By 2010 there will be an estimated 1.4 million patients diagnosed with Lupus in the seven key markets. The other two drug candidates address moderate to severe pain (such as that experienced by cancer sufferers and post-operative patients), and MRSA and similar severe hospital-acquired resistant infections.

On successful completion of the acquisition and an accompanying placing with institutional and private investors, there will be approximately 67.8 million shares in issue. This means that, at the placing price of 42.5p a share, the company would be capitalised at some £28.8 million. After the transaction, the existing directors of General Industries will resign and the current directors of ImmuPharma will be elected in their place. The new board would then seek a change of name from General Industries to ImmuPharma plc.

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