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ImmuPharma PLC announced on 21 August 2023 that it agreed with Incanthera plc to extend warrants originally issued on 26 February 2020. These warrants, which allow ImmuPharma to subscribe for 7,272,740 Ordinary Shares in Incanthera at £0.095 per share, were extended by 12 months from 6 September 2023 to 6 September 2024. No consideration was paid by ImmuPharma for the extension, which its Board treated as a related party transaction.
| Date | 21 Aug 2023 |
| Time | 07:00:03 |
| Category | Miscellaneous |
| ID | 8432J |
21 August 2023
ImmuPharma PLC
("ImmuPharma" or the "Company")
Extension of Warrants in Incanthera plc
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and development company, is pleased to announce that the Company has agreed with Incanthera plc ("Incanthera") that Warrants issued to the Company on 26 February 2020, in conjunction with Incanthera's IPO onto the Aquis Exchange, are extended by 12 months.
Key highlights:
· The Company entered into a Warrant Instrument ("Warrant Instrument") with Incanthera on 26 February 2020, whereby Incanthera created and issued Warrants to ImmuPharma to subscribe in cash at £0.095 per share, for 7,272,740 Ordinary Shares, valid until 6 September 2023.
· Incanthera has agreed with the Company to extend the Warrant Instrument by 12 months to 6 September 2024.
· All other provisions in the Warrant Instrument remain the same.
· No consideration is being paid by ImmuPharma to obtain the extension.
ImmuPharma currently owns 9,904,319 shares in Incanthera (representing 12.7% of its issued share capital). In addition, Tim McCarthy, ImmuPharma's Chairman, is also the Chairman of Incanthera and has a holding of 3,931,646 shares (5.05%).
The Board of ImmuPharma has determined to treat the extension of the Warrants as a related party transaction. Mr McCarthy has not been involved in the ImmuPharma Board's decision to agree to the extension.
The Directors (excluding Mr McCarthy), having consulted with SPARK, the Company's nominated adviser, consider that the terms of the Warrant extension are fair and reasonable insofar as the Company's shareholders are concerned.
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
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Notes to Editors
About ImmuPharma PLC
ImmuPharma PLC (LSE AIM: IMM) is a specialty biopharmaceutical company that discovers and develops peptide-based therapeutics. The Company's portfolio includes novel peptide therapeutics for autoimmune diseases and anti-infectives. The lead program, P140 (Lupuzor™), is a first-in class autophagy immunomodulator for the treatment of Lupus and preclinical analysis suggest therapeutic activity for many other autoimmune diseases that share the same autophagy mechanism of action.
For additional information about ImmuPharma please visit www.immupharma.co.uk.
ImmuPharma's LEI (Legal Entity Identifier) code : 213800VZKGHXC7VUS895.