Tim McCarthy, Chairman ofdiscusses the deal with US-based Avion Pharmaceuticals, the agreement with Lanstead Capital and what the future holds for ImmuPharma regarding new trial design as well as anticipated upcoming milestones.
Mr. McCarthy said: “Avion have agreed to fully fund the phase 3 development through to registration and all the costs surrounding that up to $25 million. To put that in context, that's more than twice the amount we spent on the first phase 3 study”
Commenting on a new trial design he said: “What we are now doing is putting together a new design based on the lessons we learned from the first phase 3”
He said: “If we choose a particular profile of patients with a particular biomarker, then we will more than likely have a higher chance of success in terms of showing the efficacy.”
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Dave Wall, Managing Director of 88 Energy, said: "The decision by the Board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program.”
Business leaders have welcomed what they call a clarification of the government's view that there would be "no alignment" with EU rules in a post-Brexit trade deal with the EU. Chancellor Sajid Javid said the UK would use the power to diverge from Europe only when it was in the interests of business.