The ImmuPharma PLC (LON: IMM) share price surged 18.3% after releasing its end-of-year update, in which the management team acknowledged that the company had not met the targets set at the beginning of 2022.
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However, it was the move by the company’s top executives to forfeit vast chunks of their remuneration that triggered the rally. Tim McCarthy, the company’s CEO, gave up £187,500, representing 64% of his total remuneration, while Tim Franklin gave up £159,500, representing 63% of his remuneration.
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Investors cheered the move by the company’s executives to reduce their pay in line with the company’s performance. Top executives rarely willingly reduce their compensation, but Immupharma’s executives acted in the company’s best interest.
The company’s board noted its commitment to aligning with shareholder interests and continuously creating more value for all stakeholders.
The specialist drug discovery and development company is working proactively together with Avon Pharmaceuticals, its partner, and external advisors on preparations to launch an updated clinical programme for P140 (Lupuzor™) in 2023.
ImmuPhama also told investors it was in discussions with potential commercial partners about all its development programmes, including ex. US rights for P140 (Lupuzor™), and it will be continuing these discussions in January 2023.
Investors cheered the news even as the board reassured investors that its key focus in 2023 would be advancing P140 (Lupuzor™) into its subsequent clinical trial. The board is also keen to deliver positive progress across its clinical development portfolio and commercial partnerships.
ImmuPharma was proud to announce that it had a cash runway to fund its operations through 2023 and into the first half of 2024 due to its prudent cash management. Investors were pleased with the news, which indicates that the company will not face any significant financial hurdles.
The company’s shares had retraced some gains at writing, but they still have significant upside potential.
*This is not investment advice.
ImmuPharma share price.
The Immupharma share price surged 18.29% to trade at 1.94p, rising from Wednesday’s closing price of 1.64p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.