Drug development firm ImmuPharma increased its losses during 2011 but managed to regain the rights to its most important compound.
The loss for the year was £3.35m, against the prior year's loss of £1.98m. The loss per share increased from 2.44p in 2010 to 4.12p in 2011.
ImmuPharma's lead product is Lupuzor, a compound it hopes will prove successful in treating Lupus, the potentially life-threatening autoimmune disease. The firm had sold the rights to the compound to another company called Cephalon but exercised an option to get them back when Cephalon was taken over.
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The US Food and Drug Administration has approved Phase III trials for Lupuzor and ImmuPharma is now trying to agree a licensing deal for the drug.
ImmuPharma is also researching an anti-cancer drug in conjunction with the French Centre National de la Recherche Scientifique. So far 21% of "Nucant" trial patients have demonstrated disease stabilisation for more than six months. The aim now is to focus on brain tumours and melanomas.
Commenting on the results, ImmuPharma's Chairman Richard Warr said: "Our key objectives for 2012 are to secure a new licensing partner for Lupuzor, to advance our cancer programme and to continue to develop the rest of our asset base."
Shares in ImmuPharma were 0.28% down at 10:40. Since the beginning of the year the stock has fallen 16.7%.
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