StockMarketWire.com - Drug discovery and development company ImmuPharma unveiled plans to merge its two French subsidiaries into one company, and close its Swiss-based subsidiary, in a bid to lessen cost and speed up product development.

The company also said it would delist from the Euronext as most of to the trading of its shares were on the London Stock Exchange's AIM.

The two wholly owned French subsidiaries - ImmuPharma France SA and Ureka SAS - would be merged into one company, and renamed ImmuPharma Biotech SAS, reflecting its new role in leading all the R&D activities of the group.

'We believe this reorganisation will lead to a much more focused and results oriented product development portfolio,' the the company said

The update arrived alongside half-year results showing wider losses on increased costs.

For the six months ended 30 June 2021, pre-tax losses widened to £3.7 million from £3.1 million year-on-year.

Research and development expenditure rose to £1.3 million from 0.9 million, while administrative expenses were £1.5 million, up from £1.0 million.






Story provided by StockMarketWire.com