(IMM.L) ImmuPharma PLC Buy/Sell

LONDON, Nov 19 (Reuters) - The head of lupus specialist ImmuPharma said mid-stage trial results for its lead drug were encouraging and should not have prompted a 19 percent drop in the share price on Thursday.
"People have misunderstood some of the points," Chief Executive Dimitri Dimitriou said of the trial, which was for its Lupuzor drug, adding there are two sets of figures and one set includes people who should not have been counted.
"We modified the criteria for entry for the patients ... but some of the centres kept on recruiting patients and actually these patients should not be part of the real measurement," he told Reuters in a telephone interview.
The results showed that on a once-a-month dose the drug met its goal in 62 percent of the moderate to severe subgroup -- which Dimitriou said was the group that the study was aimed at.
However on the same dose the drug met its goal in 53 percent of a wider group, which included patients Dimitriou said should not have been in the trial.
"We will use that as a good buying opportunity to build a position in the stock," said Panmure analyst Savvas Neophytou in a note to clients.
Nomura Code analyst Gary Waanders said: "The fact is the clinical data and the statistical data everywhere else is all good so I think it should only be seen positively."
The worldwide rights to Lupuzor were licensed to Cephalon in February this year in a deal worth $30 million plus milestone and royalty payments.
By 12.07 GMT shares were down 19 percent to 111 pence, reaching a month low, and valuing the company at about 86 million pounds ($143.3 million).

(Reporting by Ben Deighton; editing by Elaine Hardcastle)

($1=.6002 POUND) Keywords: IMMUPHARMA/LUPUZOR (ben.deighton@reuters.com; +44 207 542 7009; ben.deighton.reuters.com@reuters.net)

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LONDON, Nov 19 (Reuters) - Lupus specialist ImmuPharma's shares tumbled 19 percent on Thursday following mid-stage data for its Lupuzor drug, leaving analysts and its chief executive saying the market has misunderstood the results.
"People have misunderstood some of the points," Chief Executive Dimitri Dimitriou said, explaining that there are two sets of figures and one set includes people who should not have been counted.
"We modified the criteria for entry for the patients ... but some of the centres kept on recruiting patients and actually these patients should not be part of the real measurement," he told Reuters in a telephone interview.
The results showed that on a once-a-month dose the drug met its goal in 62 percent of the moderate to severe subgroup -- which Dimitriou said was the group that was supposed to have been included in the study.
However on the same dose the drug met its goal in 53 percent of the whole targeted group, which includes people which Dimitriou said should not have been included.
"We will use that as a good buying opportunity to build a position in the stock," said Panmure analyst Savvas Neophytou in a note to clients.
Nomura Code analyst Gary Waanders said: "The fact is the clinical data and the statistical data everywhere else is all good so I think it should only be seen positively."
By 12.07 GMT shares were down 19 percent to 111 pence, reaching a month low, and valuing the company at about 86 million pounds ($143.3 million).

(Reporting by Ben Deighton; Editing by Jon Loades-Carter)

($1=.6002 POUND) Keywords: IMMUPHARMA/LUPUZOR (ben.deighton@reuters.com; +44 207 542 7009; ben.deighton.reuters.com@reuters.net)

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LONDON, Nov 19 (Reuters) - Immupharma Plc Chief Executive Dimitri Dimitriou told Reuters:

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10:00GMT 19Nov2009-ImmuPharma plummets after trial data

Shares in Lupus specialist ImmuPharma tumble 19.5 percent after the company reports interim results for its lead drug Lupuzor.
The trial met its key target but failed to meet statistical significance on one measurement, after the company cut recruitment back when it changed the design of the trial.

Panmure Gordon says: "Although the outcomes were promising, statistical significance was not achieved in the primary end point, which necessitates us to change our forecasts with regards to the phasing of milestone payments".
However, the brokerage says it remains a buyer of ImmuPharma's stock as it sees a good probability of success in the late stage trials of Lupuzor.
"If you compromise a certain bit on the size of the study you've got to accept that your statistical analysis as a result of that will also be compromised," says Nomura Code analyst Gary Waanders.
"The fact is the clinical data and the statistical data everywhere else is all good so I think it should only be seen positively," he adds.
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09:34GMT 19Nov2009-Huntsworth up on encouraging outlook

Shares in public relations company Huntsworth Plc gain 3.9 percent after the firm reports it sees 2009 earnings inline with expectations, prompting KBC Peel Hunt to upgrade to "buy" from "hold".
Huntsworth also says visibility for revenue has improved and the economy in which it is now trading is significantly better than at the turn of the year.
"Today's news is encouraging in tone but the absence of the major client wins suggests that there is as yet no need to upgrade numbers," says the broker in a note.

Meanwhile, Evolution Securities raises its recommendation on Huntsworth to "neutral" from "reduce" and ups its 2009 pretax profit forecasts to 22.1 million pounds from 19.7 million.
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08:00GMT 19Nov2009-UK small caps up 0.1 pct early

The FTSE Small Cap Index gains 0.1 percent in early trade, outperforming London's blue chip and mid cap indexes, which shed 0.3 percent each.
British insurance consultancy Charles Taylor rises 2.9 percent after announcing it expects to beat full-year forecasts by a significant amount after trading over the last four months was driven by strong performances from its adjusting and insurance run-off units.

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