Pulmocide announces termination of Phase 3 study

Portfolio company Pulmocide announces termination of Opera-T Phase 3 study with Opelconazole

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), which invests in breakthrough science and innovation companies with the potential to create a better future for all, notes the announcement from portfolio company Pulmocide Ltd ("Pulmocide" or "the Company") that it has taken the decision to terminate its Opera-T Phase 3 Study with opelconazole in refractory Invasive Pulmonary Aspergillosis (IPA).

Pulmocide, a biopharmaceutical company in which IP Group has a 12.0% holding valued at £28.1m, will be conducting a thorough review of the unblinded data from this trial to determine potential next steps for the program. As a result, the Group expects to significantly reduce the carrying value of this asset and will conduct further work as part of the year end process to fully evaluate the appropriate level of this adjustment.

IP Group benefits from a strong pipeline of new and maturing companies, as well as a number of valuable licences, and remains confident of delivering meaningful returns for shareholders over the medium term.