Mithra Provides an Update in the Context of Recent Market Developments

  • Financial results show Mithra has solid financial foundation and multiple options to finance
  • Shareholder meetings called to consider routine matters of business


Liege, Belgium, 05 October 2023 – 7:00 CEST –Mithra (Euronext Brussels: MITRA), a company dedicated to Women’s Health, today provides an update in the context of recent market announcements and developments.

Recent developments in the Belgian biotech industry have caused some concerns among investors about Mithra’s financials, as well as the announcement on September 29th on the upcoming special and extraordinary securities holders’ meetings to be held on October 30th.

These special and extraordinary securities holders’ meetings have been called to consider routine matters of business, in particular linked to the previously announced financial arrangements with Armistice Capital and Highbridge Capital Management and Whitebox Advisors. The agenda items, which are publicly available, show that there are no drastic financing issues to address, and all proposals relate to existing, agreed upon measures to finance the company.

Mithra is obliged to disclose its finances publicly and has done so on the 26th of September, revealing it has a strong financial baseline. As published in its 2023 Half Year Results Report, Mithra’s auditors raised no new issues that would prevent the company from continuing its business operations as a “going concern.”

Dr. David Horn Solomon, Chief Executive Officer of Mithra, commented:Our latest financial results, published just last month, show that Mithra has a solid financial foundation, in that we continue to have multiple options to finance the company. We have made progress over the last months, demonstrating those strong underlying fundamentals, and we are working hard to further deliver on our strategy and unlock the value in the business. In particular, we raised EUR 20 million in a successful equity financing, with potential for up to an additional EUR 45 million in equity, which is an important demonstration of our ability to raise finance during turbulent market conditions.”

Other important steps, which have generated or are expected to generate revenue, include:

  • Canadian licensing deal for DONESTA®, worth up to EUR 17.05 million in licensing and milestone payments plus tiered double-digit royalties
  • EUR 1.25 million milestone payment from Fuji Pharma on ESTELLE®
  • Generated about EUR 10 million in cash for operations from our sale of about half of our shares of Mayne Pharma
  • Secured access to EUR 12.5 million in financing from Highbridge and Whitebox under a loan facility
  • ESTELLE® U.S. product sales volumes by partner Mayne Pharma increased by 80% in H1 2023, compared to H2 2022. The company’s higher net loss for H1 2023 was mainly due to the reimbursement of certain loan tranches.
  • Actively engaged in securing a U.S. distribution partner for DONESTA®
  • Actively evaluating the best strategic alternatives for two non-core businesses: the complex therapeutics business Novalon and the contract development and manufacturing organization (CDMO)


Please read this carefully as it applies to all persons who visit this website. The following pages contain information relating to an offering and/or admission to trading on a regulated market in relation to securities of Mithra Pharmaceuticals SA ("Mithra Pharmaceuticals"). This information may not be accessed by residents of certain countries based on applicable securities law regulations. Accordingly, if you wish to access this part of the website you must first inform yourself about and then observe the statutory and regulatory requirements applicable to you and to your jurisdiction. In order to establish whether or not you may view the information and documents please read the disclaimer below in full.


This website and the information contained herein or to which it gives access are not intended for, and may not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America (including its territories, the "United States"), Australia, Japan or South Africa, and do not constitute, or form part of, an offer or invitation to sell or issue, or a solicitation of an offer or invitation to purchase or subscribe for, nor shall there be any sale or purchase of, any securities of Mithra Pharmaceuticals in the United States, Australia, Japan or South Africa or in any other jurisdiction in which such offer, invitation, solicitation, sale, issue, purchase or subscription would be unlawful prior to registration, unless an exemption from registration or qualification under the securities laws of any such jurisdiction is applicable. The securities of Mithra Pharmaceuticals referred to on this website have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act. There will be no public offering of Mithra Pharmaceuticals' securities in the United States.

All persons residing outside of the United States, Australia, Canada, Japan and South Africa who wish to access the documents contained on this website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this website, or require registration or approval for any acquisition of securities by them. Mithra Pharmaceuticals assumes no responsibility if there is a violation of applicable law and regulations by any person.

No action has been taken by Mithra Pharmaceuticals that would permit an offer of Mithra's securities or the possession or distribution of the materials to which this website gives access or any other offering or publicity material relating to Mithra's securities in any jurisdiction where action for that purpose is required.

Mithra Pharmaceuticals has not authorised any public offering in any Member State of the European Economic Area. With respect to any Member State of the European Economic Area that has implemented Regulation 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC, as amended from time to time (together with any applicable implementing measures in such Member State, the "Prospectus Regulation"), this website and the information contained herein, or to which it gives access, is only addressed to, and is only directed at, qualified investors in that Member State within the meaning of the Prospectus Regulation.

In addition, in the United Kingdom, this website and the information contained herein, or to which it gives access, is addressed to, and directed only at: (a) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), and (b) high net worth entities, and other persons to whom they may otherwise lawfully be communicated, falling within article 49(2) of the Order (all such persons together being referred to as "Relevant Persons"). In the United Kingdom, any investment or investment activity to which this website and the information contained herein, or to which it gives access, relates, is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person in the United Kingdom who is not a Relevant Person should not act or rely on this website and the information contained herein, or to which it gives access.

If you are not permitted to view materials on this website or are in any doubt as to whether you are permitted to view these materials, please exit this webpage. Access to electronic versions of these materials is being made available on this webpage by Mithra Pharmaceuticals in good faith and for information purposes only.

By checking the acceptance box below, you confirm and certify that: You are not a resident of or physically present in the United States, Australia, Canada, Japan or South Africa or any other restricted jurisdiction, and that you are either: (a) a resident of, and domiciled in, a Member State of the European Economic Area and a qualified investor within the meaning of the Prospectus Regulation, (b) a resident of, and domiciled in, the United Kingdom, a qualified investor within the meaning of the Prospectus Regulation and a Relevant Person, or (c) otherwise authorised to access this information pursuant to applicable laws or regulations.