Press Releases

PRESS RELEASE

23 December 2020

Initiator Pharma A/S (INIT) today announces that individuals in the board and managemet exercise a total of 324 114 warrants for subscription of new shares, raising approx 1,3 SEKM in proceeds to the company. The number of issued shares increases by 324 114 and the share capital increases by 34 031,97 DKK.

On Tuesday, 15 December 2020, the exercise period for Initiator Pharma A/S (“Initiator Pharma” or “the Company”) warrants of series TO 2 (“TO 2”) ended. A total of 1,814,278 TO 2 were exercised. Initiator Pharma will thus receive a total of approximately SEK 8.9 million before issue costs. The capital received in connection with the warrant exercise enables Initiator Pharma to finance the completion of the Company’s clinical phase II study for the drug candidate Ip2018 and provides the Company with full financing until H1 2022.

Initiator Pharma A/S (“Initiator Pharma” or “the Company”) earlier today announced that persons from the Board and management of the Company have exercised warrants of series TO 2 (“TO 2”). Initiator Pharma can now announce that the largest warrant holder, Formue Nord Markedsneutral A/S (“Formue Nord”), has informed the Company that Formue Nord has exercised all their warrants of series TO 2, to an amount of approx. SEK 4.6 million, corresponding to approx. 30 percent of the total issue volume.

Initiator Pharma A/S, a clinical-stage biotech company, today announced that the first patient was dosed in its Phase 2a clinical trial with IP2018 to treat psychogenic sexual dysfunction. IP2018 is Initiator Pharma’s second Phase 2 asset and is complementary to IPED2015 for which positive Phase 2a data on Organic Erectile dysfunction was reported earlier this year. Initiator Pharma has received a commitment from Innovation Fund Denmark to support the clinical development of IP2018.

Initiator Pharma A/S, a clinical-stage biotech company today announced that it has secured funding of the continued Phase 2 clinical development of IPED2015 in organic erectile dysfunction (ED), through a convertible credit agreement worth up to 23 MSEK with the UK’s largest independent clinical development organization, MAC Clinical Research. The agreement gives MAC Clinical Research the right to convert the credit into Initiator Pharma shares up to approximately 23 MSEK at a share price of 7.5 SEK upon the full completion of a planned Phase 2b study.

Today, the 24[th] of November 2020, the exercise period for Initiator Pharma A/S (“Initiator” or the “Company”) warrants of series TO 2 that were issued in connection with the Company’s latest rights issue of units and directed issue of units commences. The exercise period runs until the 15[th] of December 2020. Upon full exercise of warrants, Initiator Pharma will receive approximately SEK 16.4 million before issue costs – capital that will finance the completion of the Company’s clinical phase IIa study. Sedermera Fondkommission is the financial adviser and Markets & Corporate Law Nordic AB is the legal adviser in connection with the warrant exercise.

Initiator Pharma A/S, a clinical-stage biotech company that is developing a novel treatment of psychogenic erectile dysfunction (ED), today announced that it has received a commitment from Innovation Fund Denmark to support the clinical development of IP2018. The Innobooster grant will fund the ongoing IP2018 phase 2a clinical trial with up to 3.8 MDKK.

The warrant program 2020/2022, comprising a maximum of 434,197 warrants as resolved at the Annual General Meeting of 22 May 2020, has been fully subscribed. Subscription of warrants have been submitted by employees, board members and key consultants according to Appendix 2 to the AGM protocol from 22 May, 2020. The warrants are transferred to participants at a price of SEK 1.33 per warrant, equivalent to the market value according to an external independent valuation, applying the Black & Scholes model. The warrants are subject to vesting conditions described in Appendix 4k of the AGM protocol from 22 May, 2020. Upon vesting, each warrant entitles subscription of one new share at a price per share of approximately SEK 6.52 on or before 31 December, 2022.