Mithra Relief with Fresh € 20m Equity Injection, Up to € 65m in Coming Years
Mithra strengthens its equity position with a much needed capital injection from US hedge fund Armistice Capital. The investor brings in € 20m today with options to further invest up to € 65m in coming years. The transaction represents pure equity to strengthen the balance sheet, improves the cash runway and shows investor confidence, although it does come at a dilutive cost to investors. € 2.5 TP and Hold rating maintained.Mithra Pharmaceuticals SA is a Belgium-based company active in the pharmaceutical industry. The Company is dedicated to provide products and services for the fertility, contraception and menopause of women. It has a number of patent families regarding Estetrol (E4), a natural estrogen produced by the human foetus, which enables the investigation of fertility and contraception products. Mithra is focused on the development of two late-stage E4-based products: Estelle, a 5th generation oral contraceptive, and Donesta, a hormone therapy for Vasomotor Symptoms in menopause. Mithra develops a contraceptive vaginal ring called Myring and Zoreline, a biodegradable subcutaneous implant for hormone dependant cancer.
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