Mithra Successfully Raises €26.1 Million


Mithra Pharmaceuticals SA (the ‘Company’ or ‘Mithra’), a company specialized in Women’s Health (Euronext Brussels: MITRA), announces that it has successfully raised €26.1 million in gross proceeds by means of a private placement of new shares via an accelerated bookbuild offering (the “Private Placement”).

Mr. François Fornieri, CEO of Mithra commented:

“We are very pleased with the outcome of the Private Placement, which underlines the continued strong support of our existing shareholders as well as the interest of international and local specialist healthcare investors, resulting in an oversubscribed order book. We believe this reflects Mithra’s position as a leading Women’s Health company that is at the forefront of developing innovative and potentially safer solutions for women in the field of contraception and menopause. The proceeds of the transaction position us well to deliver on the further development of our advanced E4-based programs, and to continue our business development discussions in order to maximize our partnering potential.”

Mithra has placed 3,112,975 new shares with certain qualified and/or institutional investors and with other investors who acquired new shares for a total consideration of at least €100,000 per investor, at a price of €8.40 per share, which represents a 7.8% discount to yesterday’s closing price. The new shares represent just below 10% of the Company’s shares currently admitted to trading on Euronext Brussels (pre-transaction) and will bring the total number of shares (post-transaction) to 34,242,731.


The payment and delivery of the new shares is expected to take place on 23 June 2017, and an application will be made to admit the new shares to trading on the regulated market of Euronext Brussels at the same time. The new shares to be issued will have the same rights and benefits as, and rank pari passu in all respects with, the existing and outstanding shares of Mithra at the moment of their issuance.


Mithra intends to use the net proceeds of the Private Placement:

  • to continue the clinical development of its Estetrol-based (E4) products Estelle® and Donesta® , currently in Phase III studies in the indication of contraception and a Phase II study in menopause, respectively;
  • to fund the development of its complex polymer-based generic MyringTM contraceptive up to commercialization;
  • to fund the scaling-up of the Mithra CDMO, its integrated product development and product platform; and,
  • for general corporate purposes.  


In relation to the Private Placement, the Company has agreed with the Joint Bookrunners to a market customary 90-days standstill period on future share issuances, waivable by the Joint Bookrunners. KBC Securities, Degroof Petercam and Kempen & Co acted as Joint Bookrunners in the Private Placement.


Mithra (Euronext: MITRA) is dedicated to providing innovation and choice in Women’s Health, with a particular focus on fertility, contraception and menopause. Mithra’s goal is to develop new and improved products that meet women’s needs for better safety and convenience. Its two lead development candidates – a fifth generation oral contraceptive Estelle® and next-generation hormone therapy Donesta® - are built on Mithra’s unique natural estrogen platform, E4 (Estetrol). Mithra also develops, manufactures and markets complex therapeutics and offers partners a complete spectrum of research, development and specialist manufacturing at its CDMO.


Mithra was founded in 1999 as a spin-off from the University of Liège by Mr. François Fornieri and Prof. Dr. Jean-Michel Foidart. Mithra is headquartered in Liège, Belgium. Further information can be found at:



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