Mithra launches capital increase by means of a private placement via an accelerated bookbuild offering


Mithra Pharmaceuticals SA (the "Company" or "Mithra"), a company specialized in Women’s Health (Euronext Brussels: MITRA), announces the launch of a capital increase of approximately EUR 60 million by means of a private placement via an accelerated bookbuild offering (the “Private Placement”), with the possibility to increase the size of the Private Placement to up to 3,880,440 new shares in total (representing up to approximately 11% of the Company’s issued share capital).

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

  • Fund optimal clinical development for the Company’s key assets:
    • Financing of the post-Phase III regulatory steps for the oral contraceptive Estelle, results of which are expected in Q3 2018-Q1 2019;
    • Initiation of the Phase III development program for Donesta, Mithra’s VMS product candidate, with the rapid advancement of the preparatory/bridging studies followed by the initiation of recruitment for the Donesta Phase III trials. In order to maximize the market potential of Donesta, Mithra intends to launch both an E4 alone trial and a combination trials (E4 + progestin)
  • Give the Company increased strategic and financial flexibility to further progress partnering discussions for the commercialization of Estelle and (co)development of Donesta; and
  • Fund general corporate purposes.

The Company’s cash and cash equivalents at December 2017 amounted to approximately EUR 36.2 million. Mithra intends to continue to strengthen its working capital and to fund its operations through future business development agreements. In particular, Mithra intends to seek partners for its E4-based and Complex Therapeutics programs for worldwide commercialization. The Company is currently identifying potential partners, and discussions are expected to ramp up in view of the significant potential of its programs to transform options for women in the large and fast-growing segments of potentially safer and more convenient contraceptives and hormone therapy solutions.

The accelerated bookbuild offering will commence immediately. The Company will announce the results of the Private Placement as soon as possible after closing of the bookbuild in a subsequent press release (including the final number of New Shares and the Offer Price). 

Trading in Mithra shares on Euronext Brussels will be suspended during the bookbuilding period. Trading in the shares is expected to resume following the publication of the results of the Private Placement.

KBC Securities and Kempen are acting as Joint Bookrunners and Belfius Bank acts as Lead Manager in cooperation with Kepler Cheuvreux in the Private Placement.

As a strategic investment in Mithra, Selva Luxembourg S.A., a Luxembourg-based investor affiliated to Mr. Christian Moretti, intends to submit an order for an amount of EUR 15 million. Mr. Moretti is the former Chairman of PCAS (France), a leading manufacturer of complex molecules with whom Mithra has a long-standing collaboration in connection with Mithra’s patented E4 synthesis process. The Private Placement is open to institutional investors and such other investors as permitted under applicable private placement exceptions. Any final allocation to Selva Luxembourg S.A. and participating investors, as the case may be, will be made based on customary, objective and pre-identified criteria. No guarantee has been given as to the final allocation to Selva Luxembourg S.A. or other investors that any allocation will be made to them, or as to the size of any such allocation.

In relation to the Private Placement, the Company has agreed with the Joint Bookrunners to a market customary 150-days standstill period on future share issuances, waivable by the Joint Bookrunners and subject to customary exceptions.


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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