Mithra successfully raises eur 77.5 million


Mithra Pharmaceuticals SA (the "Company" or "Mithra"), a company specialized in Women’s Health (Euronext Brussels: MITRA), announces that it has successfully raised EUR 77.5 million in gross proceeds by means of a private placement of 2,672,414 new shares through an accelerated bookbuild offering (the "Private Placement").

Mr. François Fornieri, CEO of Mithra commented: "We are delighted by the outcome of the Private Placement, which underlines the strongly increased interest of Tier 1 and specialist healthcare investors, resulting in an oversubscribed order book. We believe this reflects Mithra’s growing 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 next steps to market for our next-generation contraceptive Estelle® and especially the further development of Donesta®, our novel product candidate for menopause. The additional funding also provides us with the strategic and financial flexibility to continue our business development discussions in order to maximize our partnering and product potential."

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.

Mithra has placed the 2,672,414 new shares with certain qualified and/or institutional investors at a price of EUR 29.00 per share, which represents a 10.2% discount to yesterday’s closing price. The new shares represent 7.6% of the Company’s shares currently admitted to trading on Euronext Brussels (pre-transaction) and will bring the total number of issued and outstanding shares (post-transaction) to 37,639,495 .


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.


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.

The payment and delivery of the new shares is expected to take place on 4 June 2018, 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 the Company at the moment of their issuance.


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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