Consolidated interim report 1 January – 31 March 2024
Consolidated interim report 1 January – 31 March
2024
Company announcement no. 17
Date: 16 May 2024
Key points from Q1-24 report (period 1 January - 31
March 2024)
On 16 May 2024, the Board of Directors and the Executive
Management of Pharma Equity Group A/S (“PEG”, “the Company” or “the
Group”) considered and approved the interim report of the Group for
the period 1 January – 31 March 2024 ("Q1 2024 Report"). The report
has not been audited or reviewed.
Clinical results
Shortly after the end of Q1, the Company's subsidiary, Reponex
Pharmaceuticals A/S (Reponex), was able to report very positive
final results from Reponex’ clinical phase 2 proof-of-concept trial
of the drug candidate RNX-051, the MEFO study, based on the
high-level summary received from Reponex’ clinical site. Reference
is made to company announcement no. 11 from 15 April 2024.
Reponex' MEFO study is concerned with the treatment of patients
with right-sided colon cancer and right-sided colon polyps/adenomas
(precancerous cursors) with drug candidate RNX-051. Reponex’
clinical collaborators who conducted the study reported that, based
on the results of the MEFO study, there appears to be a clear way
forward to determine whether treatment with RNX-051 as a single and
even repeated dose in patients with intestinal adenomas will lead
to the prevention of adenomas.
Products and patents
On 22 January 2024, the Company announced in Company
Announcement No. 2 that the Company's subsidiary, Reponex
Pharmaceuticals A/S (Reponex) had announced that the European
Patent Office (EPO) had approved EP patent application no. 3740286
which includes Reponex' innovative treatment method. The patent
deals with drug compositions for the elimination of bacterial
promoters of colorectal cancer by intraluminal application
(RNX-051). The treatment method focuses on fighting the bacterial
layer, also known as biofilm, which protects cancerous tumors in
the colon or rectum. By defeating this protective barrier, the
treatment seeks to make the cancer cells more susceptible to the
body's own immune system.
On 5 March 2024, the Company announced in Company Announcement
No. 6 that the Company's subsidiary, Reponex Pharmaceuticals A/S
(Reponex) had announced that the European Patent Office (EPO) had
approved EP patent application No. 3145533 for Reponex' Wound
Healing Drug (RNX-022). The treatment method consists of topical
application of a hydrogel containing granulocyte macrophage colony
stimulating factor (GM-CSF), sucralfate, and hyaluronan to
accelerate wound healing. The combination helps stimulate the
proliferation of cells related to the healing process and tissue
regeneration.
Financial overview
For the first 3 months of 2024, Pharma Equity Group A/S realized
a loss after tax of DKK 7.2 million, which is in line with
expectations for the period. At 31 March 2024, equity amounts to
DKK 31.8 million.
Outlook
We maintain the previously announced guidance for 2024, a loss
before tax in the range of DKK 24 million to DKK 29 million for the
Group. The outlook does not reflect any gains/losses in connection
with the recovery of the Portinho receivable.
Market Maker Agreement
In Company Announcement no. 9 of 22 March 2024, the Company
announced that the Company entered into an agreement with Danske
Bank on the exercise of market maker in the PEG share.
Receivable from Portinho S.A.
The Group's receivable from Portinho S.A has a principal amount
of EUR 9.55m with a carrying amount 31 March 2024 of DKK 58
million, unchanged from 31 December 2023.
As announced in Company Announcements no. 39 from 25 September
2023, no. 46 from 28 November 2023 and no. 7 from 20 March 2024,
the payment from Portinho S.A. has been postponed from its original
due date, which was 1 July 2023. As of 15 April 2024, the Company
has filed a summon with the Maritime and Commercial High Court
against Portinho S.A. in relation to recovery of the receivable of
EUR 9.55m plus interest. The Company's Portuguese lawyer, in
cooperation with the Company's Danish lawyer, has also initiated
various preliminary and protective legal actions and investigations
in Portugal in relation to securing payment of the receivable.
Capital resources
In the period 1 January 2024 – 31 March 2024, DKK 8.4m in
convertible loans have been subscribed for and paid to the Company.
The loans are granted as subordinated loans and are thus
subordinated to the Company's other creditors, except for any other
equivalent subordinated loans. Please refer to Company Announcement
no. 4 of 7 February 2024 for further details on the convertible
loans.
Management has assessed its financial resources based on its
expected costs and investments for 2024, and on this basis,
Management is concluding that sufficient funding is available to
continue the operations of the Group as planned. Bridge financing
has since 1 January 2024 created loans for DKK 8.4 million. As per
31 March 2024, the Company has an unused credit facility of DKK 10
million.
By Company Announcement no. 15 of 8 May 2024, the Company has
convened an extraordinary general meeting on 3 June 2024 regarding
a proposal to reduce the share capital from DKK 1,022,963,883 to
102,296,388.3 by changing the share size from DKK 1.00 to DKK 0.10.
Thus, the number of shares will remain the same. The amount
of the reduction will be transferred to a special reserve.
By Company Announcement no. 16 of 8 May 2024, the Company has
announced that the Board of Directors of the Company is exploring
the possibilities of strengthening the Company´s working capital
through a capital increase at market price if the above mentioned
capital reduction (Company Announcement no. 15 of 8 May 2024) is
adopted at the convened extraordinary general meeting on 3 June
2024.
Online presentation of the Q1-24 quarterly financial
statements
At 11:00 today, CEO Thomas Kaas Selsø invites you to an online
presentation of the Q1-2024 report and significant events so far in
2024. Direct registration via link:
https://www.inderes.dk/videos/pharma-equity-group-opdatering-pa-1-kvartal-2024.
Contact person – Investor Relations
Any questions regarding this announcement and the quarterly
financial statements for Q1-2024 can be directed to the Company's
CEO Thomas Kaas Selsø, by email investor@pharmaequitygroup.com.
On the Company's website www.pharmaequitygroup.com further
information and all published announcements can be found.
About Pharma Equity Group A/S
Pharma Equity Group, a listed company on the
Nasdaq Copenhagen stock exchange, is fully dedicated to advancing
the medical projects of its subsidiary, Reponex Pharmaceuticals
A/S. With an unwavering focus on healthcare, Pharma Equity Group's
primary objective is to bring significant value to Reponex
Pharmaceuticals' medical projects.
The company is committed to providing
extensive support, resources, and expertise to drive the
development and success of these projects. As a strategic partner,
Pharma Equity Group works closely with Reponex Pharmaceuticals,
prioritizing the advancement of innovative medical solutions and
breakthrough therapies. Every effort is currently directed towards
ensuring the utmost success and impact of Reponex Pharmaceuticals'
medical projects, with an unwavering dedication to improving global
healthcare outcomes. Only when the full potential of Reponex
Pharmaceuticals has been unfolded is the intention to explore
opportunities to invest in other companies. This approach ensures a
strong commitment to the current medical projects and their
development, while – on the longer term – remaining open to new
strategic investments for continuous growth.
- 2024 05 16 - Announcement no 17 - UK
- PEG consolidated interim report Q1-2024
- peg_20240516
Pharma Equity Group A/s (LSE:0REU)
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