Consolidated Interim report 1 January – 30 September 2024
Consolidated Interim report 1 January – 30 September
2024
Company announcement no. 30 – November 15, 2024
Key points from the Q1-Q3-2024 report (period 1 January - 30
September 2024)
On 15 November 2024, the Board of Directors and the Executive
Board of Pharma Equity Group A/S ("PEG", "the Company" or “the
Group") considered and approved the interim report for the Group
for the period 1 January – 30 September 2024 ("Q1-Q3 2024 report").
The report has not been audited or reviewed.
Products and patents
On 23 October 2024, in company announcement no. 29, the Company
announced that the Company's subsidiary, Reponex Pharmaceuticals
A/S (Reponex), had announced that the Japan Patent Office had
issued a patent regarding patent application no. 7562413. The
patent concerns Reponex's innovative treatment method for
eliminating biofilms, which prevents the body's immune system from
fighting cancerous tumors in the colon and rectum.
The announcement of the granting of a patent covering the
Japanese market is a significant milestone for Reponex, which has
now obtained patent protection for the RNX-051 treatment method in
both Europe and Japan – two of the Reponex's absolute focus
markets. Patent protection is seen as a key value driver and a
crucial parameter in future negotiations on the conditions for a
license agreement. The patent is valid until 2039.
Financial overview
For the first 9 months of 2024 (1 January - 30 September 2024),
Pharma Equity Group A/S realized a loss after tax of DKK 19.8
million, which is in line with expectations for the period. As of
30 September 2024, equity amounts to DKK 19.2 million.
Outlook
The Company maintains 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 recovery or value adjustments at
year-end of the Portinho S.A. receivable.
Capital resources
In the period since 1 January 2024, convertible loans of DKK
11.0 million have been subscribed for and paid. The loans are
granted as subordinated loans and are thus subordinated to the
Company's other creditors, apart from any other similar
subordinated loan. Reference is made to company announcement no. 22
of 16 July 2024 for further information regarding the convertible
loans.
Capital reduction
With reference to company announcement no. 19, the Extraordinary
General Meeting of Pharma Equity Group A/S on 3 June 2024 approved
a reduction of the Company's share capital by nominally DKK
920,667,494.70 from nominally DKK 1,022,963,883.00 to nominally DKK
102,296,388.30 which will be placed in a special reserve within
equity pursuant to section 188(1)(3) of the Danish Companies
Act.
On 4 October 2024, the capital reduction was finally registered
with the Danish Business Authority and implemented by a
proportionate reduction of the nominal value of all the Company's
shares, so that the nominal value of the shares is reduced from DKK
1.00 to DKK 0.10.
With reference to the above, the capital reduction and the
registration on 4 June 2024 on virk.dk, in which Pharma Equity
Group A/S' creditors were encouraged to report their claims, and
where information was provided that creditors can demand
satisfactory security for overdue claims and payment of overdue
claims, Pharma Equity Group A/S received two claims for DKK
87,580 and DKK 2,602,779 respectively, including alleged
interest, for which security was requested. Pharma Equity
Group A/S disagrees that these claims are eligible for demanding
security and that the claims are interest-bearing.
However, on 2 October 2024, Pursuant to section 193(4) of the
Danish Companies Act, on 2 October 2024, the requested satisfactory
security was provided for the disputed claims so that the capital
reduction on 4 October 2024 could be implemented.
Capital increase
On 4 October 2024, the Company's Board of Directors resolved to
issue 204,592,776 new shares in a directed issue (corresponding to
a nominal value of DKK 20,459,277.6) at a subscription price of DKK
0.25 per share, corresponding to gross proceeds of DKK 51,148,194,
of which DKK 38,499,368 was received in cash and DKK 12,648,826 was
conversion of convertible debt.
The directed issue was fully subscribed.
The subscription price of DKK 0.25 per share corresponded to a
premium of approximately 20% compared to the closing price on 3
October 2024.
The new shares were subscribed by a limited group of new and
existing shareholders.
Receivables from Portinho S.A.
The Group's receivables from Portinho S.A have a principal
amount of EUR 9.55 million with a carrying value as of 30 September
2024 of DKK 58 million, which is unchanged compared to 31 December
2023.
As announced in company announcement no. 39 of 25 September
2023, no. 46 of 28 November 2023, no. 7 of 20 March 2024 and no. 17
of 16 May 2024, the payment from Portinho S.A. has been deferred in
relation to the original due date, which was 1 July 2023. On 15
April 2024, the Company filed a summon with the Maritime and
Commercial High Court against Portinho S.A. demanding immediate
payment of the receivable of EUR 9.55 million plus interest.
Arbitration proceedings against Interpatium are also pending before
The Danish Institute of Arbitration (DIA) in relation to the
related sale of the shares in Portinho.
Online presentation of the interim report for the period 1
January 2024 – 30 September 2024
At 11 a.m. today, November 15, 2024, CEO Thomas Kaas Selsø
invites you to an online presentation of the interim report for the
period 1 January 2024 – 30 September 2024 and significant events so
far in 2024. It is already possible to register for the
presentation and send in questions in advance. Registration is free
for everyone and can be done via the link:
https://www.inderes.dk/videos/pharma-equity-group-gennemgang-af-3-kvartal-og-styrkelsen-af-selskabets-kapitalstruktur
Contact person – Investor Relations
Any questions regarding this announcement and the Q1-Q3 2024
report can be directed to the Company's CEO Thomas Kaas Selsø, by
phone 4022 2114 or by email investor@pharmaequitygroup.com.
Further information and all published announcements can be found
on the Company's website www.pharmaequitygroup.com.
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 11 15 Announcement no 30 - UK
- PEG - 2024 Q3 report - A4 - Final
Pharma Equity Group A/s (LSE:0REU)
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