Brief: Initiator Pharma Secures Funding For IPED2015 Clinical Phase 2b Study

Initiator Pharma A/S

25/11/2020 07:19

Nov 25 (Reuters) - Initiator Pharma A/S  INIT.TE :
    * INITIATOR PHARMA SECURES FUNDING FOR IPED2015 CLINICAL
PHASE 2B
STUDY - SIGNS FINANCING AGREEMENT WITH MAC CLINICAL RESEARCH
WORTH UP TO 23 MSEK
    * AGREEMENT GIVES MAC CLINICAL RESEARCH RIGHT TO CONVERT
CREDIT
INTO INITIATOR PHARMA SHARES UP TO APPROXIMATELY 23 MSEK AT A
SHARE PRICE OF 7.5 SEK UPON FULL COMPLETION OF A PLANNED PHASE
2B STUDY.
    * AGREEMENT IS PENDING APPROVAL FROM AN EGM IN INITIATOR
PHARMA TO
BE HELD BEFORE JANUARY 15, 2021
    * UPON FULL COMPLETION OF STUDY, MAC HAS RIGHT TO CONVERT
ACCRUED
DEBT INTO INITATOR PHARMA SHARES AT A SHARE PRICE OF 7.5 SEK,
EQUIVALENT TO A PREMIUM OF MORE THAN 70 PERCENT COMPARED TO
SHARE PRICE AT DAY OF SIGNING AGREEMENT
    * PHASE 2B STUDY WILL BE CONDUCTED BY MAC AT MULTIPLE SITES
IN UK
AND IS PLANNED TO BE INITIATED IN H1 2021 PENDING DEVELOPMENT OF
COVID-19 SITUATION
    * STUDY IS EXPECTED TO BE COMPLETED IN SECOND HALF OF 2022.

Source text for Eikon:  ID:nWkr5FQKL1 
Further company coverage:  INIT.TE 

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