Brief: Mithra Has Enough Cash Until Early March

Mithra Pharmaceuticals SA

06/02/2024 06:12

Feb 6 (Reuters) - Mithra Pharmaceuticals SA  MITRA.BR :
    * MITHRA UPDATES ON CASH POSITION
    * MITHRA'S CURRENT CASH OF EUR 6.5 MILLION IS EXPECTED TO
COVER
ITS CURRENT CASH RUNWAY THROUGH EARLY MARCH
    * MITHRA'S MANAGEMENT TEAM HAS BEEN EXPLORING OVER RECENT
MONTHS
VARIOUS STRATEGIC OPTIONS. THIS INCLUDES APPOINTING DEBT
ADVISORS AND VARIOUS INVESTMENT BANKS WITH A VIEW TO SELLING
CERTAIN ASSETS AND RAISING ADDITIONAL EQUITY CAPITAL
    * HAS ENTERED DISCUSSIONS WITH ITS SECURED LENDERS TO EXTEND
ITS
CASH RUNWAY
    * WILL ALSO BE APPROACHING EXISTING AND NEW INVESTORS AND
TAKE
OTHER CASH PRESERVATION MEASURES
    * CERTAIN OF MITHRA'S SECURED LENDERS HAVE WRITTEN TO
COMPANY
INDICATING THAT THEY STAND READY TO ENGAGE WITH COMPANY
    * CONTINUES TO WORK IN CLOSE COLLABORATION WITH ITS ADVISORS
AND
SECURED LENDERS TO ACTIVATE A REMEDIATION PLAN WITH A VIEW TO
CREATING AND OPTIMIZING VALUE FOR ALL ITS STAKEHOLDERS AND
EXTENDING COMPANY'S CASH RUNWAY
    * ACTIVELY EVALUATING, TOGETHER WITH ITS ADVISORS, BEST
STRATEGIC
ALTERNATIVES FOR TWO OF ITS NON-CORE BUSINESSES: NOVALON (
COMPANY'S COMPLEX THERAPEUTICS BUSINESS); AND ITS STATE-OF--ART
CDMO FACILITY
    * EXPLORING SALE OF ITS RIGHTS TO RECEIVE FUTURE MILESTONE
AND
ROYALTY PAYMENTS UNDER ITS EXISTING LICENSE AND COLLABORATION
AGREEMENTS
    * HAS DELAYED OR PUT ON HOLD RESEARCH AND DEVELOPMENT
PROJECTS
RELATED TO USE OF ESTETROL FOR NEUROTHERAPY AND WOUND-HEALING
    * ALSO IS EXPLORING AN EQUITY RAISE WITH EXISTING AND/OR NEW
INVESTORS
    * MITHRA'S MANAGEMENT EXPECTS TO ENTER A DONESTA LICENSE AND
SUPPLY  AGREEMENT(S) FOR THE UNITED STATES IN 2024, WHICH SHOULD
GENERATE UPFRONT  PAYMENTS, SUPPLY REVENUES AND ROYALTIES

Source text for Eikon:  ID:nGNEbsCjbT 
Further company coverage:  MITRA.BR 

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