Mithra Pharmaceuticals jumps on Haloette FDA approval

Mithra Pharmaceuticals SA

08/08/2022 08:30

** Shares in Mithra Pharmaceuticals  MITRA.BR  rise around
9% to their highest price since May after the Belgian biotech
company and its partner Mayne Pharma announced FDA approval of
contraceptive Haloette  urn:newsml:reuters.com:*:nFWN2ZHCJK
    ** Mayne Pharma will pay Mithra 6 mln euros ($6.1 mln)
following the FDA approval and 1.6 mln euros after the U.S.
commercial launch, expected by early 2023
    ** "Mithra continues its recent positive news flow
generation," KBC says, though the broker is still awaiting a
potential deal for Mithra's Donesta drug
    ** "The major value inflection point we, and investors, wait
for is the potential Donesta deal, hopefully with a major Pharma
player," KBC adds
    ** Mithra separately said it obtained funding of up to 100
mln euros from existing investors, and would repurchase 34.1 mln
euros worth of convertible bonds at a discount  urn:newsml:reuters.com:*:nFWN2ZHCJZ
    ** Up to Friday's close, the stock was down 56% year-to-date

($1 = 0.9819 euros)

 (Reporting by Valentine Baldassari)
 ((Valentine.baldassari@tr.com))