Mithra drops after PCSA says it owes 13.6 mln euros in overdue payments

Pcas SA

31/03/2023 09:45

** Shares in Belgian biotech group Mithra Pharmaceuticals
 MITRA.BR  fall 6% after French company PCAS  PCAS.PA  said
Mithra owed it 13.6 mln euros ($14.8 mln) in overdue payments at
the end of last year
    ** PCAS, which synthesises Esterol for the Belgian group,
said in a statement it has no option but to consider a temporary
reduction of the hormone's production
    ** The French company, which entered into legal proceedings
last month, claims Mithra had 31.1 mln euros of total
receivables open on its book at the end of 2022, of which 13.6
mln were overdue
    ** Mithra continues to question those receivables
    ** "The receivables overdue according to PCAS amount to
circa 20% of Mithra's cash position at end February 2023 whilst
the whole receivable amount would burn half of Mithra's cash
position," ING says
    ** The broker points to more uncertainty with regards to
Mithra's supply chain, even if the company confirmed during a
conference call hosted for its FY results that they have
identified other potential providers for Esterol
    ** Estetrol (E4) is the key raw material for Mithra's
commercialized contraceptive pill Estelle/Nextstellis, as well
as its key drug in development Donesta for menopause effects

($1 = 0.9193 euros)

 (Reporting by Federica Mileo in Gdansk)
 ((Federica.mileo@thomsonreuters))