Consolidated Interim Report 1 January – 30 June 2024

New Post Public Reply Private Reply Replies (0) Message Board

Aug 16, 2024 at 3:05 AM 43

Consolidated Interim Report 1 January – 30 June 2024

Company announcement no. 23 – August 16, 2024

Key points from the H1-2024 report (period 1 January - 30 June 2024)

On 16 August 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 June 2024 ("H1 2024 report"). The report has not been audited or reviewed.

Clinical results

The Company's subsidiary, Reponex Pharmaceuticals A/S (Reponex), reported in company announcement no. 11 of 5 April 2024 very positive final results from the clinical phase 2 proof-of-concept trial of the drug candidate RNX-051, the MEFO study, based on received a high-level summary from Reponex's clinical site.

Financial overview

For the first 6 months of 2024 (1 January - 30 June 2024), Pharma Equity Group A/S realized a loss after tax of DKK 13.0 million, which is in line with expectations for the period. As of 30 June 2024, equity amounts to DKK 25.9 million.

Outlook

We maintain 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 of the Portinho S.A. receivable.

Capital resources

In the period since 1 January 2024, DKK 11.0 million has been subscribed for and paid into convertible loans to the Company. 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 on the convertible loans.

As of 30 June 2024, the company has an unutilized credit facility of approx. DKK 5 million.

At the Company's Extraordinary General Meeting on 3 June 2024, it was resolved that the Company's share capital will be reduced by nominally DKK 920,667,494.70 from nominally DKK 1,022,963,883.00 to nominally DKK 102,296,388.30, by placing the Company's share capital in a special reserve pursuant to section 188(1)(3) of the Danish Companies Act. The capital reduction will be executed by a proportionate reduction of the nominal value of all the company's shares, which means that the nominal value of the shares will be reduced from DKK 1.00 to DKK 0.1.

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 are encouraged to report their claims, and where information is provided that the creditors can demand satisfactory security for non-due claims and payment of overdue claims, Pharma Equity Group A/S has only received 2 claims of DKK 85,454 and DKK 2,539,525, respectively, including alleged interest totaling DKK 1,105,634, for which security has been requested. Pharma Equity Group A/S disagrees that the claims are eligible for security and that the claims are interest-bearing, which is why the issue is under legal consideration. This is also the reason why, at the end of the notification period for filing claims, the capital reduction has not yet been implemented.

Receivables from Portinho S.A.

The Group's receivable from Portinho S.A has a principal amount of EUR 9.55m with a carrying amount at 30 June 2024 of DKK 58m, unchanged from 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. As of 15 April 2024, the Company has filed a summon with the Maritime and Commercial High Court against Portinho S.A. claiming immediate payment of the receivable of EUR 9.55 million plus interest.

The work to recover the receivable for Portinho has been further intensified since 31 December 2023. Considerable resources are being used to recover the receivables from Portinho and/or from companies and persons connected therewith and/or the transactions with Portinho. 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.

On 15 April 2024, a summons was filed with the Maritime and Commercial High Court against Portinho, Jeanette and Henning Borg and Tome Brazao. In addition, there are a number of other relevant persons and companies in the notice of process.

At the same time, the Portuguese law firm, which is working for us on the cases in Portugal, has launched further investigations into the possibilities of precautionary action and investigations in Portugal.

Online presentation of the H1 – 2024 half-year results

At 11:00 a.m. today, 16 August 2024, CEO Thomas Kaas Selsø invites you to an online presentation of the half-year report for the period 1 January 2024 – 30 June 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 link: https://www.inderes.dk/videos/pharma-equity-g...artal-2024 .

Contact person – Investor Relations

Any questions regarding this announcement and the half-year financial statements for the period 1 January 2024 – 30 June 2024 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.

Attachments

Newer

Older

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Global Movement Urges Dr. Hak Ja Han's Release

Under the shadows of Manhattan's skyline, something more than a regular service took shape. The New Yorker Hotel hosted an impassioned gathering of the Family Federation for World Peace and Unification. These folks weren't just saying their prayers; they were making a call—loud and resonant—for the release of Dr. Hak Ja Han. The Power of Collective Voices Gathering in...

Automotive ECU Market Aims $160B by 2033

Automotive ECUs Under the Spotlight Picture this: By 2033, the automotive ECU market is expected to balloon to a whopping $160.59 billion. That's some serious cash, and it ain't just pocket change. This $47 billion jump from 2026 isn't just happening by accident—it's got everything to do with high-octane changes in the industry. With a 5.1% CAGR, you best believe it's a...

Rznomics Unveils Breakthrough in Circular RNA Production

Decoding the RNA Revolution Ever heard of circular RNA (circRNA)? This ain't your typical strand of genetic code. Unlike their straight-laced, linear counterparts, these RNAs form a loop you can't just break. Picture them as the Kevlar vests of the RNA world—tough, resilient, and packing the promise of next-gen treatments in their covalent loops. Here we’ve got...

BYD's Chip Mastery Amid China's Auto Supply Tensions

Chips, the New Battleground in Automotive Innovation Here we are, folks, knee-deep in a tech-driven car revolution where semiconductors aren't just the icing on the cake—they're the cake itself. As vehicles morph into veritable computers on wheels, reliance on chips is hitting a fever pitch. FYI, it's not just about making cars go; we're talking power management,...

York Space Systems Faces Class Action Over Misleading IPO

York Space Systems Under the Legal Spotlight Ever get that feeling when something just doesn’t sit right? Like a burr under the saddle, York Space Systems is now grappling with a class action lawsuit that's throwing a heap of shade on its recent moves. What’s at play? Bronstein, Gewirtz & Grossman, LLC, a law firm that seems to have a nose for corporate messes, has...

MERACH Unveils W60 Plus: A Game Changer for Home Fitness

MERACH's Ambitious Leap into European Markets Walking is one of life's simple pleasures, but it's not always convenient in our work-from-home driven world. That's where MERACH's UltraWalk W60 Plus comes in, dropping anchor in Europe like a brand new ship with all the bells and whistles. What makes this walking pad different, you ask? It's designed to become a natural...

Clover's RSV Combo Vaccine Shows Promise in Trials

In the biotech world, there's always a race. Clover Biopharmaceuticals is making strides with their RSV+hMPV vaccine candidate, especially for the elderly. Imagine those big leaps in development—all boosted by recent results from a Phase 2 trial down under in Australia. Key Findings of the Trial Immunogenicity Insights They're not messing around with these findings. The...

53% of European Telecom Users Eye Provider Switch

Change Is Brewing in Europe's Telecom Markets Seems like Europe's telco scene is simmering. Over half of consumers in major European markets are giving their mobile providers the side-eye, ready to jump ship. That's putting the heat on operators who once banked on loyalty programs to keep their customer base intact. Diverse Loyalty Challenges Across Europe What's...

Bad Bunny Super Bowl Halftime Show Sweeps 7 Emmy Wins

An Unprecedented Performance: A Halftime Show for the Ages Hold onto your hats, folks—Bad Bunny and his Super Bowl LX Halftime Show have taken home a jaw-dropping seven Emmys at the 78th Emmy Awards. This is uncharted territory for any Super Bowl Halftime Show. Never before has a halftime spectacle swept the Emmys like this. We’re talking about categories such as...

KuCoin's KCUSD Tackles Stablecoin Idle Capital Problem

KuCoin's Bold Move with KCUSD Folks, the cat's outta the bag with KuCoin's latest maneuver—introducing KCUSD. At first glance, it seems like they're just introducing another fancy stablecoin product, but peel the onion and there's more to it. We're talking about shaking up how stablecoins sit tight doing nada in the crypto world. KCUSD is out to make those idle balances...