Initiator Pharma: INITIATOR PHARMA: H1 2020 report

Financial Highlights

Initiator Pharma A/S is a Danish registered company, and is reporting its financial situation in Danish kroner (DKK). Initiator Pharma A/S was registered on May 2, 2016. 

Second Quarter (2020-04-01 – 2020-06-30)

  • Net revenues were TDKK 0 (0)

  • EBIT was TDKK -3,013 (-3,404)

  • Earnings per share was DKK -0.13 (-0.15)

First Six Months of the Year (2020-01-01 – 2020-06-30)

  • Net revenues were TDKK 0 (0)

  • EBIT was TDKK -5,405 (-4,867)

  • Earnings per share was DKK -0.23 (-0.21)

  • Cash and bank: TDKK 8,189 (11,501)

  • Solidity: 75% (82%)

Group earnings per share: period result divided by a number of 24 146 930 shares (on 2020-06-30). Solidity: equity divided by assets. 

Business highlights in Q2 2020

  • On April 27[th] we announced the completion of a directed issue of 555,555 shares and 1,224,490 warrants to Formue Nord, and also proposed a fully guaranteed rights issue of units consisting of in total 1,420,406 shares and 2,130,609 warrants of Series TO2. 
  • On June 18[th] we announced that the rights issue of units were subscribed to a total of 387%. 
  • On June 29[th] we announded that we had received approval from MHRA in UK for a Phase 2a clinical proof of concept study for IP2018, a candidate drug being developed for the treatment of erectile dysfunction in patients with major depression disorder.

Significant events after this reporting period­

  • On July 2[nd] we announced that the last day of trading in BTU (paid-up for units) would be on July 7[th]. In the press release regarding last day of trading in BTU, an incorrect total number of shares after registration was stated. The correct total number of shares in Initiator Pharma as per after the registration of the issue is 25,567,336 shares.
  • On July 13[th] we announced that the incentive program in Initiator Pharma, approved by the AGM on May 22[nd] had been fully subscribed. If all warrants are exercised the company will issue a total of 434.197 new shares, representing 1.7% of issued shares, with par value of DKK 0.105 and with an exercise price of SEK 6,52 and a subscription price of SEK 1.33 per warrant. 

Comments from the CEO

Following up on a very positive first quarter in 2020, where we obtained clinical Proof of Concept (PoC) data for IPED2015, the second quarter has come of to a very different start do to the ongoing Covid-19 Pandemic. The PoC has strengthened our belief that our candidate drug IPED2015 has strong potential to become the first-line treatment of erectile dysfunction for the majority of the PDE5i non-responders, supporting our ongoing business development activities with IPED2105.

For more information, please contact

Claus Olesen, CEO, Initiator Pharma, Mobile: +45-61 26 00 35, E-mail:

Torgeir Vaage, CFO, Initiator Pharma, Mobile: +47-924 05 235, E-mail:

About Initiator Pharma 

Initiator Pharma A/S is a Danish biotechnology company focusing on the development of innovative drugs, targeting key unmet medical needs within the central and peripheral nervous system. Our research is focusing on monoamine reuptake inhibitors, molecules that are affecting the synaptic concentrations of neurotransmitters such as dopamine, serotonin and noradrenaline. Our lead drug candidates are: IPED2015 is targeting the medical condition Erectile Dysfunction (ED), and specifically patients with ED that are non-responsive to drugs within the PDE5i class, including the approved drugs ViagraÓ, CialisÓ and LevitraÓ. IP2018 is a monoamine reuptake inhibitor for the treatment of psychogenic Erectile Dysfunction (mainly caused by anxiety and depression) primarily targeting the serotonin followed by the dopamine system. IP2018 is different from our frontrunner IPED2015 for organic erectile dysfunction (mainly caused by diabetes and age), primarily targeting the dopamine system. Due to the unique profile, IP2018 will, if successful, treat patients suffering major depressive disorder where the majority also suffer from comorbid sexual dysfunction or treatment-emergent sexual dysfunction.

Initiator Pharma is based in Aarhus, Denmark. Initiator Pharma is listed on Spotlight Stockmarket and has about 3.500 shareholders. Read more at