Fourth Quarter (2019-10-01 – 2019-12-31)

  • Net revenues were TDKK 0 (0)
  • EBIT was TDKK -2,503 (-2,508)
  • Earnings per share was DKK -0.09 (-0.00)

Full Year (2019-01-01 – 2019-12-31)

  • Net revenues were TDKK 0 (0)
  • EBIT was TDKK -9,339 (-12,609)
  • Earnings per share was DKK -0.34 (-0.51)
  • Cash and bank: TDKK 7,562 (14 491)
  • Solidity: 87%

Group earnings per share: period result divided by a number of 23 591 375 stocks (on 2019-12-31). Solidity: equity divided by assets.

Business highlights in Q4 2019

  • On October 18[th] we announced that we had negotiated an extension until March 31, 2020 of the option agreement with Saniona for the IP2018 drug candidate, and furthermore that we opted to pay back the 5 MSEK bridge loan obtained mid 2019.
  • On December 5[th] we announced that the Phase 2a proof of concept study for IPED2015 had achieved statistically significant results on key efficacy endpoints in severe ED patients after a single administration of IPED2015. Moreover, no observations of critical adverse events were recorded.
  • On December 23[rd] we announced that individuals in the board and managemet exercised a total of 434 197 warrants for subscription of new shares, raising approx 1,9 SEKM in proceeds to the company. The number of issued shares increases by 434 197 and the share capital increases by 45 590,685 DKK.

Significant events after this reporting period­

  • None

Comments from the CEO

“In Q4 Initiator Pharma obtained positive topline data from our Phase 2a clinical trial with IPED2015. This constitutes a major milestone and a clear validation of Initiator Pharma’s lean and effective performance as a value creating biotech company, now with an emerging pipeline of two Phase 2 assets within commercially attractive indications where there is a high unmet medical need. 2020 will be a truly exciting year with a series of upcoming inflection events in the near to mid-term future”

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 candidate, 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 Viagra, Cialis and Levitra.

Initiator Pharma is based in Aarhus, Denmark.  Initiator Pharma is listed on Spotlight Stockmarket and has about 3.600 shareholders. Read more at