MAC Clinical Research converts its receivable into shares in Initiator Pharma

The Board of Directors of Initiator Pharma A/S, company reg. (CVR) no. 37663808, (“Initiator” or the “Company”) has today resolved to carry out a capital increase directed at MAC Clinical Research Finance Ltd (“MAC”) in connection with MAC’s conversion notice regarding conversion of outstanding receivable on February 20th.

The Company and MAC entered the cooporation agreement in November 2020 which gave MAC the right to convert its receivable into Initiator shares up to approximately 23 MSEK at a share price of 7.5 SEK, equivalent to a premium of more than 70 percent compared to the share price at the day of signing the agreement, upon the full completion of a pudafensine (IPED 2015) clinical Phase 2b study.

The conversion is triggered by the completion of the final clinical study report underlined the previously communicated results that the study data analysis demonstrated statistically significant and clinically relevant efficacy in ED-related endpoints and no observations of critical adverse events. The positive results regarding efficacy and safety support further development of pudafensine aiming at registration and launch in this patient group with significant unmet medical needs.

“The Phase 2b clinical trial involving pudafensine for Organic Erectile Dysfunction in collaboration with Initiator Pharma has derived solid results indicating its efficacy in treating the condition. Our partnership with Initiator Pharma over the past four years has been exceptional. Both organisations have worked closely with unparalleled commitment and expertise, and the robust clinical results demonstrate the success of our efforts. MAC Clinical Research is pleased to hold shares in Initiator Pharma through the conversion and we eagerly anticipate being a part of their promising future journey in the years ahead," said Dr Mark Dale, Chief Executive Officer at MAC Clinical Research.

As a consequence of the above, the Company's board has today decided to carry out a capital increase by way of debt conversion of GBP 2,000,000 in connection with the Company's receipt of a conversion notice from MAC.

The Company’s share capital has been increased by a total of nominally DKK 321,160.0350 divided into 3,058,667 shares (the “New Shares”). The New Shares have been issued subject to the board authorisation in article 4c in the Company’s articles of association. The 3,058,667 New Shares have been subscribed for by debt conversion at a price of DKK 5.7 (rounded) per share of nominally DKK 0.105. The DKK price per share is based on yesterdays official GBP/DKK exchange rate from Danmarks Nationalbank which was quoted as 870.21 leading to a total conversion of debt corresponding to DKK 17,404,200.

The New Shares are subject to the same rights as existing shares under the Company’s articles of association and are expected to be admitted to trading on Nasdaq First North Growth Market under the existing ISIN code DK0060775872.

After the capital increase, the total nominal value of the Company’s share capital amounts to nominally DKK 5,886,135.40500 divided into 56,049,861 shares of nominally DKK 0.105 each corresponding to 56,049,861 votes.

The Company’s updated articles of association will be made available on the Company’s website.

About MAC Clinical Research
MAC Clinical Research is a leading contract research organisation (CRO), owning a network of dedicated research sites dedicated to the recruitment and conduct of clinical trials. MAC conducts research across multiple therapeutic areas including CNS, Gastrointestinal Disorders, Depressive Disorders, and more. MAC has an extensive range of clinical capabilities to accommodate even the most complex trials from Phase I to Phase IV, as well as MHRA-accredited Early Phase and GMP facilities providing in-house services in all areas of clinical research.

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