Result of incentive program in Initiator Pharma A/S

The AGM held on May 28, 2021 approved a long-term incentive program (“LTI2021”) for key personnel and board members.

Under this program the board is authorized to allow participants in the program to acquire up to 220.000 ordinary shares in the market at market price (“Investment Shares”) until September 30, 2021, with each Investment Share carrying the right to subscribe for 1 new share at par value at the next AGM providing that the individual owning the Investment Share is still with the company at the time (“Matching Share”). Each Investment Share is also entitled to subscribe for between 0 and 5 new shares at par value during 30 trading days after December 31, 2023, depending on the development of Initiator’s share price in the period between May 28 2021 and December 31 2023. The maximum potential dilution under the approved program is 1,320,000 shares, representing approx. 3.0% of currently issued number of shares.

The board has decided to allocate a total of maximum 152.000 shares that can be purchased under this program, representing a potential dilution of 912.000 shares and approx. 2.0% of currently issued number of shares. By the end of the allowable investment period a total of 150.000 shares have been purchased in the market, representing a potential dilution of 900.000 shares and approx. 2.0% of the currently issued shares.

In the table below an overview of shares and warrants held by the board of directors, executive management and key employees is presented. The overview comprises warrants from the incentive programmes for 2019, 2020 and 2021, respectively.

Individual Position Shares Warrants TotalShares and warrants Pctfully diluted
2019 2020 2021 Total
Magnus Persson Board member 244 186 78 155 60 788 60 000 198 943 443 129 0,97%
Henrik Moltke Board member 113 106 21 710 26 052 42 000 89 762 202 868 0,45%
Peter Holm Board member 0 0 0 0 0 0 0,00%
Annette Colin Board member 7 000 0 0 42 000 42 000 49 000 0,11%
Claus Olesen CEO and board member 977 438 91 180 82 497 360 000 533 677 1 511 115 3,32%
Mikael Thomsen CDO 661 056 82 495 73 813 150 000 306 308 967 364 2,12%
Torgeir Vaage CFO 279 948 82 495 73 813 150 000 306 308 586 256 1,29%
Ulf Simonsen CMO 600 802 52 104 73 813 60 000 185 917 786 719 1,73%
Dan Peters CTO 1 517 119 26 058 43 420 0 69 478 1 586 597 3,48%
Alan Wehnert VP Clinical Strategy 6 000 0 0 36 000 36 000 42 000 0,09%
Total BoD and team 4 406 655 434 197 434 196 900 000 1 768 393 6 175 048 13,56%

For additional information about Initiator Pharma, please contact:

Claus Elsborg Olesen, CEO
Telephone: +45 6126 0035 E-mail: ceo@initiatorpharma.com

This information is the information that Initiator Pharma is required to disclose under the EU Market Abuse Regulation. The information was provided under the above contact person’s auspices, for publication on 1 October, 2021 at 08:45 CET.

About Initiator Pharma

Initiator Pharma A/S is a Danish clinical stage life science company developing innovative drugs that target key unmet medical needs within the central and peripheral nervous system. Initiator Pharma’s pipeline consists of three clinical programs – the drug candidates IP2018 and IPED2015 for treatment of erectile dysfunction of psychogenic and organic origin, respectively, and the orphan drug candidate IPTN2021 developed for Trigeminal Neuralgia, a severe neuropathic pain condition. Initiator Pharma is listed on Spotlight Stockmarket (ticker: INIT).