Mithra Pharmaceuticals has revealed its next courses of action as the women’s health company looks to secure its cash flow position.
The Belgian drug manufacturer stated that it has sufficient cash only through early March, and as a result is implementing measures to extend its cash runway, according to a 6 February press release.
Mithra said it has already been exploring strategic options over the past few months after the company made a net loss of just over $50m for the first half of 2023; this has included appointing debt advisors and investment banks as the company eyes raising equity capital from selling assets.
Mithra has a market cap of $52.3m. Share prices in the Euronext Brussels-listed company have tanked by more than 90% during the past three years.
Mithra has identified several measures to extend its cash runway. It is evaluating the “best strategic alternatives” for two of its businesses – Novalon and a contract development and manufacturing organisation (CDMO) facility. Mithra acquired long-acting drug specialist Novalon in 2015 and has previously said its CDMO capabilities have been “underexploited.”
The company outlined plans to sell or out-licence several assets along with selling rights of future milestones and royalty payments for existing partnerships.
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Mithra did not disclose which collaboration or licence agreements it is targeting. The company’s two most fruitful assets are Myring (ethinylestradiol / etonogestreland) and Estelle (estetrol-E4 / drospirenone). The latter is marketed as Nextstellis and Drovelis in the US and EU respectively.
Mithra received €1.25m ($1.37m) from Fuji Pharma as part of a 2016 licence agreement involving Estelle in August 2023. In the same month, Mithra raised €20m ($21.5m) via private placement of shares.
The company also has a new drug potentially entering its lineup, after its menopause treatment candidate Donesta produced positive Phase III results. The orally administered estetrol (E4) hormone therapy is slated for US approval in 2024 and EU approval in 2025.
Mithra pointed to impending Donesta licensing and supply agreements in the US as a potential source of income, including upfront payments. The company has already signed a deal with Searchlight Pharma for sales and marketing rights in Canada, totalling €17.05m ($18.8m).
Mithra has also teamed up with Gedeon Richter for the commercialisation of Donesta in Europe, Latin America, Australia, and New Zealand, among others.