Mithra - Letter to Shareholders and Corporate Update

Letter to Shareholders and Corporate Update

• Access to EUR15 million under amended deal
• Donesta U.S. marketing deal is a key near term priority
• CDMO strategic options are being explored
• Donesta filing rescheduled for H2 2023 - still expecting U.S. approval in H1 2024
• Financial update and guidance provided

Liege, Belgium, 25 May 2023 – 7:30 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to Women’s Health, (the "Company" or "Mithra"), today published a Corporate Update and Letter to Shareholders from recently appointed Chief Executive Officer, Dr. David Horn Solomon.

Dear Fellow Shareholders,

I am pleased to have joined Mithra as CEO on April 11th. I was made fully aware of the Company’s recent challenges and the many justified concerns of our shareholders. I accepted the role because my analysis revealed strong fundamentals and tremendous potential to create significant value for Mithra shareholders. Because of our current situation, I want to be transparent with regards to our strategy in this critical period and address the most important questions of our shareholders. I will lay out in this letter our most important priorities for the coming year as we work to build solid new foundations for Mithra’s future growth.

Three key positive points stood out in my assessment of Mithra: first, our research and development organization’s accomplishments show that it is one of the best in the industry; second, Estelle and Donesta are not yet fairly valued as highly differentiated innovative therapeutics for women’s health; and, third, our underexploited contract development and manufacturing organization (CDMO), holds value that can be unlocked. Given the disappointments the Company has had, and the outsized impact these events have had on our valuation, I am working intensively with Mithra leadership to effect change expeditiously so that the Company can once again be recognized for its achievements and fundamental value.

In order to do this we have three short-term corporate priorities: first, we must provide the financial resources that the Company needs; second, we are in advanced discussions to close a licensing deal for U.S. marketing rights for Donesta; third, we are actively exploring potential options that would allow us to maximize the value of our CDMO facility and regain sharper focus on the core business.