Letter to Shareholders and Corporate Update

Letter to Shareholders and Corporate Update

Liege, Belgium, 11 September 2023 – 7:30 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to Women’s Health, (the “Company” or “Mithra”), today published a Letter to Shareholders and Corporate Update from Chief Executive Officer, Dr. David Horn Solomon.

Dear Fellow Shareholders

I have now been CEO of Mithra Pharmaceuticals SA for five months, which makes this a natural point to look back with you at the progress we have made so far. I want to summarize our recent accomplishments and share what we are working on now and what we still need to do.

As you will have seen, we recently made a number of announcements documenting the execution of our strategy, which we first laid out for you in May, and encouraging step-wise progress since then.

• We raised EUR 20 million in a successful equity financing, with potential for up to an additional EUR 45 million in equity. This is an important demonstration of our ability to raise finance during turbulent market conditions and our commitment to transition away from debt financings.
• We signed a supply agreement for production of the active pharmaceutical ingredient (API) Estetrol (E4) native estrogen, deepening our relationship with Gedeon Richter, our European marketing partner for Estelle and Donesta. This also will bring savings on cost of manufacturing, significantly improving future profitability for Mithra.
• We received a EUR 1.25 million milestone payment from Fuji Pharma, marking important progress in Estelle’s development in Japan.
• We signed a new Canadian licensing deal for Donesta with Searchlight Pharma, worth up to EUR 17.05 million in licensing and milestone payments plus tiered double-digit royalties.
• We generated about EUR 10 million in cash for operations from our sale of about half of our shares of Mayne Pharma, our U.S. marketing partner for Estelle, where we remain approximately a 5% shareholder.
• We announced positive preclinical data on a highly innovative novel therapeutic candidate for triple negative breast cancer.
• We secured access to EUR 12.5 million in financing from Highbridge and Whitebox under the loan facility, which was also amended to better align their interests with our shareholders’.