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Consolidated interim report 1 January – 31 March 2024


Consolidated interim report 1 January – 31 March 2024

Company announcement no. 17

Date: 16 May 2024

Key points from Q1-24 report (period 1 January - 31 March 2024)

On 16 May 2024, the Board of Directors and the Executive Management of Pharma Equity Group A/S (“PEG”, “the Company” or “the Group”) considered and approved the interim report of the Group for the period 1 January – 31 March 2024 ("Q1 2024 Report"). The report has not been audited or reviewed.

Clinical results

Shortly after the end of Q1, the Company's subsidiary, Reponex Pharmaceuticals A/S (Reponex), was able to report very positive final results from Reponex’ clinical phase 2 proof-of-concept trial of the drug candidate RNX-051, the MEFO study, based on the high-level summary received from Reponex’ clinical site. Reference is made to company announcement no. 11 from 15 April 2024.

Reponex' MEFO study is concerned with the treatment of patients with right-sided colon cancer and right-sided colon polyps/adenomas (precancerous cursors) with drug candidate RNX-051. Reponex’ clinical collaborators who conducted the study reported that, based on the results of the MEFO study, there appears to be a clear way forward to determine whether treatment with RNX-051 as a single and even repeated dose in patients with intestinal adenomas will lead to the prevention of adenomas.

Products and patents

On 22 January 2024, the Company announced in Company Announcement No. 2 that the Company's subsidiary, Reponex Pharmaceuticals A/S (Reponex) had announced that the European Patent Office (EPO) had approved EP patent application no. 3740286 which includes Reponex' innovative treatment method. The patent deals with drug compositions for the elimination of bacterial promoters of colorectal cancer by intraluminal application (RNX-051). The treatment method focuses on fighting the bacterial layer, also known as biofilm, which protects cancerous tumors in the colon or rectum. By defeating this protective barrier, the treatment seeks to make the cancer cells more susceptible to the body's own immune system.

On 5 March 2024, the Company announced in Company Announcement No. 6 that the Company's subsidiary, Reponex Pharmaceuticals A/S (Reponex) had announced that the European Patent Office (EPO) had approved EP patent application No. 3145533 for Reponex' Wound Healing Drug (RNX-022). The treatment method consists of topical application of a hydrogel containing granulocyte macrophage colony stimulating factor (GM-CSF), sucralfate, and hyaluronan to accelerate wound healing. The combination helps stimulate the proliferation of cells related to the healing process and tissue regeneration.

Financial overview

For the first 3 months of 2024, Pharma Equity Group A/S realized a loss after tax of DKK 7.2 million, which is in line with expectations for the period. At 31 March 2024, equity amounts to DKK 31.8 million.


We maintain the previously announced guidance for 2024, a loss before tax in the range of DKK 24 million to DKK 29 million for the Group. The outlook does not reflect any gains/losses in connection with the recovery of the Portinho receivable.

Market Maker Agreement

In Company Announcement no. 9 of 22 March 2024, the Company announced that the Company entered into an agreement with Danske Bank on the exercise of market maker in the PEG share.

Receivable from Portinho S.A.

The Group's receivable from Portinho S.A has a principal amount of EUR 9.55m with a carrying amount 31 March 2024 of DKK 58 million, unchanged from 31 December 2023.

As announced in Company Announcements no. 39 from 25 September 2023, no. 46 from 28 November 2023 and no. 7 from 20 March 2024, the payment from Portinho S.A. has been postponed from its original due date, which was 1 July 2023. As of 15 April 2024, the Company has filed a summon with the Maritime and Commercial High Court against Portinho S.A. in relation to recovery of the receivable of EUR 9.55m plus interest. The Company's Portuguese lawyer, in cooperation with the Company's Danish lawyer, has also initiated various preliminary and protective legal actions and investigations in Portugal in relation to securing payment of the receivable.

Capital resources

In the period 1 January 2024 – 31 March 2024, DKK 8.4m in convertible loans have been subscribed for and paid to the Company. The loans are granted as subordinated loans and are thus subordinated to the Company's other creditors, except for any other equivalent subordinated loans. Please refer to Company Announcement no. 4 of 7 February 2024 for further details on the convertible loans.

Management has assessed its financial resources based on its expected costs and investments for 2024, and on this basis, Management is concluding that sufficient funding is available to continue the operations of the Group as planned. Bridge financing has since 1 January 2024 created loans for DKK 8.4 million. As per 31 March 2024, the Company has an unused credit facility of DKK 10 million.

By Company Announcement no. 15 of 8 May 2024, the Company has convened an extraordinary general meeting on 3 June 2024 regarding a proposal to reduce the share capital from DKK 1,022,963,883 to 102,296,388.3 by changing the share size from DKK 1.00 to DKK 0.10. Thus, the number of shares will remain the same.  The amount of the reduction will be transferred to a special reserve.

By Company Announcement no. 16 of 8 May 2024, the Company has announced that the Board of Directors of the Company is exploring the possibilities of strengthening the Company´s working capital through a capital increase at market price if the above mentioned capital reduction (Company Announcement no. 15 of 8 May 2024) is adopted at the convened extraordinary general meeting on 3 June 2024.  

Online presentation of the Q1-24 quarterly financial statements

At 11:00 today, CEO Thomas Kaas Selsø invites you to an online presentation of the Q1-2024 report and significant events so far in 2024. Direct registration via link:

Contact person – Investor Relations

Any questions regarding this announcement and the quarterly financial statements for Q1-2024 can be directed to the Company's CEO Thomas Kaas Selsø, by email

On the Company's website further information and all published announcements can be found.

About Pharma Equity Group A/S

Pharma Equity Group, a listed company on the Nasdaq Copenhagen stock exchange, is fully dedicated to advancing the medical projects of its subsidiary, Reponex Pharmaceuticals A/S. With an unwavering focus on healthcare, Pharma Equity Group's primary objective is to bring significant value to Reponex Pharmaceuticals' medical projects.

The company is committed to providing extensive support, resources, and expertise to drive the development and success of these projects. As a strategic partner, Pharma Equity Group works closely with Reponex Pharmaceuticals, prioritizing the advancement of innovative medical solutions and breakthrough therapies. Every effort is currently directed towards ensuring the utmost success and impact of Reponex Pharmaceuticals' medical projects, with an unwavering dedication to improving global healthcare outcomes. Only when the full potential of Reponex Pharmaceuticals has been unfolded is the intention to explore opportunities to invest in other companies. This approach ensures a strong commitment to the current medical projects and their development, while – on the longer term – remaining open to new strategic investments for continuous growth.


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