INITIATOR PHARMA: 1 QUARTER REPORT 2020

Clinical progress and expanded pipeline

Business highlights in Q1 2020

· On March 15[th] we reported the final data from the company's Phase 2a study with IPED2015, demonstrating statistically significant and clinically relevant results on key efficacy endpoints in patients with severe ED after a single administration of IPED2015. As previously reported, the Phase 2a study was completed satisfactorily with no observations of critical adverse events. 
· On March 31st we announced that we have filed a Phase 2a Clinical Trial Application (CTA) to MHRA, UK, for our candidate drug IP2018. Through the submission of the CTA, we also exercised our option agreement with Saniona for IP2018.

Significant events after this reporting period­

· On April 27[th] we announced that we have completed a SEKM 3 direct share issue with warrants to Formue Nord, a Danish investment fund, and also announced a proposal to the Annual General Meeting for a SEKM 7 rights issue with warrants that has been fully guaranteed. 

Financial Highlights

Initiator Pharma A/S is a Danish registered company, and is reporting its financial situation in Danish kroner (DKK). Initiator Pharma A/S was registered on May 2, 2016. 

First Quarter (2020-01-01 - 2020-03-31)

· Net revenues were TDKK 0 (0)

· EBIT was TDKK -2,392 (-1,463)

· Earnings per share was DKK -0.11 (-0.22)

· Cash and bank: TDKK 7,082 (13,346)

· Solidity: 82%

Group earnings per share: period result divided by a number of 23 591 375 stocks (on 2020-03-31). Solidity: equity divided by assets. 

Comments from the CEO

"Q1 has been another eventful quarter for Initiator Pharma: First of all we announced the final data from the IPED2015 Phase 2a clinical trial with IPED2015. Secondly, we filed a Clinical Trial Application (CTA) to the UK regulatory body: the filing also allowed us to exercise the option on IP2108 with Saniona and we can now fully integrate the compound into the Initiator Pharma pipeline. 2020 will be a truly exciting year for the company, with a series of upcoming inflection events in the near to mid-term future"

For more information, please contact

Claus Olesen, CEO, Initiator Pharma, Mobile: [phone], E-mail: [e-mail]

Torgeir Vaage, CFO, Initiator Pharma, Mobile: [phone], E-mail: [e-mail]

About Initiator Pharma 

Initiator Pharma A/S is a Danish biotechnology company focusing on the development of innovative drugs, targeting key unmet medical needs within the central and peripheral nervous system. Our research is focusing on monoamine reuptake inhibitors, molecules that are affecting the synaptic concentrations of neurotransmitters such as dopamine, serotonin and noradrenaline. Our lead candidate drug, IPED2015 is targeting the medical condition Erectile Dysfunction (ED), and specifically patients with ED that are non-responsive to drugs within the PDE5i class, including the approved drugs ViagraÓ, CialisÓ and LevitraÓ.

Initiator Pharma is based in Aarhus, Denmark.  Initiator Pharma is listed on Spotlight Stockmarket and has about 3.800 shareholders. Read more at www.initiatorpharma.com.

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