The AGM held on May 26, 2023 approved two long-term incentive programs (“LTI2023”), one for Management and leading employees and one for board members.

LTI2023 for Management and leading employees:
Under the program for Management and leading employees the board is authorized to allow participants in the program to acquire up to 108.500 ordinary shares in the market at market price (“Investment Shares”) until September 30, 2023, with each Investment Share carrying the right to subscribe for 1 new share at par value at the next AGM providing that the individual owning the Investment Share is still with the company at the time (“Matching Share”). Each Investment Share is also entitled to subscribe for between 0 and 5 new shares at par value during 30 trading days after December 31, 2025, depending on the development of Initiator’s share price in the period between May 26 2023 and December 31 2025. The maximum potential dilution under the approved program is 651,000 shares, representing approx. 1.2% of currently issued number of shares.

The board has decided to allocate a total of maximum 108.500 shares that can be purchased under this program, representing a potential dilution of 651.000 shares and approx. 1.20% of currently issued number of shares. By the end of the allowable investment period the maximum number of shares has been purchased in the market.

LTI2023 for Board members:
Under the program for Board members the board is authorised to allow participants in the program to acquire up to 23.000 ordinary shares in the market at market price (“Investment Shares”) until September 30, 2023, with each Investment Share carrying the right to acquire 1 new share from the company at par value at the next AGM providing that the individual owning the Investment Share is still with the company at the time (“Matching Share”). Each Investment Share is also entitled to acquire between 0 and 5 new shares from the company at par value during 30 trading days after December 31, 2025, depending on the development of Initiator’s share price in the period between May 26 2023 and December 31 2025. The maximum potential dilution under the approved program is 138,000 shares, representing approx. 0.3% of currently issued number of shares.

The board has decided to allocate a total of maximum 23.000 shares that can be purchased under this program, representing a potential dilution of 138.000 shares and approx. 0.3% of currently issued number of shares. By the end of the allowable investment period the maximum number of shares has been purchased in the market.

In the table below an overview of shares and warrants held by the board of directors, executive management and key employees is presented. The overview comprises warrants from the incentive programmes for 2021, 2022 and 2023, respectively.

IndividualPositionSharesWarrants


Total
Shares and warrants		Pct
fully diluted



202120222023Total
warrants

Magnus PerssonBoard member267 18650 00012 50048 000110 500377 6860,72%
Henrik MoltkeBoard member139 10635 00035 00030 000100 000239 1060,46%
Peter HolmBoard member-------
Annette ColinBoard member25 00035 00015 00030 00080 000105 0000,20%
Gunilla EkströmBoard member19 000-35 00030 00065 00084 0000,16%
Total BoD450 292120 00097 500138 000355 500805 7921,53%
Claus OlesenCEO and board member1 137 438300 000175 000180 000655 0001 792 4383,42%
Other mgmt. and key employees1 824 306330 000375 000471 0001 176 0003 000 3065,72%
Total Mgmt and key employees3 964 038630 000550 000651 0001 831 0004 792 7449,14%
Total BoD, Mgmt and key employees4 414 330750 000647 500789 0002 186 5005 598 53610,67%

For additional information about Initiator Pharma, please contact:

Claus Elsborg Olesen, CEO
Telephone: +45 6126 0035
E-mail: ceo@initiatorpharma.com

About Initiator Pharma

Initiator Pharma A/S is a Danish clinical stage emerging pharma company developing innovative drugs that target key unmet medical needs within the central and peripheral nervous system. Initiator Pharma’s pipeline consists of two clinical stage assets – pudafensine (IP2015) and IP2018 – and two preclinical assets. The company is currently conducting a Phase IIb trial with pudafensine (IP2015) in erectile dysfunction of organic origin, and successfully completed a Phase I proof of principle trial in neuropathic pain in 2022. With IP2018 the company has reported positive, statistically significant, and dose-dependent clinical observations related to efficacy in psychogenic erectile dysfunction (ED) in a Phase IIa clinical trial of IP2018 in patients with mild to moderate ED.
 
Initiator Pharma is listed on Nasdaq First North Growth Market (ticker: INIT). Redeye AB is the company’s Certified Adviser. For more information, please visit www.initiatorpharma.com.

Attachments

Result of incentive program LTI2023 in Initiator Pharma

© Modular Finance, source Nordic Press Releases