News

New listing of the company PHARMENA

The company PHARMENA S.A. was newly listed on the GPW Main Market on 12 April 2019.
PHARMENA S.A. is the 462nd company listed on the Main Market, the third new listing on the Main Market in 2019, and the 67th company to transfer from NewConnect to the GPW Main Market.

Key information

*as at the average price on NewConnect in the three months before the application date (PLN 6.89)

Issuer’s history and business
The Issuer was established in 2002. Since April 2008, the Issuer has been a joint-stock company.
The Company’s core business is to develop and commercialise products based on the patented natural active ingredient 1-MNA. The Company’s business includes:

• production and sale of dermocosmetics based on the molecule REGEN7, which generate revenue for the Issuer. PHARMENA S.A. outsources the production, packing and storage of dermocosmetics based on the Issuer’s proprietary recipes;
• marketing of dietary supplements based on the innovative molecule 1-MNA. The Issuer has obtained authorisation of 1-MNA as a new food in the European Union and is planning to generate revenue from sales of dietary supplements on the local market;
• clinical research on the innovative medicine 1-MNA. Acting through its US subsidiary Cortria Corporation, the Issuer is planning to commission animal model research and develop research protocols for future clinical trials in order to determine the effective dose of the medicine in future clinical research (non-alcoholic steatohepatitis, as well as hypertension).

The Company publishes no financial forecasts. The dermocosmetic business of the Issuer’s Group is profitable at all P&L levels. The Group’s business involving research on the innovative medicine 1-MNA and the marketing of the innovative dietary supplement currently only generates costs, recognised as expenses in the Group’s statement of financial position. If the medicine 1-MNA is commercialised and the dietary supplement is marketed, the business lines will generate significant revenue, which could make a major positive contribution to the financial results and assets of the Group.
One day after the new listing on the GPW Main Market, the Issuer is planning to start listing of subscription rights in series E shares in a public issue of series E shares (up to 2,638,516 shares at a price of PLN 6 offered under subscription rights). According to the prospectus, the Issuer is planning to raise PLN 15.3 million in the public offering for the financing of the Issuer’s operations.

The Company’s share capital is PLN 879,505.2 divided into 8,795,052 shares including:

• 5,730,000 series A ordinary bearer shares;
• 524,260 series B ordinary bearer shares;
• 781,782 series C ordinary bearer shares;
• 1,759,010 series D ordinary bearer shares.

The Company’s shareholders

• Pelion S.A. – 5,163,053 shares equal to 58.7% share capital and votes;
• Jerzy Gębicki – 676,000 shares equal to 7.69% share capital and votes;
• Konrad Palka – 477,881 shares equal to 5.43% share capital and votes;
• Jacek Franasik, through Max Welt Holdings LP – 465,589 shares equal to 5.29% share capital and votes;
• Robert Bożyk – 441,000 shares equal to 5.01% share capital and votes;
• Other  – 1,571,529 shares equal to 17.87% share capital and votes;

Newly listed instruments

• 5,730,000 series A ordinary bearer shares;
• 524,260 series B ordinary bearer shares;
• 781,782 series C ordinary bearer shares;
• 1,759,010 series D ordinary bearer shares.