Biotech company Mithra Pharmaceuticals has replaced the CEO David Horn Solomon. Christophe Maréchal and Xavier Paoli will take his place.
Christophe Maréchal has been the Chief Financial Officer (CFO) since early 2017, whilst Xavier Paoli had been the Chief Operating Officer (COO) since September 2023.
The struggling Liège-based women’s health company has begun selling off selected assets and is considering the sale of the business as a whole.
Mithra aims to "maximise value for all stakeholders" through the monetisation process, which includes the sale of selected assets, particularly Estetra SRL. The company is currently finalising negotiations with "an internationally renowned investment bank" to assist in this difficult operation.
It has secured a bridge loan (called 'Facility') for a committed amount of €13.5 million — subject to achieving certain milestones — and an uncommitted loan of an additional €5 million. If received in full, the cash infusion should provide the necessary financial resources to fund operations until April 30.
Mithra warns that a failure to access funds from the credit facility or to raise or generate sufficient cash, would negatively impact the continuity of its operations.
Meanwhile, the secured lenders of certain key operational entities of Mithra have agreed to suspend all default actions — including extending the respective deadlines — to support the monetisation process.
Earlier in February, Mithra, which had €6.5 million in cash, said this would only last until early March. The emergency plan is now in effect.
Founded by businessman François Fornieri and physician Jean-Michel Foidart in 1999, the listed company will present its 2023 report on Friday 8 March. Its net loss at the half-year point was already over €50 million.
According to its website, the Liège-based company employs 230 people.
