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Pharmena: From NewConnect on the WSE, counts on PLN 15.3 million

Pharmena, a Polish biotechnology company, intends to move from NewConnect to the WSE. Subsequently, it plans to raise PLN 15.3 million from the issue of series E shares. It will allocate these funds to the development of its operations.

The transfer of trading on the WSE is to take place before 3 April. On 4-23 April, subscriptions for series E shares will be accepted. The shares will be offered in the form of a closed subscription, with the existing shareholders retaining their pre-emptive rights. Pelion, the existing shareholder, has declared that it will take up the shares. The shares will be allotted on 8 May.

Pharmena counts on obtaining PLN 15.3 million from the issue. Out of this amount, over PLN 12 million will be allocated for the introduction of new dietary supplements for sale – in Poland and in some EU countries.

Additionally, approximately PLN 2 million will finance the preparation of application documentation and the registration process of 1-MNA molecule. Pharmena wants to register it as a new food in China, India, Japan and Australia.

Another PLN 0.5 million will be used to conduct research on the drug 1-MNA in animal models (new indications).

The main subject of Pharmena’s activity is the commercialization of innovative preparations. Currently, the company’s main market is Poland. However, Pharmena wants to develop also abroad. In 2018, the company registered molecule 1-MNA as a novel food in the EU. Pharmena plans to build in Poland a brand called Menavitin for dietary supplements based on 1-MNA. Products based on 1-MNA will also be introduced to the European market under the Menavitin brand and in cooperation with the so-called white label.

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