Summary: The board of directors of Pharmexa has today issued warrants to Chief
Executive Officer Jakob Schmidt as authorised by the annual general meeting.
The issued warrants allow for subscription of 600,000 shares of nominally DKK 5
each in Pharmexa by cash payment, equal to a nominal value of DKK 3,000,000.
The exercise price will be DKK 3.54 per share of nominally DKK 5 with an
additional 10% p.a. per running year from the allocation date and until the
exercise date. However, the exercise price will never be less than DKK 5 per
share of nominally DKK 5.
The board of directors' decision to issue warrants is in accordance with the
authorisation provided for in article 4.7 of the Company's articles of
association following which warrants may be issued without any pre-emption
right for the present shareholders of the Company.
The exercise price will be DKK 3.54 per share of nominally DKK 5% with an
additional 10% p.a. per running year from the allocation date and until the
exercise date. However, the exercise price will never be less than DKK 5 per
share of nominally DKK 5.
300,000 of the warrants may be exercised wholly or partly in each of the
windows that occur in the subscription period from January 1, 2011 until
December 31, 2012. The remaining 300,000 warrants 1/3 may be exercised in each
of the windows in the exercise period from 1 January 2009 to 31 December 2010;
1/3 may be exercised in each of the windows in the exercise period from 1
January 2010 to 31 December 2011 and 1/3 may be exercised in each of the
windows in the exercise period from 1 January 2011 to 31 December 2012.A window
is defined as a period of two weeks after the company's announcement of its
annual or quarterly reports.
The market value of these warrants is calculated to DKK 704,000. The market
value of issued warrants is calculated as of May 9, 2008 based on Black-Scholes
formula for valuation of warrants. The calculations have been based on the
assumptions of no dividend, a volatility of 50%, a risk free interest rate of
4,26% pro anno, expected warrant span between 3.8 to 4.8 years and an average
share price as of May 9 of DKK 3.5 per share.
Hørsholm, May 9, 2008
Jakob Schmidt
Chief Executive Officer
Additional information:
Jakob Schmidt, CEO, tel +45 4516 2525
Claude Mikkelsen, Vice President, Corporate Affairs and Communication, tel +45
4516 2525 or +45 4060 2558
For the editors: Pharmexa A/S is a leading company in the field of active
immunotherapy and vaccines for the treatment of cancer, serious chronic and
infectious diseases. Pharmexa's proprietary technology platforms are broadly
applicable, allowing the company to address critical targets in cancer and
chronic diseases, as well as serious infectious diseases such as HIV,
influenza, hepatitis and malaria. Its leading programs are GV1001, a peptide
vaccine that has entered phase III trials in pancreatic cancer and phase II
trials in liver cancer, and HIV and hepatitis vaccines in phase I/II.
Collaborative agreements include H. Lundbeck, GENimmune, IDM Pharma, Bavarian
Nordic and Ichor Medical Systems. With operations in Denmark, Norway and USA,
Pharmexa employs approximately 80 employees and is listed on the Copenhagen
Stock Exchange under the trading symbol PHARMX.
