Herantis is a public company listed on Nasdaq Helsinki’s marketplace First North Finland since 2014 under the ticker HRTIS. For more information on our shares please see our Share information and Share Monitor pages.

Interested in company updates? Sign up for our bi-monthly newsletter and other updates here.

For additional information, please contact CEO Pekka Simula (pekka.simula (at) herantis.com).

  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
11.11.2019
FN
04.11.2019
PR
26.09.2019
FN
02.09.2019
PR
28.08.2019
ER
01.07.2019
PR
31.05.2019
FN
31.05.2019
FN
31.05.2019
FN
31.05.2019
FN
31.05.2019
FN
31.05.2019
FN
31.05.2019
FN
28.05.2019
FN
06.05.2019
FN
23.04.2019
FN
11.04.2019
FN
28.03.2019
FN
22.03.2019
FN
20.03.2019
FN
15.03.2019
FN
13.03.2019
FN
13.03.2019
FN
13.03.2019
FN
12.03.2019
FN
12.03.2019
FN
12.03.2019
FN
28.02.2019
ER
15.02.2019
FN
15.02.2019
FN

Herantis Pharma is covered by the following analysts:

Edison Investment Research

Dr. Susie Jana and Dr. Daniel Wilkinson, Edison Investment Research
Email: healthcare@edisongroup.com

  • Initiation report as pdf
  • Latest interim report as pdf
  • See below for an EdisonTV interview and more information

Herantis Pharma’s financial year follows the calendar year. During the year, the company publishes an Annual Financial Statements Release and one Interim Report reviewing the first six months of the year. The Financial Statements and Interim Reports will be released at 9.00 a.m. (Finnish time) on the given dates.

IR calendar

Date
Event
27.11.2019
Herantis company presentation at Vator Unicorn Summit, Stockholm
07.01.2020
Herantis newsletter for November-December

During the Silent period, the Company will not comment on its financial position, markets or outlooks. During the Silent period, the management will neither meet with capital market or financial media representatives, nor take a stand on matters concerning the Company’s financial position or general outlooks.
During the Closed window period, trading of Herantis Pharma shares or derivatives is forbidden for the Insider group.

Share Information

Trading Code: HRTIS
Currency: EUR
ISIN code: FI4000087861
List: First North Helsinki
Industry: Health Care
Number of shares: 6,062,287
Listing date: 11 Jun 2014
Legal Entity Identifier (LEI): 743700W4CQVYAT3WKK38

Major shareholders

Name
Number
%
1
Inveni Life Sciences Fund I Ky
665091
11 %
2
Nordea Bank Abp
642814
10.6 %
3
Innovestor Kasvurahasto I Ky
578500
9.5 %
4
Helsingin Yliopiston Rahastot
497438
8.2 %
5
Pensionsförsäkringsaktiebolaget Veritas
245246
4.0 %
6
Ilmarinen Keskinäinen Eläkevakuutusyhtiö
237700
3.9 %
7
Sijoitusrahasto Nordea Nordic Small Cap
232200
3.8 %
8
OP Suomi Pienyhtiöt
224121
3.7 %
9
Saarma Mart
159000
2.6 %
10
Castren Eero Hemminki
155000
2.6 %
11
Rauvala Heikki Matti Eemeli
155000
2.6 %
12
Danske Bank A/S Helsinki Branch
133924
2.2 %
13
Argonius Oy
110000
1.8 %
14
Skandinaviska Enskilda Banken Ab (Publ) Helsingin Sivukonttori
100395
1.7 %
15
Gerako Oy
87280
1.4 %
16
Inveni Pre-Exit Financing Vehicle Ky
81773
1.3 %
17
Kaloniemi Markku Petteri
80412
1.3 %
18
Huttunen Henri Juhani
74050
1.2 %
19
Nordnet Bank AB
69559
1.1 %
20
Head Capital Oy
48077
0.8 %
21
Lesonen Veikko Juhani
48077
0.8 %
22
Simula Pekka Ilmari
45026
0.7 %
23
Joensuun kauppa ja kone Oy
40000
0.7 %
24
OP Suomi Mikroyhtiöt -erikoissijoitusrahasto
40000
0.7 %
25
Leino Lasse Tapani
39841
0.7 %

Major shareholders information updated on 4th November 2019. Information will be updated monthly.

Please contact CEO Pekka Simula, pekka.simula (at) herantis.com.

Herantis Pharma Plc. is a public Finnish limited liability company, which complies with the Finnish Companies Act, Securities Market Act, Accounting Act, the rules of NASDAQ OMX Helsinki First North, and the Company’s Articles of Association.

Annual General Meeting

The Annual General Meeting is Herantis Pharma’s highest decision-making body. The Company’s Board of Directors invites the Annual General Meeting within six months after the end of the financial year. The Annual General Meeting decides on the financial statements and on distribution of the result shown in the balance sheet, grants the discharge of the Board of Directors and the Managing Director from liability, decides the number of the members of the Board of Directors, and the remuneration of the Board of Directors and the auditors. The Annual General Meeting also elects Board members and auditors, as well as deals with any other matters on the agenda.

Board of Directors

The Board of Directors is responsible for the administration of the company and the appropriate organisation of its operations. According to the Articles of Association the Board of Directors consists of four to eight ordinary members. The term of the Board member shall begin from the General Meeting where he or she has been elected and last until the closing of the following Annual General Meeting. The Board of Directors shall elect a Chairperson and, if it finds it warranted, a Vice-Chairperson from among its members for one term at a time.

All Board members of Herantis Pharma are deemed to be independent of the company. With the exception of Mr. Aki Prihti all Board members are also deemed to be independent of any significant shareholders. Mr. Aki Prihti is dependent of Inveni Capital, a significant shareholder of Herantis Pharma, based on his position as Partner at Inveni Capital.

CEO

CEO manages the day-to-day operations in accordance with guidelines and rules set out by the Board of Directors and actively looks after the interests of the company. CEO is appointed and removed from office by the Board of Directors, to whom he re- ports e.g. on the company’s financial position, business environment, and other significant issues. CEO guides and supervises the company and its businesses, is responsible for the daily operational management of the company as well as strategy implementation. CEO also prepares any items for the agenda of the Board of Directors and is responsible for their implementation.

Management team

Along with the CEO, Herantis’ Management Team includes the Director of Clinical Development, Chief Scientific Officer (CSO), Chief Pharmaceutical Officer (CPO) and Chief Operational Officer (COO).

Risk management

Internal controls and risk management

The risks of Herantis Pharma are mainly drug development related, such as clinical, technical, biological, regulatory, and strategic decision making risks, and financial, such as budgeting, accounting, and other financial control risks.

With its internal control policies and practices Herantis Pharma aims to ensure that appropriate financial information is available timely and accurately for any decision making and other needs, and that its financial reports are reliable, complete, and timely. Further, they aim to ensure that the company’s operations are efficient and implement the strategy of the company. Also, they aim to ensure that the company is in compliance with all applicable laws and regulations.

Certified Advisor

The shares of Herantis Pharma Plc are listed for trading on Nasdaq Helsinki First North Finland, which requires the nominating of a Certified Advisor. The Certified Advisor is responsible for ensuring that the company complies with the rules and regulations of First North.

UB Securities Ltd, a company residing at Aleksanterinkatu 21A, FI-00100 Helsinki, Finland, is the Certified Advisor to Herantis Pharma Plc. UB Securities’ phone number is +358 9 25 380 246.

Remuneration

This remuneration statement of Herantis Pharma Plc. is the statement meant by recommendation 47 of the Finnish Corporate Governance Code for listed companies, which was issued by the Securities Market Association on 15 June 2010.

Remuneration of the directors

Herantis Board members were paid in total EUR 92,000 as remuneration during fiscal year 1 Jan 2018 – 31 Dec 2018. During the same period the board members of Laurantis Pharma were not paid any remuneration.

On 11 April 2019 the General Meeting of Herantis resolved that the remuneration payable to the members of the Board of Directors shall be EUR 1,500 per month except for the Chairman of the Board who shall be paid EUR 2,500 monthly, and a possibly elected Vice Chairman who shall be paid EUR 2,000 monthly. The board members are also reimbursed reasonable travel expenses related to Board of Director’s duties.

None of the members of the Board of Directors are in an employment relationship or have service contracts with the Company.

Remuneration of the management team members

The Board of Directors is responsible for appointing the CEO, and for preparing and approving the remuneration of the CEO and other management team members. The Board of Directors considers the interests of shareholders when deciding on the remuneration. The remuneration of the CEO and other management team members comprises fixed basic salary, fringe benefits (such as company phone), a performance based bonus, and a stock option plan. The bonus payments are assessed and decided upon annually by the Board of Directors, and a possible bonus is paid in June of the following year. The maximum bonus for the CEO is 35% of fixed annual compensation.

For 2018, the total salary of the CEO including fringe benefits and performance based bonus was EUR 213,501.10, and for the Management Team excluding CEO, EUR 444,552.45.

The CEO contract may be terminated by the Company or by the CEO with a three-month notice period.

The CEO does not have any voluntary pension or other insurance policy from the company.

Stock option program 2010

Extraordinary shareholder’s meeting issued on 26 August 2010 total 500 new stock options whereof 100 have since been voided. One stock option entitles to the subscribing of 200 new shares of the company after the undirected share issue without payment (split) decided on 29 April 2014. The subscription price per share is 0.00005 euro per share. 212 stock options have been used to subscribe shares in the company and 188 stock options remain.

According to the terms of the stock option program the share subscription period is based on reaching defined milestones related to releasing the first clinical production batch of CDNF, completing a clinical study in amblyopia, closing an agreement related to funding of the company, passing an audit of a third party, and a commercial partnering agreement. The Board of Directors will inform the option holders of reaching of each milestone. Four of the milestones have been reached. The share subscription period ends on 30 June 2024.

There has been a weighty financial reason for the Company to issue the Options as they form part of the Company’s incentive and commitment program.

Stock option program 2014 I

Extraordinary shareholder’s meeting decided on 20 March 2014 to issue 330 new stock options. Board members can be given six (chairman of board: nine) stock options according to this stock option program for each full 12 months as a member of the board starting 2014.

Pekka Simula has subscribed 198 options and Board members a total of 132 options based on this stock option program. The options are given for free and each option entitles its holder to subscribe 200 new shares of the company after the undirected share issue without payment (split) decided on 29 April 2014. Subscription price per share after the undirected share issue without payment (split) decided on 29 April 2014 is 0.00005 euro per share. 76 stock options have been used to subscribe shares in the company and 254 stock options remain. According to the terms of the stock option program the share subscription period is based on reaching three defined milestones related to securing funding for the first clinical study with CDNF, first patient treatment in the first clinical study with CDNF, and database lock in the first clinical study with CDNF. The Board of Directors will inform the option holders of reaching of each milestone. The two first milestones have been reached so far. The share subscription period ends on 1 January 2024.

There has been a weighty financial reason for the Company to issue the Options as they form part of the Company’s incentive and commitment program.

Stock option program 2016 I

The Board of Directors of the Company decided based on the authorization by the Annual General Meeting of Herantis on 9 April 2015 to issue 70,000 new stock options to be offered to senior employees of the Company. Each option entitles its holder to subscribe one new share with subscription price 2.92 euro. The share subscription period begins monthly over a three year period and ends latest by 31 December 2020.

There has been a weighty financial reason for the Company to issue the Options as they form part of the Company’s incentive and commitment program.

Stock option program 2018 I

The Board of Directors of the Company decided based on the authorization by the Annual General Meeting of Herantis on 9 April 2015 to issue 100,000 new stock options to be offered to senior employees of the Company. Each option entitles its holder to subscribe one new share with subscription price 5.85 euro. The share subscription period begins monthly over a three year period and ends latest by 31 December 2024.

There has been a weighty financial reason for the Company to issue the Options as they form part of the Company’s incentive and commitment program.

Public insiders

Upon implementing the Market Abuse Regulation (596/2014/EU) the Company has decided to continue maintaining a voluntary, public list of its top managers, as well as a list showing changes that have occurred in their own security holdings as well as in the holdings of their family relationships and influence-over organisations. These lists are provided below.

The Board of the Directors of the company has approved an Insider Policy, which ensures compliance with Finnish law, EU regulations and directives, and the rules and guidelines of Nasdaq Helsinki Ltd.

Top managers and their holdings

Trading by top managers and their family relationships and influence-over organisations on the company’s securities has been compliant with the Insider Policy of the company. Top managers’ holdings in the company are as of 20 March 2019:

  • Chairman of the Board Pekka Mattila: 30,850 shares*
  • Board member James Phillips: 5,706 shares
  • Board member Aki Prihti: 0 shares
  • Board member Timo Veromaa: 8,900 shares
  • Board member Frans Wuite: 6,280 shares
  • CEO Pekka Simula: 56,056 shares**
  • Director of Clinical Development Sigrid Booms: 2,400 shares
  • Chief Scientific Officer Henri Huttunen: 74,050 shares
  • Chief Operating Officer Antti Vuolanto: 1,100 shares

*Whereof 24,150 shares through controlled company Musta Aukko Oy
**Whereof 11,030 shares through controlled company Meles Consulting Oy

Top manager transaction history

Date
Top Manager
Transaction
Change +/-
Price (EUR)
26.01.2015
Pekka Simula
Trade
+700
6.52
27.01.2015
Pekka Mattila
Trade
+300
6.52
30.01.2015
Pekka Simula
Trade
+300
6.95
28.05.2015
Pekka Mattila
Subscription by options
+600
28.05.2015
James Phillips
Subscription by options
+400
28.05.2015
Pekka Simula
Subscription by options
+2000
28.05.2015
Timo Veromaa
Subscription by options
+2000
28.05.2015
Frans Wuite
Subscription by options
+580
04.06.2015
Henri Huttunen
Trade
+50
3.30
25.09.2015
Pekka Simula
Subscription by options
+12200
25.09.2015
Pekka Simula
Trade
+1152
1.50
25.09.2015
Pekka Mattila
Trade
+700
1.50
21.10.2016
Pekka Mattila
Trade
+950
1.06
19.05.2016
Pekka Simula*
Trade
+1200
0.84
25.05.2016
Pekka Mattila
Trade
+2500
0.87
30.05.2016
Pekka Simula
Trade
+2200
0.87
01.07.2016
Pekka Simula*
Trade
+4427
0.87
12.12.2016
Pekka Simula
Trade
+2500
2.18
30.12.2016
Pekka Simula*
Trade
+1000
3.10
09.11.2017
Pekka Simula
Subscription
+7500
5.85
09.11.2017
Pekka Mattila*
Subscription
+2500
5.85
09.11.2017
Timo Veromaa
Subscription
+2500
5.85
09.11.2017
Frans Wuite
Subscription
+2500
5.85
09.04.2018
Antti Vuolanto
Trade
+300
5.90
17.05.2018
Antti Vuolanto
Trade
+400
6.20
29.05.2018
Antti Vuolanto
Trade
+400
6.10
13.06.2018
Pekka Simula
Trade
+320
6.87
15.06.2018
Pekka Simula*
Trade
+150
6.85
19.06.2018
Pekka Simula*
Trade
+253
6.85
27.07.2018
Pekka Simula
Trade
+303
7.33
18.10.2018
Pekka Simula
Trade
+400
5.425
19.10.2018
Pekka Simula
Trade
+200
5.95
20.12.2018
Pekka Simula
Trade
+1000
5.06
12.03.2019
Pekka Simula*
Subscription
+4000
5.20
12.03.2019
Pekka Mattila*
Subscription
+4000
5.20
31.05.2019
Pekka Mattila
Subscription by options
+4200
31.05.2019
James Phillips
Subscription by options
+2800
31.05.2019
Pekka Simula
Subscription by options
+14200
31.05.2019
Timo Veromaa
Subscription by options
+4400
31.05.2019
Frans Wuite
Subscription by options
+3200

*through controlled company

Auditing

The external audit is to verify that the financial statements give a true and fair view of the company’s financial performance and financial position for the fiscal year. The company’s auditor gives the company’s shareholders the statutory auditor’s report on the annual financial statements. The audit performed during the financial period is reported to the Board of Directors. The auditor and the Board of Directors will meet at least once a year.The Annual General Meeting elects the auditor. The auditor’s term of office includes the current financial year and ends at the end of the following Annual General Meeting.

Herantis Pharma’s auditor is authorised public accountants Pricewaterhouse-Coopers Oy (Business ID 0486406-8), principal auditor is Martin Grandell, APA.

Public disclosure and Disclosure policy

Herantis complies with the disclosure obligations as defined in the Market Abuse Regulation ((EU) No 596/2014) and in the First North Nordic Rulebook. Herantis Pharma Plc (“Herantis Pharma” or “company”) discloses information to the public in a timely and consistent manner.

Herantis Pharma publishes its company announcements both in Finnish, which is the official reporting language, and in English. Amendments to previously published information are made in the same manner as has been used to publish the original information.

Disclosure channels
In addition to company announcements the most important disclosure channel for information related to the company’s activities and financial situation is the company’s website www.herantis.com.

Herantis Pharma publishes its company announcements through Nasdaq Helsinki Ltd and in the most relevant public media. All company announcements are also published simultaneously on the company’s website in both English and Finnish.

Herantis Pharma publishes any essential materials presented in possible public events, such as result presentations and analyst meetings, on its website as simultaneously as possible.

Disclosure principles
The information made public by the company shall be accurate and complete and give a true and fair picture of the company’s operations. The information is disclosed as soon as possible as set forth in the applicable regulations.

The company announcements are issued to give information on matters that would be likely to have a significant effect on the prices of the company’s financial instruments. The timing of their publishing shall be defined based on applicable regulations or when otherwise deemed relevant by the company.

Considering at the current stage of the company’s development projects e.g. the following matters are, based on a case-by-case assessment, considered as inside information to be disclosed:

  • any significant activities related to clinical development projects, such as their launch, completion, and end results;
  • information related to new collaboration agreements with pharmaceutical companies;
  • significant decisions made by regulatory or other relevant authorities relevant to the company’s clinical development projects;
  • information on significant financing transactions;
  • if e.g. the status of the company’s clinical research project changes significantly compared to previously disclosed information or otherwise announced expectations the company will inform of deviations; and
  • if the company’s financial performance or liquid cash position significantly deviates from what can be justifiably concluded on the basis of the information previously reported by the company, the company shall issue a profit warning.

The company assesses the potential effect of the various facts on the prices of its financial instruments. The assessment shall be made from the point of view whether a reasonable investor would be likely to use the information as part of the basis of his/her investment decisions.

The company adheres to a thirty (30) calendar days silent period prior to publication of its half-yearly reports and other financial results. During the silent period, the company does not organize or attend private meetings with the media, analysts or investors. The company may, however, during the silent period, answer questions in relation to its business operations.

As a general policy, the company does not comment on market rumors, stock price trends, actions of competitors or customers, analyst estimates, or confidential and unfinished business unless the company deems it relevant to correct clearly incorrect information. If inside information regarding the company has leaked to public the company shall issue a related company announcement.

Spokespersons
The designated authorized persons to make public statements on behalf of Herantis Pharma are its Managing Director (CEO) and Chairman of the Board. The Managing Director (CEO) is responsible for the company’s communications.

Approval of the disclosure policy
The Board of Directors of Herantis Pharma has approved this disclosure policy on 1 July 2016.

Articles of Association

For the sake of clarity the board of directors notes that only the Finnish language text is registered in the Trade Register of Finland.

1 § Business name

The business name of the company is Herantis Pharma Oyj, in English Herantis Pharma Plc.

2 § Domicile

The company is domiciled in Helsinki.

3 § Line of business

The line of business of the company shall be research and product development activities relating to biotechnology and medicine as well as production, sale and marketing of products and services relating to biotechnology and medicine in Finland and abroad. The Company may own and posses real property and securities as well as trade with them. The company may conduct its business directly on its own or through subsidiaries or associated companies.

4 § Board of directors

The Board of Directors of the company shall consist of four (4) to eight (8) ordinary members. The term of the Board member shall begin from the General Meeting where he or she has been elected and last until the closing of the following Annual General Meeting. The Board of Directors shall elect a Chairperson and, if it finds it warranted, a Vice-Chairperson from among its members for one term at a time. A deputy member may be elected for each member of the Board of Directors personally.

5 § Annual general meeting

The Annual General Meeting of Shareholders shall be held annually within six months of the end of the financial period on a date set by the Board of Directors in the domicile of the Company.

At the Annual General Meeting of Shareholders, the following shall be decided on:

  • the adoption of the financial statements and, if the Company is a parent company, also the adoption of the consolidated financial statements;
  • the use of the profit shown on the balance sheet;
  • the discharge of the members of the Board of Directors and the possible CEO from liability;
  • the number of members of the Board of Directors and possible deputy members of the Board of Directors, if necessary;
  • the remuneration of the members of the Board of Directors and the auditors and reimbursement of travel expenses;

the following shall be appointed:

  • the members of the Board of Directors and possible deputy members of the Board of Directors, if necessary;
  • the auditor;

the following shall be dealt with:

  • any other issues referred to in the notice to the General Meeting of Shareholders.

6 § Notice to the general meeting and notice of participation

The notice to the General Meeting of Shareholders shall be delivered to each shareholder to the address or email address notified to the Company by the shareholder, published on the Company’s website, or published in a newspaper determined by the Board of Directors, at the earliest, three (3) months before the meeting and however no later than nine (9) days before the record date for the General Meeting of Shareholders.

In order to attend the General Meeting of Shareholders the shareholder shall give advance notice of participation to the Company no later than the stated date in the notice to the General Meeting of Shareholders, which may at earliest be ten (10) days before the meeting.

7 § Representation of the company

The company is represented not only by the board of directors, but also by the chairman of the board and the managing director, each severally as well as two members of the board jointly. In addition, the board of directors may give a desig- nated person a procuram or a right to represent the company.

8 § Auditor

An authorised auditing firm approved by the Central Chamber of Commerce shall be elected as auditor for the Company. The term of office of the auditor expires at the end of the annual general meeting following its election.

9 § Book-entry system

The shares in the company shall be held in the book-entry system.