Announcement • Apr 05

Pharma Equity Group’s subsidiary, Reponex Pharmaceuticals A/S, reports highly positive final results from the phase-2 clinical trial of the company’s patented drug candidate RNX-051

Pharma Equity Group’s subsidiary, Reponex Pharmaceuticals A/S, reported highly positive final results from the phase-2 clinical trial of the company’s patented drug candidate RNX-051. This concerns the treatment of patients with right-sided colon cancer and right-sided colon polyps/adenomas (precursors of cancer) with the Company’s drug candidate RNX-051. The company’s clinical collaborators who have performed the trial report the following: Patients with precursor lesions to cancer in the colon (adenomas) harbor a different gut microbiota than healthy controls. Distinct bacteria have been found to influence the bowel lining by promoting chronic inflammation and through interaction with molecular mechanisms in the bowel cells that may lead to bowel cancer. A central mechanism of the bacteria with cancer promoting abilities is to produce a biofilm lining the inner surface of the bowel wall. In patients where the cancer has already developed, it is known that distinct bacteria such as Fusobacterium nucleatum and Bacteroides fragilis shift the immune system within the tumor leading to a greater risk of metastatic spread of the cancer. The mechanisms are complex but mediated through reducing the function of immune cells that are actively killing cancer cells. Rationale: Administering the two antibiotics fosfomycin and metronidazole (constituents of RNX-051) with distinct properties ensuring an effect both on the colon lining and inside the cancer through local administration may change the milieu leading to a reduced risk of adenoma generation and improved sensitivity to immune cells or therapies that modulate the immune system, such as immune check-point inhibitors. The MEFO trial consisted of two arms: the first in patients with adenomas (the “adenoma arm”) and second in patients with cancers in the right side of the bowel (the “cancer arm”). A major aim was to change the biofilm in the “adenoma arm” and improve the tumor-related bacterial composition in the “cancer arm”. In both arms there was a focus on the modulation of the immune cells in a positive way to increase their ability to kill precursor or cancer cells. Protocol: Twelve patients and ten patients were treated in the respective arms of the trials with RNX-051 given in a muco-adhesive spray and the adenomas or tumor were removed approximately one week after the intervention. Through advanced microscopy analyses targeting certain bacteria and certain cells of the tumor microenvironment, and advanced immune analyses including genomic analyses of both the bacteria and the precursor and cancer lesions, an in-depth overall picture of the precursor lesions and the cancer before and after treatment was obtained. In the adenoma arm, the main goal of the study, to demonstrate an impact on the bacterial biomass, was reached, with a massive reduction in the biofilm of the bowel lining (more than 30-fold reduction) one week after the treatment, from a mean of 0.003% to 0.0001% of bacterial biomass (p=0.025). An impact on the occurrence of specific immune-cells known to be crucial in the immune response against cancer was shown (macrophages and T-cells). For macrophages, the density was 2.2% in non-treated adenomas and 3.4% in treated adenomas (p=0.030), and for CD3 T-cells, the density was 524 cells/mm2 in non-treated adenomas and 727 cells/mm2 in treated adenomas (p=0.018). In the metagenome sequencing to assess the diversity of bacteria and the specific composition of bacteria before and after treatment, there was no reduction in the diversity of bacteria, while there was an increase of the genus Bacteroides (median 6.9% vs 10.8%, p=0.016), a commensal gut bacterium containing both anti- and pro-inflammatory species. In the cancer arm, for patients with a high content of bacterial biofilm, there was a statistically significant reduction of biofilm in the tumor periphery from a mean of 0.255% to 0.013% of bacterial biomass (p=0.025). At the same time, a shift in the balance of immune cells in the tumor core could be seen, resulting in an increase in the ratio of T-cells that are particularly active in promoting tumor cell death, from a mean 0.30 CD8/CD3 ratio to a mean ratio of 1.19 (p=0.016). In the metagenome sequencing to assess the diversity of bacteria and the specific composition of bacteria before and after treatment, a clear and statistically significant effect was seen. The RNX-051 application drastically reduced or eliminated the cancer-promoting Fusobacterium nucleatum (median 15.2% to 0%, p=0.008) and increased the cancer-protecting Lactobacillales (median 0.23% to 2.72% p=0.023) in the tumor center without reducing the diversity of the mucosa-associated gut microbiota. Conclusions: Based on the findings of the MEFO trial, there seems to be a clear path for establishing whether the treatment with RNX-051 as a single and even repeated dose in patients with adenomas in the bowel will lead to adenoma prevention. For patients with colon cancer, it seems relevant to investigate whether the shift in the composition of immune cells (increase) and cancer-promoting bacteria (reduction) can result in positive effects in a larger cohort of patients and whether combination trials with RNX-051 plus immune therapy may also provide benefits for the patients with bowel cancer. Reponex management concludes that its patented medicinal product RNX-051 appears to be highly effective for its intended purpose. Just a single local application drastically reduces tumor-associated biofilm and can even totally eliminate the cancer-promoting Fusobacterium nucleatum in the tumor at one week after the treatment.

CEO salary percentage	n/a
CEO tenure	1.3yrs
CEO ownership	n/a
Management average tenure	no data
Board average tenure	3.1yrs

Name	Position	Tenure	Compensation	Ownership
Troels Troelsen	Independent Director	1.3yrs	DKK 175.00k	2.12% DKK 2.1m
Christian Thomsen	Chairman of the Board	3.5yrs	DKK 375.00k	0.27% DKK 266.5k
Charlotte Pahl	Independent Director	1.3yrs	DKK 150.00k	0.38% DKK 370.8k
Lars Gundorph	Independent Director	3.5yrs	DKK 175.00k	1.74% DKK 1.7m
Peter Vilmann	Independent Director	3.5yrs	DKK 175.00k	no data
Omar Qandeel	Independent Director	2.7yrs	DKK 150.00k	no data

Data	Last Updated (UTC time)
Company Analysis	2026/07/12 10:37
End of Day Share Price	2026/07/10 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

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