Pharma Equity Group (PEG) announced this morning that its subsidiary Reponex Pharmaceuticals has received a notification from the European Patent Office (EPO) of its intention to grant a European patent covering compositions and methods for the treatment of Inflammatory Bowel Disease (IBD), including Pouchitis. The patent strengthens Reponex's intellectual property position across key IBD indications in Europe and adds a third pillar, alongside prior clinical proof-of-concept and a sizeable addressable market , to the development case for the program.

The patent relates to the RNX-041 program, an innovative formulation combining GM-CSF with the broad-spectrum antibiotics fosfomycin and metronidazole, designed for direct administration into the pouch. The program previously completed an Investigator-Initiated Trial in Pouchitis with clinical proof-of-concept, and according to company-cited market estimates, Pouchitis and related treatment-relevant patient populations may comprise up to approximately 2 million patients in the EU and US, with the potential treatment market estimated at up to approximately USD 4.7 billion in 2025. Management highlights that the combination of human clinical data, market opportunity, and the upcoming European patent protection represents three important pillars supporting further development, partnering, and geographic expansion of the program.

It is important to note that RNX-041 has been deprioritized since the December 2024 pipeline reprioritization, with PEG focusing its limited resources on the two lead Phase II programs, RNX-011 (peritonitis) and RNX-051 (colorectal cancer). The patent news therefore does not change the near-term resource allocation but rather enhances the optionality value of an asset that is currently held in reserve. Strengthened European IP protection improves the program's attractiveness in a potential future out-licensing or partnering dialogue, and we view this as a strategically sensible move to preserve and enhance value in the deprioritized portfolio while the lead programs progress.

Strategically, the patent grant supports PEG's broader narrative of gradually de-risking its repositioning-based pipeline through a combination of clinical, commercial, and IP-related milestones. The key value drivers in the investment case nonetheless remain unchanged: the conclusion of advanced partnership negotiations for RNX-051 (expected H1 2026) and first patient enrolment in the pivotal Phase IIb trial for RNX-011 (expected H1 2026). These two catalysts are the primary triggers for unlocking value

The IBD patent should be seen as a constructive but not transformative data point that incrementally improves the optionality across the broader Reponex pipeline rather than altering the immediate path to value creation.

Disclaimer: HC Andersen Capital receives payment from Pharma Equity Group for a digitalIR/corporate visibility subscription agreement. / Michael Friis 12:13 11/05-2026