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Medigene AG: Medigene reports results of first six months 2017
Conference call and webcast (in English) today, August 3, 2017 at 3pm CEST (Frankfurt) / 9am EDT (New York)
Medigene AG (FSE: MDG1, Frankfurt, Prime Standard, TecDAX), a clinical stage immuno-oncology company focusing on the development of T cell immunotherapies for the treatment of cancer, today released its financial results for the first six months of 2017.
Major events since the beginning of 2017:
- Medigene submitted clinical trial application for its first study with proprietary T cell receptor (TCR)-modified T cells, MDG1011 - Final milestone for Trianta acquisition achieved
- Preclinical data on Medigene's first immunotherapy MDG1011 presented at AACR
- Academic partner Oslo University presented additional data on compassionate use for DC vaccines against acute myeloid leukemia (AML) at AACR
- Medigene raised Eur20.7 m gross proceeds through placement of new shares with institutional investors in May
Key figures in the first half of 2017:
- Revenue from core business immunotherapies (bluebird bio partnership) amounts to Eur2,252 k (6M 2016: Eur0 k) - collaboration progressing in line with expectations
- Total revenue of Eur4,915 k (6M 2016: Eur5,470 k); non-recurring gain in previous year from the sale of EndoTAG® rights was largely offset by income from the partnership with bluebird bio
- Cash, cash equivalents and time deposits of Eur59,871 k as of June 30, 2017 (12/31/2016: Eur52,630 k)
- Confirmation of financial guidance 2017
Prof. Dolores Schendel, CEO/CSO at Medigene AG, commented: "We are about to reach a new level in Medigene's corporate development. Through submission of the clinical trial application for our first clinical study with our proprietary TCR immunotherapy we achieved two important goals: We paved the way to enter clinical development with our TCR immunotherapy in addition to our ongoing trial with DC vaccines and we achieved the final milestone of the Trianta acquisition, thus completing Medigene's transformation into a leading T cell immunotherapy company."
Dr. Thomas Taapken, CFO of Medigene AG, adds: "I am happy to report our financial statements, which show continuity according to our plan to transform Medigene into a dedicated immunotherapy company. The successfully completed capital raise in the second quarter of 2017 attracted new institutional investors to Medigene and extended the financial base to fund the next steps in the development of our immunotherapies for cancer. Together with our team and our partners, we are continuously working towards our goal of developing innovative therapies to provide genuine benefits to patients."
Financial guidance 2017
Medigene confirms its financial guidance for 2017 as published in the 2016 annual report. The forecast reflects Medigene's continued focus on the core business of immunotherapies.
- Revenues: The Company is expecting to generate total revenue of Eur8 - 10 m in 2017. This forecast does not include future milestone payments from the existing R&D partnership with bluebird or revenue from any potential new transactions.
- R&D expenses: Due to the progress of Medigene's clinical development programs in the field of immunotherapies and a further increase in headcount, Medigene is forecasting rising research and development expenses in the amount of Eur16 - 18 m.
- Planned EBITDA loss of Eur16 - 18 m in fiscal year 2017.
- For 2017, Medigene anticipates cash utilization to be Eur23 - 27 m, partly due to non-recurring effects such as investments in laboratory infrastructure. This forecast does not include any cash inflows from possible future milestone payments from the existing R&D partnership with bluebird bio or from potential new transactions.
- Based on its current planning, the Company has sufficient financial resources for well beyond the forecast horizon of two years and up to the time that data from the DC trial and TCR trials become available.
The full version of the half year report 6M-2017 can be downloaded here: http://www.medigene.com/investors-media/reports-presentations/
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