Contact
QR code for the current URL

Story Box-ID: 884619

Medigene AG Lochhamer Str. 11 82152 Planegg/Martinsried, Germany https://www.medigene.de
Contact Ms Julia Hofmann +49 89 2000333301
Company logo of Medigene AG
Medigene AG

Medigene AG: Medigene sells US-rights for Veregen® and raises financial guidance 2017

(PresseBox) (Planegg/Martinsried, )
Monetization of last remaining legacy product essentially completes Medigene's transformation into a pure-play, clinical-stage immunotherapy company

- Positive impact on financial guidance 2017: Revenue EUR 10.5-11.5 m (previous guidance: EUR 8-10 m), EBITDA-loss EUR 14-15 m (EUR 16-18 m), cash utilization EUR 20-22 m (EUR 23-27 m)

Martinsried/Munich, 5 December 2017. Medigene AG (MDG1, Frankfurt, Prime Standard, TecDAX) today announced the sale of the US-rights for its drug Veregen® to Fougera Pharmaceuticals, Inc., Melville, New York, USA, the dermatology business entity of Sandoz US, which is part of the Novartis group. Thereby, Medigene essentially monetizes the last remaining product from its previous pipeline before the company's repositioning as an immunotherapy company with clinical programs in development.

Fougera, Medigene's former partner for the distribution and marketing of Veregen® in the US, now acquires the US assets for the drug, including intellectual property, licenses, know-how and the trademark . Medigene remains the owner of the active pharmaceutical ingredient (API) stock for the product and becomes the exclusive supplier of the API to Fougera. The parties agreed on certain minimum purchase obligations, in order to ensure the successful continuation of the US business by Fougera. Furthermore, Fougera will reimburse Medigene for costs associated with the supply of API. Medigene retains all rights for Veregen® outside of the US. Veregen® is a topical treatment of genital warts.

Dr. Thomas Taapken, CFO of Medigene AG, comments: "Veregen® hasn't been part of Medigene's core business after refocusing on our immunotherapy R&D pipeline. With the sale of the US-rights for this product to our trusted commercialization partner, we are able to essentially complete Medigene's corporate transformation into a pure-play, clinical-stage immuno-oncology company."

In the first nine months of 2017, Medigene's Veregen® revenue from royalties, product sales and milestone payments from its distribution partners totaled 1.8 m EUR (9M-2016: 2.2 m EUR). In the past, on average over 50% of the annual Veregen® revenue was generated from the US business.

In connection with the sale of the US-rights for Veregen®, Medigene raises its financial guidance for 2017: Now, the company expects revenues of EUR 10.5-11.5 m instead of EUR 8-10 m as previously guided, an EBITDA-loss of EUR 14-15 m instead of EUR 16-18 m, and a cash utilization of EUR 20-22 m instead of EUR 23-27 m. This forecast does not include future milestone payments from the existing R&D partnership with bluebird bio or any payments from potential new transactions.

Besides, financial details of the agreement with Fougera were not disclosed.

About Veregen®: The drug, which is used to treat patients with external genital and perianal warts (Condylomata acuminata), is marketed in 22 countries by a range of distribution partners. More information on Veregen® can be found at http://www.medigene.com/pipeline/other-products/

This press release contains forward-looking statements representing the opinion of Medigene as of the date of this release. The actual results achieved by Medigene may differ significantly from the forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene® is a registered trademark of Medigene AG. This trademark may be owned or licensed in select locations only.

Website Promotion

Website Promotion

Medigene AG

Medigene AG (FSE: MDG1, ISIN DE000A1X3W00, Prime Standard, TecDAX) is a publicly listed biotechnology company headquartered in Martinsried near Munich, Germany. The company is developing highly innovative immunotherapies to target various forms and stages of cancer. Medigene concentrates on the development of personalized T cell-based therapies, with associated projects currently in pre-clinical and clinical development.
For more information, please visit http://www.medigene.com

The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.
Important note:

Systematic data storage as well as the use of even parts of this database are only permitted with the written consent of unn | UNITED NEWS NETWORK GmbH.

unn | UNITED NEWS NETWORK GmbH 2002–2024, All rights reserved

The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.