Mologen AG Remains On Course
Income and financial position
The operating result for the first three months of 2009 could be improved to EUR -0.9 million after EUR -1.5 million in the first quarter of the previous year. The net loss also improved from to EUR -1.4 million (first quarter 2008) to EUR -0.9 million (first quarter 2009). The result was strongly influenced by ongoing research and development expenditure, which amounted to EUR 0.7 million in the first quarter. Liquid funds totalled EUR 5.4 million on March 31, 2009.
Advances in research
Mologen is one of the few biotech companies that is working on DNA-based cancer treatments in the clinical development programme. The trials carried out to date have shown that the active substances exhibit particularly good tolerability.
As in the past fiscal year, the main research & development activities focussed in the first quarter of 2009 on the Phase I clinical study, in which the safety and tolerability of the anti-cancer drug MGN1703 is being investigated. So far, the drug has exhibited a positive safety profile and good tolerability.
Preclinical work on cell-based gene therapy for the treatment of renal cancer (MGN1601) has largely been completed. MOLOGEN has obtained "orphan drug" status for this from the European Commission. This involves ten years of exclusive marketing within the EU following approval. A Phase I/II clinical study is under preparation.
Further progress has also been made on the development of a MIDGE®-based DNA vaccine against leishmaniasis in humans. MOLOGEN is working on this project together with international partners. The pre-clinical development of such DNA vaccine is being supported by the EU with total funds of EUR 3.0 million. MOLOGEN has started to work on this project in January 2009 and has already received an initial advance payment.
Outlook for 2009
These results show that MOLOGEN continued to develop successfully in the first quarter too and has sound financial foundations. The Executive Board of the company is confident that further progress will be made in the current fiscal year, including successful completion of the clinical phase I in investigation of the cancer drug MGN1703 and preparation of more advanced clinical studies to investigate the effectiveness of MGN1703 in the treatment of various cancer diseases, particularly colorectal cancer.
MOLOGEN is also preparing a Phase I/II clinical study with the cell-based gene therapy for the treatment of renal cell cancer (MGN1601).
About Mologen
MOLOGEN AG, a biopharmaceutical com-pany based in Berlin, specializes in the research and development of innovative medicines based on DNA structures. Activities focus on product developments for the treatment of cancer and vaccines for serious infections.
MOLOGEN was founded in 1998 and is among the few biotechnology companies in the world with well-tolerated, DNA-based cancer treatment in the clinical development stage.
MOLOGEN AG shares are listed in the General Standard of Deutsche Börse (ISIN DE 0006637200).
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms referring to the future or future developments, as well as negations of such formulations or terms, or similar terminology. These are described as forward-looking statements. In addition, all information in this communication regarding planned or future results of business segments, financial classification numbers, developments of the financial situation, or other financial or statistical data contains such forward-looking statements. The company cautions prospective investors not to rely on such forward-looking statements as certain prognoses of actual future events and developments. The company is neither responsible nor liable for these forward-looking statements. It is not responsible for updating such information, which only represents the state of affairs on the day of publication.