Mologen AG (MOLGF.PK): Successful Capital Increase Completed As Planned
1/8/2010 1:54:19 PM
Berlin, January 8, 2010 – The MOLOGEN AG Board of Directors completed a capital increase on January 7, 2010 against cash contributions and excluding subscription rights. In total, 512,000 new ordinary bearer shares (around 5% of the total share capital) have been placed with institutional investors - each at a value of 7.00 euro. The issue price of 7.00 euro corresponded approximately to the average market price during the 4th quarter of 2009. This amounted to an increase in capital resources totaling around 3.6 million euro, which will be specifically invested in clinical development programs for cancer medications.
The registration of the capital increase with the respective commercial register is currently under preparation. After the inclusion of this increase, the share capital of MOLOGEN AG totals 10,655,348 euro.
“Since the beginning of 2009 we have raised around 8.4 million euro from capital increases and the use of employee stock options” reported Dr. Matthias Schroff, the Chief Executive Officer of MOLOGEN AG. “In this way, we have not only financially secured our planned activities and clinical studies until 2011 but the completion of a successful capital increase in this continuingly difficult market environment is above all a clear evidence of the confidence that our investors have in the company and its product pipeline.”
At the end of 2009 MOLOGEN AG applied to carry out a phase II clinical trial for the innovative cancer medication MGN1703 to treat metastatic colorectal cancer. The phase II clinical trial for this innovative cancer medicine should begin in the first quarter of 2010. In addition, the company has submitted an application for the approval of a phase I/II clinical trial for its novel cancer medication MGN1601. This medicine is a cell-based gene therapy for the treatment of advanced kidney cancer.
MOLOGEN AG, a biopharmaceutical company 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 Prime Standard of Deutsche BÃ¶rse (ISIN DE 0006637200).