Mologen AG (MOLGF.PK): Development Of Main Product Candidate Pushed Forward Swiftly In First Quarter
5/14/2014 9:33:00 AM
Berlin, 14 May 2014 – In the first quarter of the financial year 2014, MOLOGEN AG has pushed the further development of its product pipeline swiftly forward. With the main product candidate, the cancer immunotherapy MGN1703, the company both has started a randomised study in the indication of lung cancer and conducted the preparations for the upcoming phase III pivotal study in the indication of colorectal cancer. As announced already in early May 2014, the application process for this study could already be initiated with the competent authorities. Furthermore, the company presented final data from the completed phase I/II study with the second product candidate MGN1601 in the first quarter, which, besides proving the safety and tolerability when applied against advanced renal cancer, showed very pleasing treatment successes in individual study patients.
MOLOGEN AG strengthened the funding situation during the first quarter by conducting a capital increase. Furthermore, after the expiration of the reporting period, the company announced the successful completion of the safety study with MGN1703 in the U.S.
Due to the increased research and development activities, the expenditures for research and development of MOLOGEN AG rose from 1.4 million euros in previous year’s period to 2.9 million euros in the first quarter of 2014. This especially is reflected in the larger cost of materials. The increase of the number of employees contributed to the also higher expenses for personnel. Thus, as expected, the net loss increased significantly in the first quarter of 2014 compared to previous year’s period to a total of 4.1 million euros.
By conducting a capital increase in February 2014, with the company raising gross proceeds of 15.7 million euros, the liquidity of MOLOGEN AG could again be strengthened. Liquid funds as of 31 March 2014 amounted to a total of 26.3 million euros. Thus, the company furthermore is funded soundly and is going to push forward the development activities as planned, especially with regard to the planned start of the pivotal study with MGN1703 in the indication of colorectal cancer, which is intended to take place in the second half of the year. In addition, MOLOGEN confirms the forecast for the financial year 2014 and the given statements regarding the company’s performance and the targets in the field of research and development.
“We have started the new year with great expectations and are well on track to achieve the set objectives. The capital increase enabled us to start the application process of the important IMPALA trial. In total, we are making good progress in our development programme,” says Dr. Matthias Schroff, CEO of MOLOGEN AG.
The relevant documents on the completed first quarter 2014 are available on the website of MOLOGEN AG via http://www.mologen.com/en/investor-relations.html.
About MOLOGEN AG
MOLOGEN AG is a publicly listed biotechnology company headquartered in Berlin and specializes in the research and clinical development of innovative drugs in the fields of oncology and infectious diseases. One of the company’s most important product candidates is the DNA immunomodulator MGN1703, which is being clinically developed for colorectal cancer and lung cancer. The cell-based cancer therapy MGN1601 for the treatment of renal cancer is also currently at the stage of clinical development.
With unique, patented technologies and innovative product developments, MOLOGEN is one of the leading biotechnology companies in the fields of DNA medicine and cell-based therapies.
MOLOGEN AG shares (ISIN DE0006637200) are listed in the Prime Standard of the German Stock Exchange.
Memberships in associations:
Biotechnologieverbund Berlin-Brandenburg (bbb) e.V. | BIO Deutschland e.V. | DECHEMA - Society for chemical technology and biotechnology e.V. | German industrial association of biotechnology (DIB) | Association for the Promotion of Science and Humanities in Germany | Association of German biotechnology companies (VBU) | Association of researching manufacturers of pharmaceuticals e.V. (VFA) | Association of the chemical industry e.V. (VCI)
MIDGE®, dSLIM®, EnanDIM® and MOLOGEN® are registered trademarks of MOLOGEN AG.
Prof. h.c. Peter W. Huebner
Head of Corporate Communications
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Tel: +49 - 30 - 84 17 88 - 13
Fax: +49 - 30 - 84 17 88 - 50
External Investor Relations:
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