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MediGene, Inc. Converts Immunocore Limited Shareholding Into Share Class With Upside Potential


6/24/2014 11:19:20 AM

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Martinsried/Munich, 24 June 2014. Medigene AG (MDG1, Frankfurt, Prime Standard) has decided to convert its shareholding in the private UK based company Immunocore Ltd. into a different class of shares with upside potential. With this share restructuring Medigene's shares convert into 64,815 "Ordinary Shares" whose value will be directly linked to the enterprise value of Immunocore and its future development. After the conversion into "Ordinary Shares" at a current value of approx. GBP 2.8 million Medigene holds 3.07% of Immunocore. Medigene's previous shareholding in Immunocore amounted to 3,373,318 "A Ordinary Shares". These were equivalent to a voting right of 17.45% of all shares in certain cases, but the value of these "A Ordinary Shares" was limited to a maximum of approx. GBP 2.8 million. The share restructuring and the conversion basis was jointly decided by Medigene and the shareholders of Immunocore Ltd.

Peter Llewellyn-Davies, Chief Financial Officer of Medigene and non-executive director of Immunocore, comments: "Given the extremely positive business development of Immunocore Ltd., we believe this restructuring opens up very interesting upside potentials. The value of our shares is now no longer capped and therefore offers the possibility of being directly involved in a future increase in value of Immunocore. The latest developments of the company, the completion of significant deals with GlaxoSmithKline, Genentech and MedImmune, the biologics division of AstraZeneca as well as the progress in clinical development show that Immunocore is on a path with clear growth potential, from which we aim to benefit. This measure allows us to do so. In addition, through the restructuring we further strengthen our commitment in the field of immunotherapy, which has been a core focus of Medigene itself since the acquisition of Trianta Immunotherapies GmbH."

About Immunocore: Immunocore Ltd., headquartered in Abingdon, Oxfordshire, UK, is a privately owned, clinical-stage biotechnology company discovering and developing highly innovative biotherapeutics known as ImmTACs for the treatment of cancer and a range of other serious diseases. Founded in 2008 as a spin-off of Medigene AG, Immunocore traces its roots to Avidex, which was founded in 1999 as a spin-out from the University of Oxford to develop novel T Cell Receptor technology. Further information at www.immunocore.com.

Medigene AG is a publicly listed (Frankfurt: MDG1, prime standard) biotechnology company headquartered in Martinsried near Munich, Germany. Medigene concentrates on the development of personalized T cell immunotherapies with focus on haematological malignancies. Medigene is the first German biotech company to have revenues from a marketed product, which is distributed by commercial partners. Medigene has various drug candidates in clinical development and it is developing highly innovative treatment platforms. For more information, please visit www.medigene.com.

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. These trademark may be owned or licensed in select locations only.

Contact Medigene
Julia Hofmann, Claudia Burmester
Tel.: +49 - 89 - 20 00 33 - 33 01
Email: investor@medigene.com

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