News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

MediGene AG (MDGEF.PK) Significantly Improves Financial Results For The First Six Months Of 2014



8/7/2014 8:50:54 AM

free biotech news Get the latest biotech news where you want it. Sign up for the free GenePool newsletter today!

Press and analyst conference call with webcast (in English) today,
7 August 2014, at 3:00 pm (CEST)


• Total revenue increased by 90%
• EBITDA loss reduced by 62%
• Acquisition and integration of Trianta Immunotherapies GmbH
• EUR 15.9 m raised from capital measure in July 2014 to finance the immunotherapy programs

Martinsried/Munich, 7 August 2014. Medigene AG (MDG1, Frankfurt, Prime Standard) published its 6-months report 2014 today. In the reporting period, Medigene significantly increased revenue and reduced its loss.

Medigene's total revenue rose by 90% to EUR 6.1 m (6M 2013: EUR 3.2 m). Revenue from the marketed drug Veregen® increased by 36% to EUR 2.6 m (6M 2013: EUR 1.9 m).

Compared to the preceding year's reporting period, operating expenses increased by 4% to EUR 7.3 m (6M 2013: EUR 7.1 m). The increase is due to one-off costs incurred in respect of the acquisition of Trianta Immunotherapies GmbH.

Medigene's EBITDA loss was reduced by 62% to EUR -1.6 m (6M 2013: EUR -4.3 m) due to the increase in revenue and stable operating expenses. The net loss was reduced by 50% to EUR -2.8 m (6M 2013: EUR -5.7 m). As at the reporting date 30 June 2014, cash and cash equivalents totalled EUR 4.1 m. In addition, Medigene raised gross proceeds of EUR 15.9 m through a capital measure completed in July 2014 for the funding of its immunotherapy programmes. According to current business assumptions, Medigene expects to be financed until the end of 2016.

Year-to-date highlights
• Acquisition of Trianta Immunotherapies GmbH completed; new US patents granted for DC vaccine and platform; investigator-initiated clinical trials of DC vaccines ongoing; additional clinical trial of DC vaccine at the planning stage; development of TCR and TAB platforms continues; further grants for TCR- and TABs platforms
• Prof. Dolores J. Schendel appointed as Chief Scientific Officer, effective 1 May 2014
• Revenue from Veregen® increased by 36% in the first six months of 2014; market launch in 9 additional countries; new marketing partnership for the important UK/Ireland market
• Licensing agreement signed with Falk Pharma for RhuDex® in hepatology and gastroenterology; further clinical development financed

Peter Llewellyn-Davies, Chief Financial Officer of Medigene AG, comments: "In 2014, Medigene has made significant progress in all operational areas. The acquisition and integration of Trianta was finalised, the management team was strengthened by the appointment of Dolores Schendel as Chief Scientific Officer and the financing of the next stages of development for our immunotherapy platforms was secured through a capital measure with new investors. In addition, key financials were also significantly improved in the first half year. We enter the second half of 2014 in a strengthened position and highly motivated as we focus on consistently implementing our new position in cancer immunotherapy."

Financial forecast for 2014
Medigene confirms its sales and income forecast for 2014. The Company expects a further double-digit percentage increase in total revenue in 2014 (2013: EUR 7.6 m). Based on the forecasts provided by Medigene's sales partners, revenue achieved with Veregen® is likely to amount to between EUR 5 m and EUR 6 m (2013: EUR 4.2 m). In addition, Medigene is set to generate revenue consisting mainly of income from R&D funding for EndoTAG®-1 from partner SynCore as well as non-cash payments from a transaction with Medigene's former drug Eligard® and pro rata upfront or milestone payments from partnerships. The EBITDA loss in 2014 is likely to be significantly reduced to EUR 4 m - EUR 6 m (2013: EUR 8.3 m). According to the current business assumptions, Medigene's management expects the company to be financed until the end of 2016.

Consolidated income statement (abbreviated)

In eurk 6M 2014 6M 2013 Change
Revenue Veregen® 2,555 1,877 36%
thereof Veregen® royalties 1,018 1,243 -18%
thereof Veregen® revenue from supply chain 837 554 51%
thereof Veregen® milestone payments 700 80 >200%
Other operating income 3,538 1,331 166%
Total revenue 6,093 3,208 90%
Cost of sales -799 -827 -3%
Gross profit 5,294 2,381 122%
Selling, general and administrative expenses  -3,906 -3,604 8%
Research and development expenses -3,408 -3,446 -1%
Operating result -2,020 -4,669 -57%
Net result for the period -2,841 -5,656 -50%
EBITDA -1,629 -4,290 -62%


The detailed 6-months report 2014 is available at http://www.medigene.com/reports

Press and analysts' conference call: A press and analysts conference call (in English) will be held today at 3:00 p.m. CEST and will be webcast live. Please access the synchronized presentation slides and a recording via Medigene's website, www.medigene.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 personalised 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.

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

Help employers find you! Check out all the jobs and post your resume.

Read at BioSpace.com


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES