MediGene AG Presents Report on the First Quarter of 2007
MARTINSRIED/MUNICH, May 4, 2007--The biotech company MediGene AG (Frankfurt, Prime Standard: MDG) increased revenues in the first three months of 2007. Apart from the consolidation of the recently acquired subsidiary MediGene Ltd. (formerly Avidex Ltd.), the loss for the period increased as a consequence of the increased research and development activities in the company's key programs RhuDex® and EndoTAG®-1. Comparing the reporting periods, revenues increased by 4 % to 6.8 million Euros (Q1-2006: 6.6 million Euros). This year's first quarter revenues have been generated mainly from the sale of Eligard® in Europe, whereas revenues in last year's reporting period resulted mainly from a milestone payment which MediGene received upon conclusion of a license agreement for the Polyphenon® E Ointment.