Martinsried/Munich, May 7, 2010. In the first quarter of 2010, the biotech company MediGene AG (Frankfurt: MDG, Prime Standard, TecDAX) increased total revenue and kept its expenses stable. The net loss increased compared to last year’s reporting period. Results are reported in compliance with (International Financial Reporting Standards).
MediGene increased product revenues by 11% to EUR 11.5 million (Q1 2009: EUR 10.3 million) and total revenue by 3% to EUR 12.0 million (Q1 2009: EUR 11.6 million). The loss on EBITDA basis increased to EUR 2.4 million, due to a one-time effect in 2009 (Q1 2009: EUR 1.9 million). Cash used by operating activities decreased to an average of EUR 2.0 million per month (Q1 2009: EUR 2.8 million). Cash and cash equivalents as of March 31, 2010 totaled EUR 8.2 million. In addition, MediGene closed an equity funding agreement with YA Global Investments L.P. in 2008 which grants access to additional cash totaling up to EUR 25 million of which. EUR 9.1 million have been already called under the terms of this agreement.
Major events since the beginning of 2010:
• Arnd Christ appointed as new Chief Financial Officer of MediGene AG
• Veregen® launched by Solvay on the German market; extension of marketing activities in the US
• Spin-off of the oHSV program into the newly founded company Catherex, Inc.
• Partnership agreement concluded with Teva for the commercialization of Veregen® in Israel
• Veregen® partnership agreement concluded with Meditrina Pharmaceuticals for Greece and Cyprus
• MediGene publishes first, preliminary results from its Phase II clinical trial of the drug candidate EndoTAGTM-1 for the treatment of triple receptor-negative breast cancer: EndoTAGTM-1 combination therapy met primary study endpoint.
MediGene AG is a publicly listed (Frankfurt, Prime Standard: MDG, TecDax) biotechnology company located in Martinsried/Munich, Germany, with subsidiaries in Oxford, UK and San Diego, USA. MediGene is the first German biotech company to have drugs on the market which are distributed by partner companies. It has several drug candidates in clinical development and possesses innovative platform technologies. MediGene focuses on clinical research and development of novel drugs with focus on oncology.
