The expansion of patent protection for MGN1601 into the important foreign market of Japan is likewise a significant milestone with regard to the future development of this promising compound. In March 2012, MOLOGEN applied for a phase II lung cancer study for product candidate MGN1703, whose universal mode of action is applicable to various cancer indications. The study is scheduled to begin this year, and preparations are underway. Yesterday, the company was also able to announce excellent data for MGN1703 from the phase II colorectal cancer study. The compound showed statistically significant efficacy in the indication of colorectal cancer while simultaneously being very well tolerated.
A capital increase effected at the end of the quarter totaling € 2.7 million, which was successfully concluded in April, strengthened the financial basis. Research and development activities have thus been secured into 2013.
Operating activities went according to plan for the period from January to March 2012 and were accompanied by a slight increase in expenditures for research and development in comparison to the same quarter of the previous year.
"The first quarter of 2012 was a smooth start to the new business year for us. The excellent results for both our product candidates are forming a strong basis for further positive business development," said Jörg Petraß, Chief Financial Officer of MOLOGEN AG.
Earnings and financial position
As in the previous year, MOLOGEN's revenue for the first quarter of 2012 of € 0.03 million was, as expected, at a low level. In addition, other operating income from the receipt or realization of subsidies totaled € 0.1 million. Net loss for the first quarter of 2012 was € 1.8 million. This loss was € 0.3 million larger than in the same period of the previous year. The expansion of R&D activities by comparison to the first quarter of 2011 was the primary factor driving this. R&D activities were expanded primarily in the area of clinical studies, the progress of which necessitated a greater use of internal and external resources. This led to a higher cost of materials and slightly higher personnel costs.
Due to the effected capital increase, cash and cash equivalents totaled € 7.6 million as of the reporting date, March 31, 2012, despite the increase in costs. This is slightly higher than the value as of December 31, 2011 (€ 7.5 million). Share capital was increased from € 12,459,275 to € 12,759,275 by the issuance of 300,000 new shares at a price of € 9.00 per share. The increase was recorded in the commercial register in April 2012.
www.mologen.com.
About MOLOGEN AG
MOLOGEN AG, a German biopharmaceutical company with headquarters in Berlin specializes in the research and development of innovative medications on the basis of DNA structures. The activities focus on numerous product developments which are relevant to the immune system; on the one hand vaccines against infectious diseases and on the other hand cancer medications. MOLOGEN AG is globally one of the few biotechnology companies with well tolerated DNA- based cancer treatment in the clinical development phase.
The stocks of MOLOGEN AG are listed in the Prime Standard of the German stock exchange (ISIN DE0006637200).
Memberships in associations:
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® and MOLOGEN® are registered trademarks of MOLOGEN AG.
MOLOGEN AG
PRESS SERVICE:
Prof. Peter W. Huebner
Head of Corporate Communications
Tel: +49 - 30 - 84 17 88 - 38
Fax: +49 - 30 - 84 17 88 - 50
huebner@mologen.com
INVESTOR RELATIONS:
Joerg Petrass
Tel: +49 - 30 - 84 17 88 - 13
Fax: +49 - 30 - 84 17 88 - 50
investor@mologen.com
External Investor Relations:
Kirchhoff Consult AG
Sebastian Bucher
Tel: +49 - 40 - 60 91 86 - 18
Fax: +49 - 40 - 60 91 86 -16
sebastian.bucher@kirchhoff.de
Note about risk for future predictions
Certain information in this report contains forward-looking statements or the corresponding statements with negation or versions deviating from this or comparable terminology. These are described as forward-looking statements. In addition, all of the information given here that refers to planned or future results of business areas, key financial figures, developments of the financial situation or other financial figures or statistical data, is to be understood as such forward- looking statements. The company points out to investors that they should not rely on these forward-looking statements as predictions about actual future events. The company is not obligated and refuses to accept any liability for the forward- looking statements and has no obligation to update such statements in order to accurately reflect the current situation.
