|Medigene Provides Results for Fiscal Year 2019 and Outlook|
|By: GlobenewsWire - 26 Mar 2020||Back to overview list
Conference call on 26 March 2020 at 4pm CET (Frankfurt) / 11am EDT (New York)
MARTINSRIED, Germany and MUNICH, Germany, March 26, 2020 (GLOBE NEWSWIRE) -- Medigene AG (MDG1, Frankfurt, Prime Standard), a clinical stage immuno-oncology company focusing on the development of T cell immunotherapies for the treatment of cancer, today published its financial results and Annual Report for the 2019 financial year and its outlook for the current 2020 financial year. The full version of the Annual Report 2019 can be downloaded here: http://www.medigene.com/investors-media/reports-presentations/
Company highlights in 2019 and since period end:
T cell receptor-modified T cell therapies (TCR-Ts)
Dendritic cell (DC) vaccine
Prof. Dolores Schendel, CEO/CSO at Medigene AG: “In the past fiscal year we set the course for the expansion of our clinical programs. We are pleased that for our ongoing clinical trial with the TCR-T immunotherapy candidate MDG1011 we were able to treat the first patients and that the activities to improve patient recruitment have borne fruit. Our clear goal is to complete dosing of the first three dose cohorts this year.
“In the coming months, we plan to start our second clinical trial with development candidate MDG1021 and we continue intensive work for the innovation of our technologies. Safe and targeted immune therapies are needed, especially for solid tumors, and here we are focusing on potential combinations of approaches for next-generation TCR-T cell therapies with our iM-TCRs and the co-stimulatory receptor PD1-41BB.
“The cooperation with IRICoR offers us exclusive access to a still untapped world of potential target antigens for solid tumors. We look forward to progress in our partnerships with bluebird bio and Roivant/Cytovant which we believe should provide both financial and scientific benefits. We currently don’t see effects on our business caused by the circumstances due to the Coronavirus crisis but will continue to monitor developments closely. Furthermore, we believe Medigene is well-equipped to cope.”
T cell receptor-modified T cells (TCR-Ts)
Dendritic cell vaccines (DCs)
Key financials in full year 2019 and financial forecast:
The financial forecast for 2020 reflects the Company’s focus on and progress in the core business of immunotherapies and does not include potential future milestone payments from existing or future partnerships or transactions, as the timing and extent of such events depends to a large extent on external parties and therefore cannot be reliably predicted by Medigene.
Currently the Company expects no material influence of the recent outbreak of the coronavirus on total revenue, research and development expenses and loss at EBITDA level. Furthermore, in preparation of the financial forecast 2020 the Company has assumed that there will be no significant events which could have a material influence or lasting effect on the operations of the Group such as force majeure (e.g. fire, flood, earthquakes, strike or war) or extraordinary economic events.
Medigene is expecting to generate total revenue of between €7.0 - 9.0 m in 2020. The decrease in comparison to 2019 (€10.6 m) is based on the prepayments from Medigene’s development partnerships that were collected immediately in 2019 but are not expected in 2020. Due to the progress of the preclinical and clinical development programs in the core area of immunotherapies, including manufacturing costs for clinical trial material and deferred expenses from 2019, the company expects a significant increase of research and development costs to €29 - 34 m (2019: €22.6 m) and a loss at EBITDA level of €24 - 32 m (2019: €17.8 m).
Based on its current planning, Medigene has sufficient financial resources to fund business operations into the second half of 2021.
The Management Board will hold a conference call in English today:
Medigene AG (FSE: MDG1, ISIN DE000A1X3W00, Prime Standard) is a publicly listed biotechnology company headquartered in Martinsried near Munich, Germany. The company is developing highly innovative immunotherapies to target various forms and stages of cancer. Medigene concentrates on the development of personalized T cell-based therapies, with a focus on T cell receptor-modified T cells (TCR-Ts) and associated projects currently in pre-clinical and clinical development.
For more information, please visit http://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. This trademark may be owned or licensed in select locations only.
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