DGAP-News: MOLOGEN AG: 2011 annual financial statements - very good basis for the 2012 financial year
(firmenpresse) - DGAP-News: MOLOGEN AG / Key word(s): Final Results
MOLOGEN AG: 2011 annual financial statements - very good basis for the
2012 financial year
30.03.2012 / 08:44
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Press Release No. 4/2012 of 03/30/2012
MOLOGEN AG: 2011 annual financial statements - very good basis for the 2012
financial year
- Study results for MGN1601 much better than expected
- First results from colorectal cancer study with MGN1703 imminent
- Product pipeline expanded by lung cancer indication for MGN1703
The Berlin biotechnology company MOLOGEN AG made important advances also in
the 2011 financial year, which were continued in the first quarter of 2012.
As reported by the company upon presentation of its 2011 annual report, the
financing of current research activities is ensured by two successful
capital increases in January 2011 and March 2012. In Research&Development, the drug candidate MGN1601 produced very good clinical study
results. In the 2nd quarter of 2012 the company will also present the first
results from the ongoing colorectal cancer study with the most advanced
compound MGN1703.
Dr. Matthias Schroff, Chief Executive Officer of MOLOGEN AG: 'From an
economic perspective, we remain on very sound footings and have the
necessary means to continue our research work beyond the current financial
year. We have also made good progress in the field of research: the study
results shown in 2011 for MGN1601 attest to the excellent tolerability of
our cell-based renal cancer therapy. Furthermore, we have been able to
observe a clear survival benefit for patients in this study that far
exceeded our expectations. With regard to the colorectal cancer medicament
MGN1703, we are hoping for clear stimuli from the upcoming first results
for the ongoing licensing discussions with the pharmaceutical industry.
These are a few examples from our portfolio that allow me to take an
optimistic look ahead at the current financial year.'
Treatment with MGN1601 gives patients survival benefit
At the end of 2011, MOLOGEN was able to finalize patient recruitment for
the phase I/II clinical study in the renal cancer indication with the
assent of the responsible authorities. The first evaluation revealed
excellent results with regard to safety and tolerability. In the further
course of the study, MOLOGEN was now also able to demonstrate a clear
survival benefit for the treated patients that exceeded expectations. The
preliminary median survival time of the already seriously ill patients that
were able to complete the specified study therapy scheme with MGN1601
substantially exceeded the anticipated five to seven months with a
preliminary result of more than ten months.
First results from colorectal cancer study with MGN1703 imminent
It is anticipated that the first results from the colorectal cancer study
with MOLOGEN's most advanced product candidate, the cancer immunotherapy
MGN1703, will be submitted at the end of April 2012. The company has
initiated the necessary preparations. The randomized, blinded,
placebo-controlled phase II/III clinical study is currently performed in
various European countries and in Russia.
Expenditure on research&development increases as planned in 2011
In the 2011financial year, primarily the ongoing clinical studies - for
MGN1703 in the indication of colorectal cancer and for MGN1601 with renal
cancer - led to a planned increase in expenditure on research&development. Added to this was the extension of the product pipeline, as
MGN1703 will now also be tested in the indication of lung cancer. Intensive
preparations had already commenced in the previous financial year. Hence,
in comparison with the previous year, total expenditure on R&D increased to
6.1 million Euros, that is, by about 40 percent. The monthly cash burn rate
correspondingly increased in 2011 to 0.6 million Euros.
On the income side, as in the previous year, MOLOGEN recorded revenues of
0.1 million Euros. To this were added other operating income, which
increased by 0.3 million Euros in comparison with the previous year due to
received subsidies for ongoing research to a total of 0.7 million Euros. In
all, losses for the 2011 financial year amounted to 7.5 million Euros,
which is within planned parameters. The balance sheet on the reporting date
of December 31, 2011 shows liquid funds of 7.5 million Euros, sufficient to
finance current research work.
The complete annual report of MOLOGEN AG is available for download at the
newly-designed company website: 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 (ISIN DE0006637200) are listed in the Prime
Standard of the German stock exchange.
Memberships in associations:
Biotechnologieverbund Berlin-Brandenburg (bbb) e.V. | 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(R), dSLIM(R) and MOLOGEN(R) 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
Tel: +49 - 30 - 84 17 88 - 50
huebner(at)mologen.com
INVESTOR RELATIONS:
Joerg Petrass
Tel: +49 - 30 - 84 17 88 - 13
Tel: +49 - 30 - 84 17 88 - 50
investor(at)mologen.com
External Investor Relations:
Kirchhoff Consult AG
Sebastian Bucher
T: +49 - 40 - 60 91 86 - 18
F: +49 - 40 - 60 91 86 -16
sebastian.bucher(at)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.
End of Corporate News
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Language: English
Company: MOLOGEN AG
Fabeckstraße 30
14195 Berlin
Germany
Phone: 030 / 841788-0
Fax: 030 / 841788-50
E-mail: info(at)mologen.com
Internet: www.mologen.com
ISIN: DE0006637200
WKN: 663720
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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163176 30.03.2012
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Datum: 30.03.2012 - 08:44 Uhr
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