DGAP-News: MOLOGEN AG: Research and financing successes in the 2012 financial year
(firmenpresse) - DGAP-News: MOLOGEN AG / Key word(s): Final Results
MOLOGEN AG: Research and financing successes in the 2012 financial
year
21.03.2013 / 08:00
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Press release N 1/2013 of March 21, 2013
MOLOGEN AG: Research and financing successes in the 2012 financial year
- Outstanding clinical data on core products MGN1703 and MGN1601
- Considerable increase in cash and cash equivalents from successful
capital increases
Berlin, March 21, 2013 - The Berlin biotechnology company MOLOGEN AG looks
back on an extremely successful 2012 financial year. The company made great
progress with regard to both research activities for the core product
candidates, MGN1703 and MGN1601, and company financing. Other milestones
were achieved during the past financial year with the successful conclusion
of preclinical work on the leishmaniasis vaccine MGN1331 and the start of
the cooperation with CharitéBerlin and the Max Delbrück Centrum for the
clinical testing of an immunotherapy against malignant melanoma.
On the financial side, thanks to the capital increases successfully carried
out in 2012, MOLOGEN was able to secure financing for activities planned in
the medium term and to more than triple the company's cash and cash
equivalents compared to the previous year, from EUR 7.5 million at the end
of 2011 to EUR 23.8 million at the end of the 2012 financial year.
Further development of the product pipeline provides convincing clinical
and
preclinical data
In the area of clinical development programs, MOLOGEN was able to present
outstanding results from an initial evaluation of the colorectal cancer
study with MGN1703. The evaluation, which was performed in May 2012,
provided imposing verification of the efficacy of MGN1703 as a maintenance
therapy for metastasized colorectal cancer. In a defined subgroup, it could
be demonstrated that both the progression-free survival and the hazard
ratio were improved considerably and statistically significantly.
There are also plans for the future to examine the efficacy of MGN1703 in
the treatment of lung cancer. Application has already been made for a
corresponding phase II clinical study, and work in this regard is currently
moving forward.
Promising actualized data from the renal cancer study with MGN1601 was
presented in October 2012. In patients who were able to completely finish
the prescribed therapy regimen of the study, the data shows a clear
survival advantage over patients who had to terminate the treatment
prematurely due to their severe cancer.
Both the MGN1703 and MGN1601 study results were presented at the
international congress of the European Society for Medical Oncology (ESMO)
in October 2012. They generated great interest among scientific industry
professionals.
MOLOGEN also continued to intensify its activities regarding the licensing
of MGN1703 during the past financial year. The MGN1703 clinical data has
generated great interest in the pharmaceutical companies.
In the area of vaccine candidates, MOLOGEN was able to complete the
preclinical work on the MIDGE(R)-based leishmaniasis vaccine candidate
MGN1331 with good results in June 2012. The preclinical work on vaccine
MGN1333 for treating hepatitis B was also carried out as planned in 2012
and was nearly finished at the end of the year. The data collected can thus
now be evaluated.
Results ofoperations developing according to plan
As in the previous year, the annual revenue of MOLOGEN AG in 2012 of EUR
0.1 million was, as expected, at a low level. Other operating income was
EUR 0.3 million, which was lower than the EUR 0.7 million of the previous
year. At EUR 5.9 million, research and development expenses were, as
planned, somewhat lower than in the previous year (2011: EUR 6.1 million).
The loss for the 2012 financial year of EUR 7.8 million was consequently
slightly larger (2011: EUR 7.5 million).
As of December 31, 2012, MOLOGEN AG had cash and cash equivalents in the
amount of
EUR 23.8 million (12/31/2011: EUR 7.5 million) and is therefore
well-equipped to finance the company's activities planned for the medium
term. The majority of the cash and cash equivalents resulted from the two
successful capital increases carried out by MOLOGEN in 2012.
Outlook
MOLOGEN plans to move forward with the clinical development of its product
candidates, especially MGN1703 and MGN1601.The measures and investments
necessary for this will result in a loss for 2013 comparable to the past
financial year. However, the company assumes that, should the out-licensing
activities proceed successfully and objectives be achieved as planned, the
results of operations and financial position will trend positively. In
particular, the intended conclusion of a licensing agreement with a partner
from the pharmaceutical industry for the further development and later
marketing of the cancer drug MGN1703 - depending on the accounting
treatment of such a contract - would also positively affect future results
of operations.
'The successful further development of our product pipeline in 2012 and the
good financial basis of our company form a solid basis for the continued
positive development of MOLOGEN AG. Our company strategy is clearly focused
on continuing to move forward with the product pipeline, both with
pharmaceutical partners and on our own. We have therefore started the new
financial year with good prospects for success,' says Dr. Matthias Schroff,
chief executive officer of MOLOGEN AG.
The complete 2012 annual report of MOLOGEN AG is available for download
from the company's 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
Fax: +49 - 30 - 84 17 88 - 50
huebner(at)mologen.com
INVESTOR RELATIONS:
Joerg Petrass
Tel: +49 - 30 - 84 17 88 - 13
Fax: +49 - 30 - 84 17 88 - 50
investor(at)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(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 aredescribed 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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