DGAP-News: MOLOGEN AG increases product pipeline potential - nine-month report published
(firmenpresse) - DGAP-News: MOLOGEN AG / Key word(s): Quarter Results
MOLOGEN AG increases product pipeline potential - nine-month report
published
11.11.2013 / 08:00
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MOLOGEN AG increases product pipeline potential - nine-month report
published
- Three different compounds in clinical development process
- Progress leads to slight increase in research expenses
- Financial environment remains solid
Berlin, November 11, 2013 - In its report on the first nine months 2013
MOLOGEN AG reports on the further development and broadening of its product
pipeline. With the advances in product development, the company's
concomitant expenses increased at the same time. As a result, the loss for
the first nine months of the 2013 financial year amounted to 6.6 million
euros. As of September 30, 2013, MOLOGEN AG has cash and cash equivalents
in the amount of 17.6 million euros available for further research
activities.
Product pipeline potential increased
In the area of research and development, MOLOGEN was able to announce the
final results from the most recent clinical studies for its primary product
candidates MGN1703 and MGN1601. These completely confirmed the previously
reported preliminary results of the studies. While the abstract of the
results of the phase II study with MGN1703 in the indication of colorectal
cancer was rated as one of the most noteworthy abstracts at the European
cancer congress, ESMO World Congress on Gastroinstestinal Cancer, the final
evaluation of the phase I/II study with renal cancer vaccine MGN1601
showed, besides very good tolerability, a promising survival in some of the
patients.
In addition and parallel to the conclusion of these most recent studies,
MOLOGEN applied for approval for clinical testing of MGN1703 in the USA,
which was granted after the end of the reporting period. Likewise after the
first nine months had ended, the company finalized plans for a clinical
study with MGN1703 in the indication of small-cell lung cancer (SCLC) and
started the clinical phase I study to test the therapeutic vaccine MGN1404
against malignant melanoma under the direction of
Charité-Universitätsmedizin Berlin. The total number of compounds in the
clinical testing phase thus climbed for the first time to three: MGN1703,
MGN1601 and MGN1404.
Dr. Matthias Schroff, Chief Executive Officer of MOLOGEN AG, said: 'Since
finishing the evaluations of the data, we are now already turning our
attention to plans for the pivotal clinical study with MGN1703 and the
enhancement of market potential through the start of the clinical
development process in the USA. Parallel to this, out-licensing activities
for MGN1703 are ongoing. We are increasing the potential of our entire
pipeline by addressing additional diseases and the clinical development of
new therapies such as MGN1404.'
Key operating figures as of September 30, 2013
In total, MOLOGEN AG generated revenue of 0.2 million euros in the
reporting period (previous year: 0.1 million euros), which, as anticipated,
was low. Additionally, due to completed projects supported by funding, no
appreciable non-operating income was booked (previous year: 0.2 million
euros). With the expansion of the pipeline, staffing in the research and
development division was also augmented during the reporting period. In
addition, costs increased pursuant to the higher number of planned and
ongoing clinical studies. Between January and September 2013, research and
development expenses totaled 4.4 million euros, which was 0.1 million euros
more than in the same period of the previous year. The loss for the first
nine months of the financial year was 6.6 million euros, and was thus, as
expected, larger than the 5.7 million euros in the same period of the
previous year. As of September 30, 2013, MOLOGEN had cash and cash
equivalents in the amount of 17.6 million euros for continuation of further
business activities and thus continues to be solidly situated financially.
Outlook
MOLOGEN will continue to focus on the objectives formulated in the 2012
annual report, which lie primarily in the area of research and development.
The continuation of the clinical development programs for product
candidates MGN1703 and MGN1601 is particularly noteworthy in this regard.
The activities and investments that are necessary for this will continue to
encumber short-term earnings growth in 2013 and 2014. With this in mind,
MOLOGEN continues to expect a net annual loss and expects the loss to grow
larger for the 2013 year as a whole in particular.
In the area of cooperation and partnerships, MOLOGEN is continuing to seek
to finalize a licensing agreement for product candidate MGN1703 with a
partner from the pharmaceutical industry.
The successful further development of the product pipeline in the first
nine months of 2013 and the solid financial environment form the foundation
for a further increase in the value of the pipeline and the positive
development of the company. MOLOGEN therefore awaits the remainder of the
year with confidence.
Download the complete financial report:
www.mologen.com/en/investor-relations.
About MOLOGEN AG
MOLOGEN AG is a publicly listed biotechnology company headquartered in
Berlin and specializes in the research and clinical development of
innovative drugs in the fields of oncology and infectious diseases. One of
the company's most important product candidates is the DNA immunomodulator
MGN1703, which is being clinically developed for colorectal cancer and lung
cancer. The cell-based cancer therapy MGN1601 for the treatment of renal
cancer is also currently at the stage of clinical development. With unique,
patented technologies and innovative product developments, MOLOGEN is one
of the leading biotechnology companies in the fields of DNA medicine and
cell-based therapies.
MOLOGEN AG shares (ISIN DE0006637200) are listed in the Prime Standard of
the German Stock Exchange.
www.mologen.com
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. h.c. 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 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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