DGAP-News: MOLOGEN AG: First half of the year 2010 - We have launched our clinical studies
(firmenpresse) - MOLOGEN AG / Half Year Results
12.08.2010 07:45
Dissemination of a Corporate News, transmitted by
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- Important interim goals have been reached for the colorectal and kidney
cancer drugs
- Increase in R&D expenditures due to the start of the phase II study with
colorectal cancer drug
- Funding received for the development of DNA-based vaccines
- Funds from capital increase secure research activities well into the year
2011
Berlin, August 12, 2010 - MOLOGEN AG was able to make important progress
with its cancer drug in the first half year of 2010: In June, the phase II
study to examine the efficacy of the cancer medicine MGN1703 against
colorectal cancer was launched. In addition, the phase I/II study for the
second drug in MOLOGEN's product pipeline, the kidney cancer therapy
MGN1601, was approved. In the area of DNA vaccines, the company has also
started on several important research projects. In addition, MOLOGEN was
able to successfully conduct a further capital increase in June, which
resulted in a capital inflow for the company in the amount of EUR 4.3
million.
Business development as planned
As expected, the level of MOLOGEN AG revenues in the first six months of
2010 continued to remain low at EUR 36,000 (previous year: EUR 34,000). In
total, the company invested EUR 2.1 million into Research and Development
between January and June of 2010 (previous year: EUR 1.5 million). The
increase in R&D expenditures is primarily due to clinical development
programs - in particular due to the preparations and the start of the
clinical phase II study of the cancer drug MGN1703. The deficit in the
first six months of 2010 thus increased - as expected - to approximately
EUR -3.0 million. On the reporting date, MOLOGEN posted total capital in
the amount of EUR 6.4million. The company's equity ratio of 88 percent thus
remains on a very high level.
Progress with DNA vaccines
Aside from the start of the phase II study for MGN1703 and the approval for
a phase I/II study with MGN1601, MOLOGEN has also made further progress in
the development of a Leishmaniasis vaccine for humans. Pre-clinical tests
are currently being conducted with the newly developed DNA-based vaccine.
The project is supported with European Union subsidies for three years,
totaling EUR 3.0 million. MOLOGEN will also receive additional funding for
the pre-clinical development of a prophylactic as well as therapeutic
vaccine against infections with the Hepatitis B virus. The project is
supported by the German Federal Ministry of Education and Research as part
of the EU's EuroTrans-Bio initiative and is to be completed by the end of
2012.
Outlook for 2010
The existing liquid funds of MOLOGEN AG secure the execution of all
scheduled activities and clinical studies well into the year 2011. We
intend to launch the phase I/II study for the gene therapy against kidney
cancer MGN1601 as early as the fourth quarter of 2010. First preliminary
results with regard to the goals to be achieved in the phase II study with
the colorectal cancer drug MGN1703 will likely be available in the first
quarter of 2011.
About MOLOGEN
MOLOGEN AG, a bio-pharmaceutical company headquartered in Berlin, is
specialized in the researchand development of innovative drugs on the
basis of DNA structures. The focus of MOLOGEN's activities is the
development of products for the treatment of cancer as well as vaccines
against severe infectious diseases.
MOLOGEN was founded in 1998 and is among the few biotechnology companies
worldwide with a DNA-based cancer drug in the clinical development phase
that has good tolerability.
MOLOGEN AG shares are listed on the Prime Standard of the German Stock
Exchange (ISIN DE 0006637200).
Disclaimer
Certain information in this release contains forward-looking statements or
relevant statements that are negated or versions that deviate from this or
comparable terminology - these are called 'forward-looking statements.' In
addition, all information presented here that refers to planned or future
developments in business areas, key figures, financial results or other
financial numbers or statistical statements contains such forward-looking
statements. The company advises discerning investors not to rely on these
forward-looking statements as predictions regarding the future occurrence
or development of real future events. The company does not commit to
updating the forward-looking statements and refuses any liability in this
regard. The forward-looking statements only reflect the status on the day
the statement is released.
MOLOGEN AG
Contact: Jörg PetraßE-mail: investor(at)mologen.com
Telephone: +49-30-84 17 88-13
Fax: +49-30-84 17 88-50
Kirchhoff Consult AG
Dr. Kay Baden
E-mail: baden(at)kirchhoff.de
Telephone: +49 40 60 91 86 39
12.08.2010 07:45 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: MOLOGEN AG
Fabeckstraße 30
14195 Berlin
Deutschland
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 Hamburg, München, Düsseldorf, Berlin, Stuttgart
End of News DGAP News-Service
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Datum: 12.08.2010 - 07:45 Uhr
Sprache: Deutsch
News-ID 31976
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