DGAP-News: MOLOGEN AG: well equipped for the current financial year
(firmenpresse) - DGAP-News: MOLOGEN AG / Key word(s): Final Results
MOLOGEN AG: well equipped for the current financial year
30.03.2011 / 07:30
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- Company presents 2010 annual report
- Two clinical studies underway
- 10 million Euros from capital increase secures expansion of the product
pipeline
- Examination of a new oncology indication for a further clinical phase II
study
Berlin, March 30, 2011 - With verification of the working principle of
colorectal cancer medicament MGN1703 and commencement of the clinical study
phase II/III, MOLOGEN AG has reached important milestones in the past
financial year 2010. This was reported by the company on submission of the
accounts for the 2010 financial year. Furthermore, with the extraordinarily
successful capital increase in early 2011, the company was able to
financially secure all activities and planned clinical studies until the
end of 2012. In addition to the two ongoing clinical studies with MGN1703
and the renal cancer medicament MGN1601, MOLOGEN intends to carry out a
third clinical cancer study. At present, the company is examining possible
indications.
'The 2011 financial year will point the way for MOLOGEN: for the first
time, we are at the point of licensing out one of our medicaments. The
results attained up to now regarding safety, compatibility and, above all,
efficacy of our medicament MGN1703 were much better than expected. We are
currently holding talks with large pharmaceutical companies', said Dr.
Matthias Schroff, Chief Scientific Officer and Chief Executive Officer of
MOLOGEN AG. 'After the successful capital increase, from which we have
raised about 14 million Euros since the start of 2010, we are in a great
position - not only to hold the licensing negotiations, but above all to
substantially expand our product pipeline.'
The first results from the ongoing study of phase II/III with the
colorectal cancer medicament MGN1703 are expected to be available after an
intermediate report in the second half of 2011.
Innovative product pipeline
In addition to the clinical study with MGN1703, 2010 primarily saw the
preparation and commencement of the clinical study phase I/II for
investigating the safety and efficacy of cell-based gene therapy for renal
cancer MGN1601 at the focus of MOLOGEN's activities. This medicament also
showed a positive safety profile and excellent compatibility after the
first results. Also in 2010, MOLOGEN AG commenced a new research project
together with the Dutch company Synvolux Therapeutics B. V. with the
objective of developing a new, highly-effective vaccine against infection
with the Hepatitis B virus.
Clinical development program financed up to the end of 2012
The advances in the clinical development programs are also reflected in
MOLOGEN AG's accounts for 2010: The annual net loss in 2010 was reduced to
5.7 million Euros, after 6.3 million Euros in 2009. Expenses for research
and development in the 2010 financial year were as planned at 4.3 million
Euros, after 4.8 million Euros in 2009. As in the previous year, net sales
were low at 0.1 million Euros, while other operating income - primarily
subsidies - rose slightly by 0.1 million Euros to 0.4 million Euros.
The financial status of MOLOGEN AG remains characterized by a high
proportion of liquid assets in the balance sheet total: On December 31,
2010, cash and cash equivalents amounted to 4.7 million Euros. Together
with assets of about 10 million Euros from the capital increase at the
start of the year, it is anticipated that business activities are
financially secured until the end of 2012.
The complete financial statements according to the International Financial
Reporting Standards (IFRS) as of December 31, 2010 are available for
download at www.mologen.com.
Expansion of the product pipeline in the focus of activities for 2011
With regard to further development of MOLOGEN AG's innovative product
pipeline, measures and investments that are recorded in the profit&loss
statement will be required in 2011 and 2012 that will again lead to a
negative annual result, primarily in 2011. Here, primarily the ongoing
clinical studies, the licensing activities for the colorectal cancer
medicine MGN1703 and the application for a clinical study with MGN1703 in a
further cancer indication will be at the focus of activities. The company
expects to receive official approval and acceptance by the Ethics
Commission for this study in 2011.
About MOLOGEN AG
Die 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 are listed in the Prime Standard of the German
stock exchange.
(ISIN DE0006637200).
Memberships in associations:
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:
MOLOGEN AG:
Joerg PetraßTel: +49 - 30 - 84 17 88 - 13
Tel: +49 - 30 - 84 17 88 - 50
investor(at)mologen.com
External Investor Relations
Kirchhoff Consult AG
Janina Wismar
T: +49 - 40 - 60 91 86 - 50
F: +49 - 40 - 60 91 86 -16
janina.wismar(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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30.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: EnglishCompany: 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 Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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117514 30.03.2011
Datum: 30.03.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 33632
Anzahl Zeichen: 0
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Kategorie:
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