Medigene reports results of first six months 2016
(Thomson Reuters ONE) -
Medigene AG /
Medigene reports results of first six months 2016
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
Conference call and webcast (in English) today, 5 August 2016, at 3:00 pm
CEST
(9:00 am EDT)
Martinsried/Munich, 5 August 2016. Medigene AG (MDG1, Frankfurt, Prime
Standard), a clinical stage immuno-oncology company focusing on the development
of T-cell immunotherapies for the treatment of cancer, today reports financial
results and corporate updates for the first six months of 2016.
Major events since the beginning of 2016:
Immunotherapies:
* Phase II of Phase I/II trial with DC vaccine for the treatment of acute
myeloid leukaemia (AML) initiated following positive recommendation by DSMB
* Collaboration started with Max Delbrück Center and The Charité in Berlin for
Germany's first investigator-initiated clinical TCR trial
* DC platform and TCR platform strengthened by new patents
* Additional viral vector production capacities secured for clinical TCR
trials
Company:
* Expansion of management team
* Capital increase by contribution in kind to fund milestone payment for the
beginning of Phase II of Medigene's Phase I/II trial with DC vaccines
Key figures in the first half of 2016:
* R&D expenses increased by 23% to ?5,079 k (6M 2015: ?4,117 k)
* Total revenue increased by 62% to ?5,470 k (6M 2015: ?3,372 k)
* EBITDA loss reduced by 6% to ?4,011 k (6M 2015: ?4,251 k)
* Cash and cash equivalents and time deposits increased by 4% to ?48,672 k
(12/31/2015: ?46,759 k)
Prof. Dolores Schendel, Chief Executive Officer and CSO of Medigene AG,
comments: "In recent months we have made huge advances in preparations for the
clinical development of TCRs and strengthened our portfolio of patents for this
highly innovative therapy. In addition, our DC trial reached a meaningful
milestone with progression into Phase II. I am delighted to be able to announce
such significant progress in the first five months of my term as CEO of Medigene
AG."
Dave Lemus, Chief Operating Officer of Medigene AG adds: "The continued
improvement in our financial position in the first six months of 2016 reflects
in part the successful repositioning of Medigene as a leading player in the
field of immuno-oncology. Moreover, our solid financial situation allows us to
increasingly exploit the full potential of our immunotherapy capabilities by
funding further research and development activities."
Key figures in first half of 2016:
-------------------------------------------------------------+-----------------
In ? k 6M-2016| 6M-2015 Change
|
|
-------------------------------------------------------------+-----------------
Results of operations |
-------------------------------------------------------------+-----------------
Revenue 1,385| 1,363 2%
-------------------------------------------------------------+-----------------
Other operating income 4,085| 2,009 103%
-------------------------------------------------------------+-----------------
thereof gain on sale of intangible assets, net 2,365| 0 -
-------------------------------------------------------------+-----------------
Total revenue 5,470| 3,372 62%
-------------------------------------------------------------+-----------------
Cost of sales -773| -471 64%
-------------------------------------------------------------+-----------------
Gross profit 4,697| 2,901 62%
-------------------------------------------------------------+-----------------
Selling and general administrative expenses -4,013| -3,476 15%
-------------------------------------------------------------+-----------------
Research and development expenses -5,079| -4,117 23%
-------------------------------------------------------------+-----------------
Operating result -4,395| -4,692 -6%
-------------------------------------------------------------+-----------------
Income from the sale of financial assets 4,242| 0 -
-------------------------------------------------------------+-----------------
Net profit/loss for the period -401| -6,113 -93%
-------------------------------------------------------------+-----------------
EBITDA -4,011| -4,251 -6%
-------------------------------------------------------------+-----------------
Earnings per share (?) -0.02| -0.44 -95%
-------------------------------------------------------------+-----------------
Personnel expenses -4,536| -3,581 27%
-------------------------------------------------------------+-----------------
|
-------------------------------------------------------------+-----------------
Cash flows |
-------------------------------------------------------------+-----------------
Net cash used in operating activities -8,818| -4,953 78%
-------------------------------------------------------------+-----------------
Net cash from/used in investing activities 10,864| -159 >-200%
-------------------------------------------------------------+-----------------
Net cash from financing activities -132| 195 -168%
-------------------------------------------------------------+-----------------
|
-------------------------------------------------------------+-----------------
Balance sheet data as at June 30, 2016 and |
December 31, 2015 |
-------------------------------------------------------------+-----------------
Cash and cash equivalents and time deposits 48,672| 46,759 4%
-------------------------------------------------------------+-----------------
Total assets 105,599| 113,531 -7%
-------------------------------------------------------------+-----------------
Current liabilities 5,244| 9,664 -46%
-------------------------------------------------------------+-----------------
Non-current liabilities 12,781| 13,879 -8%
-------------------------------------------------------------+-----------------
Shareholders' equity 87,574| 89,988 -3%
-------------------------------------------------------------+-----------------
Equity ratio (%) 83| 79 5%
-------------------------------------------------------------+-----------------
|
-------------------------------------------------------------+-----------------
Employees as at June 30 80| 71 13%
-------------------------------------------------------------+-----------------
FTE as at June 30 73| 65 12%
-------------------------------------------------------------+-----------------
|
-------------------------------------------------------------+-----------------
Medigene share as at June 30 |
-------------------------------------------------------------+-----------------
Total number of shares outstanding 20,088,260|14,051,815 43%
-------------------------------------------------------------+-----------------
Total revenue of the Company increased by 62% to ?5,470 k in the reporting
period (6M 2015: ?3,372 k) on account of non-recurring impacts related to the
sale of EndoTAG(®) in December 2015. Income of ?2,365 k was generated by this
sale in the first quarter of 2016. The Company generates its revenue and other
operating income from its non-core business.
Research and development expenses increased by 23% in the first six months of
2016 to ?5,079 k (6M 2015: ?4,117 k) as expected. The increase in these expenses
is mainly due to planned increases in expenses for preclinical and clinical
trials for Medigene's immunotherapies which increased significantly by 68% to
?4,345 k in the first six months of 2016 (6M 2015: ?2,585 k). This increase was
partially offset by the decrease in development expenses for other sold
products.
Despite higher research and development expenses for Medigene's immunotherapy
programs, the EBITDA loss decreased by 6% in the first half of 2016 to ?4,011 k
(6M-2015: ?4,251 k). Medigene's EBITDA is derived from the net profit/loss for
the period; it excludes any taxes, financial results (comprising interest
income, interest expense, other financial result and income the sale of
financial assets), foreign exchange gains or losses, share of results of
associates, or depreciation or amortization.
Due to non-recurring effects, including the sale of EndoTAG(®) and Immunocore
shares, the net loss after taxes improved in the first six months of 2016 to
just ?401 k (6M 2015: ?6,113 k).
The net cash used in operating activities increased to ?8,818 k in the first
half of 2016 (6M 2015: ?4,953 k). This represents an average monthly cash
outflow of ?1.5 m in the first six months of 2016 (6M 2015: ?0.8 m). The major
part of the cash used was directed at research and development, sales and
administration and an increase in working capital. The current level of cash
used in operating activities is not indicative of future trends as it is
significantly impacted by non-recurring payments in partner arrangements and
research and development expenses, which in turn are impacted by project
stage/status.
Medigene recorded a cash inflow from investing activities of ?10,864 k in the
first six months of 2016 in contrast to a cash outflow of ?159 k in the
comparable period of the prior year. The cash inflow resulted primarily from the
sale of shares in Immunocore Ltd. for ?6 m and from the sale of Catherex, Inc.
to Amgen Inc. for ?4 m.
The cash and cash equivalents and time deposits of the Company amounted to
?48,672 k as at the end of the reporting period (December 31, 2015: ?46,759 k).
Medigene generated a cash inflow of ?10,672 k from the above sales.
Financial forecast 2016:
Medigene confirms its financial guidance for the fiscal year 2016. In line with
previous expectations, the Company plans to expand its clinical development
programs, which will significantly increase R&D expenses in the immunotherapies
segment to ?9 - 11 m (2015: ?5.5 m). The EBITDA loss for 2016 is anticipated to
come to ?10 -12 m (2015: ?9.5 m).
The Company expects total Veregen(®) revenue of ?3 - 4 m in 2016 (2015: ?3.1 m),
and stable or increasing total revenue (2015: ?6.8 m). As revenue is not
generated in the Company's core business of immunotherapies, these figures are
not indicative of progress in the Company's core business.. This financial
guidance also does not include any possible revenues from potential new
partnership agreements, or any exchange rate fluctuation.
The detailed 6-Months Report 2016 is available online at:
http://www.medigene.com/media-investors/reports-presentations/financial-reports
Press and analysts' conference call: A press and analysts conference call (in
English) will be held today at 3:00 pm CEST / 9:00 am EDT and will be webcast
live. Please access the synchronized presentation slides and a recording via
Medigene's website, www.medigene.com.
Medigene AG is a publicly listed (Frankfurt: MDG1, prime standard) biotechnology
company headquartered in Martinsried near Munich, Germany. The company is
developing highly innovative, complementary treatment platforms to target
various types and stages of cancer with candidates in clinical and pre-clinical
development. Medigene concentrates on the development of personalized T cell-
based immunotherapies.
For more information, please visit www.medigene.com
This press release contains forward-looking statements representing the opinion
of Medigene as of the date of this release. The actual results achieved by
Medigene may differ significantly from the forward-looking statements made
herein. Medigene is not bound to update any of these forward-looking statements.
Medigene(®) is a registered trademark of Medigene AG. This trademark may be
owned or licensed in select locations only.
Contact Medigene
Julia Hofmann, Dr. Robert Mayer
Tel.: +49 - 89 - 20 00 33 - 33 01
Email: investor(at)medigene.com
In case you no longer wish to receive any information about Medigene, please
inform us by e-mail (investor(at)medigene.com). We will then delete your address
from our distribution list.
Press release English PDF:
http://hugin.info/132073/R/2033324/757066.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Medigene AG via GlobeNewswire
[HUG#2033324]
Unternehmensinformation / Kurzprofil:
Datum: 05.08.2016 - 07:30 Uhr
Sprache: Deutsch
News-ID 487523
Anzahl Zeichen: 15465
contact information:
Town:
Martinsried / München
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 210 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Medigene reports results of first six months 2016"
steht unter der journalistisch-redaktionellen Verantwortung von
Medigene AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
