MediGene Sharpens Focus through In-House Reorganization
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * Shift of employees and financial resources into clinical development * Positive long-term effect on cash burn rateMartinsried/Munich, September 28, 2009. The biotech company MediGeneAG (Frankfurt, Prime Standard, TecDAX) announces that, as a result ofthe firm-wide review undertaken by CEO Dr Frank Matthias, the companyis to further sharpen its focus and will achieve this through arestructuring. "Within the scope of these measures, MediGene'sresearch department "Early Stage Development" will be closed, and theemployees and financial resources therein will be shifted tostrengthen the company's advanced drug development projects.Furthermore, the clinical development and manufacturing departmentswill be reinforced in this process, so these measures will involvefew redundancies. The heads of the EndoTAG(TM)-1 and RhuDex(TM)development projects will directly report to Dr. Axel Mescheder,MediGene's Chief Scientific Officer & Chief Development Officer.MediGene intends to continue with the EndoTAG(TM) platform technologyas a future source of novel drug candidates.Dr. Frank Mathias, Chief Executive Officer of MediGene AG, commented:"MediGene's core competences are in clinical research and developmentand in the regulatory processes in the fields of oncology andimmunology. Our prime near-term focus is on the liposome technologyand the drug candidate EndoTAG(TM)-1 derived from it. Byconcentrating on our advanced drug candidates we will increase ouroperational efficiency and utilize our know-how and cash in a moretargeted way."Our Head of Affiliated Companies, Dr. Uwe Michaelis, previouslyMediGene's Vice President Early Stage Development, will apply hismany years of expertise to manage the planned spin-off of the AAV andHSV technologies, and to represent MediGene's interests against thealready effected spin-off of Immunocore Ltd.This press release contains forward-looking statements representingthe opinion of MediGene as of the date of this release. The actualresults achieved by MediGene may differ significantly from thestatements made herein. MediGene is not bound to update any of theseforward-looking statements. MediGene®, EndoTAG(TM) and EndoTAG(TM)-1are registered trademarks of MediGene AG. RhuDex(TM) is a registeredtrademark of MediGene Ltd. These trademarks may be owned or licensedin select locations only. - ends -MediGene AG is a publicly listed (Frankfurt, Prime Standard: MDG,TecDAX) biotechnology company located in Martinsried/Munich, Germany,with subsidiaries in Oxford, UK and San Diego, USA. MediGene is thefirst German biotech company to have drugs on the market, which arebeing distributed by partner companies. MediGene has several drugcandidates in clinical development, including EndoTAG(TM)-1, whichcould offer substantial sales returns. In addition, the company hasnumerous projects in research and pre-clinical development andpossesses innovative platform technologies. MediGene focuses on theresearch and development of novel drugs for the treatment of cancerand autoimmune diseases.Contact MediGene AGE-mail: investor(at)medigene.comFax:+49 - 89 - 85 65 - 2920Julia Hofmann / Dr. Nadja Wolf, Public Relations, Tel.: +49 - 89 - 8565 - 3324Dr. Georg Dönges, Investor Relations, Tel.: +49 - 89 - 85 65 - 2946 --- End of Message ---MediGene AGLochhamer Strasse 11 Martinsried / München GermanyWKN: 502090; ISIN: DE0005020903 ; Listed: Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Frankfurter Wertpapierbörse, Freiverkehr in Börse Stuttgart, Freiverkehr in Bayerische Börse München, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Börse Düsseldorf;
Datum: 28.09.2009 - 09:40 Uhr
Sprache: Deutsch
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