DGAP-News

MOLOGEN AG expands research and development activities in first quarter

DGAP-News: MOLOGEN AG / Key word(s): Quarter Results
MOLOGEN AG expands research and development activities in first
quarter

15.05.2013 / 08:00

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MOLOGEN AG expands research and development activities in first quarter

- Final study evaluations of main product candidates proceeding

- Executive Board augmented with a Chief Medical Officer

- Quarterly loss of 2.2 million euros, as expected

Berlin, May 15, 2013 - The Berlin biotechnology company MOLOGEN AG
continued to advance the clinical development of its two main product
candidates during the first quarter of 2013. Final evaluations were
initiated for both the completed ASET study (phase I) with MGN1601 and the
IMPACT study (phase II) with MGN1703. Parallel to this, MOLOGEN moved
forward with preparations for the subsequent clinical development steps. An
important milestone was likewise reached in line with the cooperation with
Charité Universitaetsmedizin Berlin and the Max Delbrueck Centrum Berlin:
The clinical phase I study for skin cancer with MGN1404, a product
candidate developed by MOLOGEN, was officially approved.

Overall, the quarter was marked by the expansion of research and
development activities and the ongoing licensing discussions. In addition,
MOLOGEN augmented its Executive Board with the position of a Chief Medical
Officer. The company was able to obtain the services of Alfredo Zurlo,
M.D., an oncologist and recognized expert in the areas of drug development,
regulation and clinical studies, as of the end of the quarter. Since April
1, 2013, he has been responsible for the strategy and design of the
clinical development programs and the execution of current and future
clinical studies of MOLOGEN AG.

Net assets and financial situation
At 27 thousand euros, MOLOGEN's revenue was, as expected, at a low level in
the first quarter of 2013. In other operating income, however, considerably
lower proceeds were recorded than in the same period of the previous year.
This is attributable to publicly funded projects that were carried out
during the 2012 financial year and have since been completed. The proceeds
from these projects contributed significantly to other operating income. On
the expense side, funds used for research and development (R&D) increased
by comparison to the same period in the previous year, from 1.3 million
euros to 1.4 million euros. Personnel expenses and other operating expenses
also increased.

As expected, the loss for the first quarter of 2013 totaled 2.2 million