Medigene significantly improves financial results for the first nine months of 2014 and achieves operational progress

Medigene AG / Medigene significantly improves financial results for the first nine months of 2014 and achieves operational progress . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Press Release

 

 

Press and analyst conference call with webcast today,
November 21, 2014, at 3:00 pm (CET)

• Total revenue increased by 64%
• EBITDA loss reduced by 46%
• Improved cash position through successful capital measure

Martinsried/Munich, November 21, 2014. Medigene AG (MDG1, Frankfurt, Prime Standard) published its 9-months report 2014 today. In the reporting period, Medigene significantly increased revenue and reduced its losses.

Medigene's total revenue rose by 64% to EUR 8.4 m (9M 2013: EUR 5.1 m). Revenue from the marketed drug Veregen^® increased by 29% to EUR 3.7 m (9M 2013: EUR 2.8 m).

Compared to the preceding year's reporting period, operating expenses increased by 3% to EUR 11.0 m (9M 2013: EUR 10.7 m). The increase is a consequence of the acquisition of Trianta Immunotherapies GmbH (now Medigene Immunotherapies GmbH) at the beginning of 2014.

Medigene's EBITDA loss was reduced by 46% to EUR -3.3 m (9M 2013: EUR -6.1 m) due to the increase in revenue and all in all stable operating expenses. The net loss was reduced by 27% to EUR -5.6 m (9M 2013: EUR -7.7 m).

At the reporting date 30 September 2014, cash and cash equivalents totaled EUR 16.7 m (31 December 2013: EUR 10.2 m). This rise in cash and cash equivalents mainly results from a capital increase concluded in July 2014 which generated gross proceeds of EUR 15.9 m. Cash flow from operating activities decreased by 35% to EUR 7.1 m in the first months of 2014 (9M 2013: EUR 10.8 m).

Year-to-date highlights

• Immunotherapies: Acquisition and integration of Trianta Immunotherapies GmbH, renamed "Medigene Immunotherapies GmbH"; new patents for DC vaccine and TCR platform granted; investigator-initiated clinical trials of DC vaccines ongoing; preparation of additional, company-sponsored clinical trial of DC vaccine; further development of TCR and TABs platforms; further grants for TCR- and TABs platforms; preclinical and initial clinical data for DC vaccines presented
• Marketed drug: Revenue from Veregen^® increased by 29% in the first nine months of 2014; market launch in 9 additional countries; new marketing partnership for the important UK/Ireland market; marketing authorization applications submitted in 8 further European countries and Russia
• Partnered drug candidates: Licensing agreement signed with Falk Pharma for RhuDex® in hepatology and gastroenterology; further clinical development financed