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MOLOGEN AG: Successful financing and continuation of clinical studies with the lead product lefitolimod in the first quarter 2017 - Seite 4
The first combination study of lefitolimod with the checkpoint inhibitor Yervoy(R) (ipilimumab), which MOLOGEN is carrying out in cooperation with the MD Anderson Cancer Center, Texas, is being conducted since summer 2016. Through the combination of these two immunotherapies, the aim is to generate a broader activation of the immune system and leverage synergy effects.
MOLOGEN presented preclinical data on further combination studies in a mouse model at the Gastrointestinal Cancers Symposium (ASCO GI) in San Francisco, U.S., in January 2017 and at the Clinical Immuno-Oncology Symposium (ASCO SITC) in Orlando, U.S., in February of this year. The data on tumor models in mice revealed that the combination of checkpoint inhibitors and the respective TLR9 agonists lefitolimod and EnanDIM(R) can significantly boost the immune system, noticeably slow tumor growth and effectively prolong life for the animals. These results are a confirmation for the combination approach of TLR9 agonists with checkpoint inhibitors.
Progress in clinical studies with only slight increase in R&D expenses
Overall, the financial performance and financial position of MOLOGEN AG developed according to plan in the first quarter of 2017. Despite the ongoing advancement of clinical studies, expenses for
research and development only increased slightly year on year to EUR3.9 million (Q1 2016: EUR3.7 million). The operating result (EBIT) was consequently below the previous year to EUR-5.1 million
(Q1 2016: EUR-4.5 million). Taking into account the successfully completed capital measures generating gross proceeds of approximately EUR21 million, the cash and cash equivalents of MOLOGEN AG
totaled EUR19.4 million as of 31 March 2017 (31 December2016: EUR20.5 million). The shareholder's equity of MOLOGEN AG as of 31 March 2017 amounted to EUR6.7 million (31 December2016: EUR11.8
million). The equity ratio was 33% (31 December 2016: 55%).
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Outlook for 2017 as a whole confirmed
MOLOGEN started the new financial year successfully. Through the capital measures that were successfully completed at the end of 2016 and the start of 2017, the funding of MOLOGEN AG has been
provisionally secured until beginning of 2018. The Executive Board also confirms the statements contained in the Annual Report 2016 with regard to objectives in the fields of research and
development, cooperations and partnerships, earnings and liquidity development as well as personnel.