DGAP-News: MOLOGEN looks back on a very eventful and successful business year 2009
(firmenpresse) - MOLOGEN AG / Final Results
30.03.2010 08:49
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Berlin, 30th March 2010. The business year 2009 was extremely eventful for
MOLOGEN: The development of the most promising product candidates has been
advanced decisively. All other planned activities and clinical studies are
financially secured up until 2011.
Clinical development of MGN1703
The cancer medicine MGN1703 is currently in the pivotal clinical test
phase. After MGN1703 demonstrated its excellent tolerability in the phase
1b study in the previous year, the clinical phase 2 study will investigate
the efficacy of the medicine in the treatment of metastatic colorectal
cancer. The approval for the phase 2 study was issued in March 2010. The
treatment of the first patients will begin shortly.
This study shows that MOLOGEN is among the few biotechnology companies in
the world with well-tolerated, DNA-based cancer treatment in the clinical
development stage.
Progress also made with MGN1601
Important progress has also been achieved with other medicines: In November
2009, MOLOGEN submitted an application for the approval of a phase 1/2
clinical study of the cancer medicine MGN1601, a cell-based gene therapy
for the treatment of advanced renal cancer.
Another innovative product candidate will therefore soon be entering
clinical trials. In 2006, MGN1601 received 'Orphan Drug Status' from the
European Commission, which ensures exclusive marketing rights for ten years
within the European Union.
MGN1331 against leishmaniasis
Progress has also been made in the development of the MIDGE(R)-based DNA
vaccine MGN1331 against leishmaniasis in humans. As a member of an
international project consortium, MOLOGEN has received funding for the
years 2009 to 2011 to develop a DNA vaccine against this infectious
disease. The project, running for a period of three years, will be
supported with a total of 3 million Euros.
Financial situation on target
The economic development of MOLOGEN progressed in the business year 2009
according to plan. Sales revenue was, as in the previous year, low at 0.1
million Euros (previous year: 0.2 million Euros) and was mainly a result of
the sale of goods and services for research. In contrast, other operating
income increased to 0.3 million Euros primarily due to subsidies received,
and was significantly above the value for the previous year (0.0 million
Euros).
The net loss for the period under review rose to 6.3 million Euros
(previous year: 6.1 million Euros). Extensive activities for the further
development of the product pipeline were largely responsible for this
development, which were reflected by higher research costs. In total, the
company invested 4.8 million Euro in research projects during the recent
financial year (previous year: 4.4 million Euros).
High liquidity
MOLOGEN's assets position continues to be characterized by a high
proportion of liquid funds in the balance sheet total These liquid funds
account for a proportion of 72% (31.12.2008: 54%) of the balance sheet
total. The total of cash and cash equivalents stood at 6.2 million Euros on
31st December 2009 (31.12.2008: 3.3 million Euros). This increase is the
result of the capital increase in March 2009, the exercising of stockoptions in July 2009, payments from the agreed but at the reporting date
not yet registered capital increase, as well as the receipt of subsidies in
March 2009.
High R&D expenditure
Expenditure on operating activities was mainly accounted for by research
and development, which at 4.8 million Euro stood above the level for the
previous year (previous year: 4.4 million Euros). In particular, the
preparations for the phase 2 clinical study of MGN1703 led to the increased
research expenditure.
Promotion to the Prime Standard
Following its admission to the Prime Standard in June 2009, MOLOGEN AG is
now listed in the stock market segment of Deutsche Börse with the highest
transparency and disclosure requirements. The listing in the Prime Standard
should make the company's shares more interesting in the long-term and
increase their liquidity.
Optimistic outlook for 2010
The Executive Board is optimistic about the business year 2010, expecting
further important progress to be achieved with the company's clinical
development programs.
About MOLOGEN
MOLOGEN AG, a biopharmaceutical company based in Berlin, specializes in the
research and development of innovative medicines based on DNA structures.
Activities focus on product developments forthe treatment of cancer and
vaccines for serious infections.
MOLOGEN was founded in 1998 and is among the few biotechnology companies in
the world with well-tolerated, DNA-based cancer treatment in the clinical
development stage.
MOLOGEN AG shares are listed in the
Prime Standard of Deutsche Börse (ISIN DE 0006637200).
Disclaimer concerning prognoses
Certain statements in this communication contain formulations or terms
referring to the future or future developments, as well as negations of
such formulations or terms, or similar terminology. These are described as
forward-looking statements. In addition, all information in this
communication regarding planned or future results of business segments,
financial classification numbers, developments of the financial situation,
or other financial or statistical data contains such forward-looking
statements. The company cautions prospective investors not to rely on such
forward-looking statements as certain prognoses of actual future events and
developments. The company is neither responsible nor liable for these
forward-looking statements. It is not responsible for updating such
information, which only represents the state of affairs on the day of
publication.
MOLOGEN AG
Contact: Jörg Petraß
E-Mail: investor(at)mologen.com
Telephone: +49-30-84 17 88-13
Fax: +49-30-84 17 88-50
Kirchhoff Consult AG
Dr. Kay Baden
E-Mail: baden(at)kirchhoff.de
Telephone: +49 40 60 91 86 39
30.03.2010 08:49 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: MOLOGEN AG
Fabeckstraße 30
14195 Berlin
Deutschland
Phone: 030 / 841788-0
Fax: 030 / 841788-50
E-mail: info(at)mologen.com
Internet: www.mologen.com
ISIN: DE0006637200
WKN: 663720
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Düsseldorf, Stuttgart, Hamburg
End of News DGAP News-Service
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