Medigene AG
MediGene AG english
MediGene AG publishes 9-Months Report 2002
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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MediGene AG publishes 9-Months Report 2002
Martinsried / San Diego, 11/13/02. The biopharmaceutical company MediGene (Neuer
Markt / Frankfurt: MDG) today announced the financial results for the first 9
months of the year 2002. Other operating income in the first nine months of 2002
amounted to 2,467 TEUR (nine months of 2001: 5,883 TEUR). This income resulted
from one-time payments and reimbursements for research and development expenses
received from our strategic partners Aventis and Schering. Hence, other
operating income is no indicator of the company’s present or future success. In
the previous year operating income was higher, resulting from a one-time
milestone payment from Aventis and reversal of a repayment obligation. Expenses
for research and development rose to 26,611 TEUR in the first nine months of
2002, as planned (19,047 TEUR). Altogether, MediGene reports an operating loss
before interest and taxes (EBIT) of – 30,603 TEUR for the first nine months of
2002 (19,170 TEUR). This results in a net loss for the period of 29,637 TEUR,
corresponding to a loss per share of 2.65 EUR. As of September 30, 2002, cash
amounted to 57 million EUR, which corresponds to 5 EUR per share. The cash
position will ensure the continuation of MediGene’s ongoing research and
development projects. The average monthly net cash burn rate in the first nine
months of 2002 was 3.6 million EUR compared to 2.4 million EUR in the
corresponding period of 2001. In the third quarter of 2002, MediGene reported a
reduced monthly net cash burn rate to 2.7 million EUR. The negotiations with
pharmaceutical companies for the joint commercialization of MediGene’s drug
candidate Leuprogel are already in an advanced stage. However, management does
not expect a marketing agreement to be signed in this year. Accordingly,
MediGene will not realize any associated payments in 2002. Consequently, the
expected net loss for the year 2002 will amount to up to 40 million EUR
(original estimate: loss of 35 million EUR).
MediGene AG, Julia Hofmann (PR) T. 898565-3324; Michael Nettersheim (IR) T.
898565-2946
end of ad-hoc-announcement (c)DGAP 13.11.2002
Issuer’s information/explanatory remarks concerning this ad-hoc-announcement:
Currently, MediGene has five drug candidates to treat tumor diseases in clinical
development. For another product, the prostate cancer drug Leuprogel, the
marketing authorization application for Europe has been submitted. MediGene has
one of the most extensive and most mature drug development pipelines in the
European biopharmaceutical industry.
In the first nine months of 2002, MediGene has achieved the following results in
drug candidate development:
·Leuprogel: Marketing authorization application for the one month and three
month depot has been submitted to the German authorities. MediGene is the first
German biotech company that has a drug candidate in the approval process.
·Polyphenon E: The first phase 3 trial has been successfully completed, a
follow-up phase 3 trial has been initiated.
·207: Orphan Drug Status granted by the FDA.
·NV 1020: Phase 1/2 trial completed with positive results. Two US patents on
MediGene’s HSV drug candidtes have been granted.
·CVLP vaccine: Patients recruitment for phase 1/2 trial completed.
·rAAV vaccine: Two US patents granted.
·Etomoxir: Development project was discontinued, because the phase 2 trial,
which had been prematurely finished, did not show the expected results regarding
efficacy and led to side effects in individual cases.
·In August 2002, MediGene announced the planned spin-off of the cardiological
drug discovery program, which will enable the company to focus on tumor diseases
in the future. In October 2002, Evotec OAI AG was gained as a partner and co-
founder for the planned new company.
The detailed 9-Months Report 2002 may be obtained from
http://www.medigene.com/englisch/berichte.php .
MediGene AG
MediGene AG is a publicly quoted (Nemax50), internationally orientated
biopharmaceutical company with headquarters in Martinsried, Germany and a wholly
owned subsidiary MediGene, Inc. in San Diego, USA. MediGene has the most
extensive and most mature drug development pipeline in Germany and is one of the
leading European biopharmaceutical companies. Besides five broad platform
technologies, the company has 6 drug candidates in clinical development and
registration. The core competence lies in the research and development of
innovative and high-efficient approaches for the treatment of various tumor
diseases, and therefore on indications of high medical and economic interest.
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WKN: 502090; ISIN: DE0005020903; Index: NEMAX-50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
130714 Nov 02
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