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MOLOGEN AG / Interim report / MOLOGEN AG publishes results for the first half-year of 2008 Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
Earnings influenced by extensive R&D expenses Recruiting for clinical study with MGN1703 successfully started
The Berlin based biotech company MOLOGEN AG today published its results in accordance with IFRSs for the first six months of the 2008 fiscal year.
Key figures for the period January 1 through June 30, 2008 (previous year comparison period: January 1 - June 30, 07): Operating results (EBIT) EUR -3.3 million (previous year: EUR -2.9 million). Loss during the reporting period EUR -3.2 million (previous year: EUR -2.7 million). Revenue EUR 0.1 million (previous year: EUR 0.1 million). Other operating expenses EUR -1.3 million (previous year: EUR -1.1 million). Other operating income EUR 66 thousand (previous year: EUR 0.6 million). Cash and cash equivalents EUR 5.6 million (December 31, 2007: EUR 8.0 million). Equity ratio 90% (December 31, 2007: 93%).
As expected, the results for the first half-year of 2008 were affected by large expenditures for the MOLOGEN AG research and development program. Research expenses in the first half of 2008 were EUR 2.3 million (previous year: EUR 2.0 million). In particular, extensive advance payments for the clinical study, which was begun in July 2008 with the cancer medication MGN1703, contributed to the increase in research expenses as compared to the previous year. The comparable period of the 2007 fiscal year saw other operating income of EUR 0.6 million from the sale of a MOLOGEN AG subsidiary. The complete interim financial statements for the first half-year of 2008 in accordance with IFRSs and according to Handelsgesetzbuch (HGB - German Commercial Code) rules can be downloaded from the MOLOGEN AG home page at www.mologen.com.
Patient recruitment for the clinical study, which was begun in the middle of July 2008 (Phase I) to study the safety, tolerance, and immunological effect of MGN1703 in the treatment of various cancers, is running as scheduled. The first dose group has already been completed. -END OF THE AD-HOC-RELEASE-
Dr. Matthias Schroff, Chairman of the MOLOGEN AG Board of Directors, commented on the course of business in the first six months of 2008: "With permission for the clinical study with MGN1703 and the beginning of the study itself, we have already reached important goals for the 2008 fiscal year. We will press forward with our development program intensively in the coming months."
Information about the clinical study with MGN1703 The study (Phase I) of the safety, compatibility and immunological effect of MGN1703 in the treatment of various cancers is a major milestone for a comprehensive clinical development program. MOLOGEN plans to establish an effective, compatible treatment for the treatment of the most frequent cancers in the form of MGN1703. According to forecasts from experts, there is a global market worth several billion dollars for innovative, immunomodulatory forms of cancer therapy. The study is performed at the renowned cancer centers in university hospitals in Essen and Cologne, and will last around six months.
dSLIM® - an innovative TLR9 agonist In dSLIM® ("double Stem Loop Immunomodulator"), MOLOGEN has developed an innovative TLR9 agonist. Use of dSLIM® activates the immune system to protect against tumor-associated antigens by targeting the TLR9 receptor on certain immune cells. As a result of chemotherapy and radiotherapy, tumor-associated antigens are released by cancer cells. The immune system activated by dSLIM® is in a position to overcome its fatal tolerance towards cancer cells and advance against them strategically.
Market for immunomodulatory therapies worth billions In terms of efficacy and compatibility, immunomodulatory therapies could mean a real medical breakthrough in the fight against cancer. Experts estimate that there is a global market worth billions of US Dollars for such therapies. Pharmaceutical companies are therefore extremely interested in securing the rights to molecules like TLR9 agonist and testing substances in many different indications. The recent acquisition of a US competitor by a globally operating pharmaceutical group is convincing proof of the great potential attributed internationally to TLR technology.
About MOLOGEN MOLOGEN AG, a biopharmaceutical company based in Berlin, specializes in the research and development of innovative medicines based on DNA structures (DNA: deoxyribonucleic acid).
Its patented DNA-based technology platforms MIDGE® and dSLIM® form a universal foundation with a wide range of possible applications. Activities focus on product developments for the treatment of cancer and vaccines for serious infections in humans and animals.
MOLOGEN was founded in 1998 and was the first German biotechnology company to go public. MOLOGEN AG shares are listed in the General 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.
WKN: 663720; ISIN: DE0006637200; Listed: Freiverkehr in Börse Berlin, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, General Standard in Frankfurter Wertpapierbörse, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart;
