Ad-hoc-Release; Berlin, May 11, 2006
MOLOGEN AG closes strategically successful first quarter 2006
Solid liquidity resources, significant agreement, and technological advances broaden basis for positive development
In the first three months of 2006, MOLOGEN AG (ISIN DE0006637200) has strengthened the basis for an ongoing positive development of its business in the future. The company has closed significant agreements and has successfully advanced crucial aspects of its own technology. In combination with the solid liquidity resources, MOLOGEN has thus set the course for a successful future.
MOLOGEN'S consolidated accounts in accordance with IFRS list an EBIT of -0.8 million EUR for the first three months of 2006. In the previous year's reference period, the EBIT result was -0.7 million EUR. At 0.2 million EUR, turnover in the first quarter of 2006 is at the same level as in the reference quarter 01/05. Results per share amount to -0.10 EUR, in the previous year's reference period, they were at -0.11 EUR.
Financial assets as of March 31, 2006 amounted to 6.8 million EUR (0.9 million EUR in quarter 01/05).
The quarter results and the financial assets do not contain any payments resulting from the agreement on the supply of cell-based therapeutics to the Arab partner NMC Group, United Arab Emirates. Neither do they contain payments from the license and development agreement for the leishmaniasis project recently closed with MOLOGEN'S U.S. partner. The first such payments will be accounted in the second quarter of 2006.
By optimizing the logistics chain for the cell-based therapeutic developed by MOLOGEN for the treatment of diverse cancerous diseases, the company was able to restructure the business model for the successful marketing of this therapeutic. The improved business model is less complex and expensive, and a very large number of patients can now be reached and treated with MOLOGEN'S therapeutic approach.
The new business model was already successfully implemented in the first quarter of 2006. MOLOGEN closed an agreement on the supply of the cell-based therapeutics to the United Arab Emirates with one of the leading pharmaceuticals and health companies in the Arab world, NMC Group. The relevant treatment license has already been applied for. MOLOGEN expects significant turnover from this business as early as the current year.
MOLOGEN strives to reach further agreements concerning the supply and application of its cell-based gene therapy treatment with partners from other regions with strong economic growth.
MOLOGEN uses its proprietary DNA technologies to create and develop treatments for high-unmet-need illnesses. The main focuses are the unique and patented MIDGE and dSLIM technologies. Based on these platforms, MOLOGEN is developing DNA-based vaccines and therapeutics to prevent or cure a wide range of diseases.
Going public in 1998, MOLOGEN was one of the first German biotechnology companies to be floated on the stock exchange. The MOLOGEN shares are traded on the Geregelter Markt in Frankfurt.
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.