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Ad-hoc-Release; Berlin, March 27, 2008
MOLOGEN AG announces results for financial year 2007
- Key annual objectives for 2007 achieved
- Key factor in earnings trend is planned investments in the product pipeline
- Liquidity remain solid
The biotech company MOLOGEN, Berlin, today published its results for financial year 2007 as calculated in line with IFRS, the international accounting regulations.
Operating loss for the period EUR -6.3 million (previous year: EUR 0.2 million). Net loss for the period EUR -6.0 million (previous year: EUR 0.4 million). Other operating expenses EUR -2.2 million (previous year: EUR -1.6 million). Other operating income EUR 0.7 million (previous year: EUR 0.5 million). Cash funds EUR 8.0 million (Dec. 31, 2006: EUR 6.4 million). Equity ratio 93% (Dec. 31, 2006: 92%).
The key factors influencing earnings development in financial year 2007 were the rise in expenses for extensive pre-clinical tests and the preparation of clinical studies as part of the R&D program.
The MOLOGEN financial situation remains solid with cash funds of approximately EUR 8.0 million to the balance sheet date. It is considerably improved against the previous year.
In financial year 2007, MOLOGEN achieved important objectives in developing its product pipeline. This included the conclusion of pre-clinical tests for the use of the highly innovative immune modulator dSLIM® for the treatment of cancer. In the fourth quarter of 2007, an application to perform clinical studies with dSLIM® was submitted to the relevant authorities. MOLOGEN expects to receive authorization for the studies in the course of the second quarter of 2008.
Positive outlook for financial year 2008
- Start and implementation of clinical studies requiring authorization. Phase Ib and IIa studies are in planning to investigate the safety and efficacy of dSLIM® in the treatment of various types of cancer.
- Preparation of clinical studies requiring authorization on cell-based gene therapy against renal cell cancer. Conclusion of the pre-clinical activities, planning a Phase I/II clinical study and submission of the study application at the relevant authorities.
- Continuation of the activities to commercialize the cell-based gene therapy against cancer.
- Achievement of further milestones in the leishmaniasis project through US development partners.
In addition to the annual financial statements prepared voluntarily on the basis of IFRS, financial statements were also prepared in line with HGB. Both financial statements are included in the annual report for 2007 which MOLOGEN publishes today. The report is available in German and English under www.mologen.com and can be ordered in Internet by phone, fax or letter (contact data at the end of the press release).
“A key area in the last financial year was preparing the way. For financial year 2008, we plan important progress in the further development and commercialization of our diversified product pipeline“, stated Dr. Matthias Schroff, CEO at MOLOGEN.
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.
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