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Press Release to the First Half-Year 2009
MOLOGEN AG Looks Ahead Optimistically
· Upgrade to Prime Standard completed · Cancer drug MGN1703: phase II to begin later this year
Earnings and Financial Position
MOLOGEN’s business development also continued in the first half of 2009 to go ahead according to plan. As expected, sales revenue in the first six months was low at EUR 34 thousand, as it had been in the first half of 2008 (EUR 66 thousand). Other operating income, in contrast, rose to EUR 205 thousand due to subsidies received and was therefore well above the previous year’s EUR 12 thousand. MOLOGEN’s results are characterized by continuous expenditure for research and development totaling EUR 1.5 million in the first half-year, after EUR 2.3 million the previous year. The net loss for the period decreased to EUR -2.4 million (previous year: EUR -3.2 million).
MOLOGEN’s assets position continues to be characterized by a high proportion of cash and cash equivalents in the balance sheet total. Its sound financial position is due in part to a capital increase completed successfully on March 27, 2009 in which it raised around EUR 2.8 million. Activities planned for 2009 and later are thereby financially secured.
Research Progress
MOLOGEN is one of the few biotech companies that are working on a DNA-based cancer treatment at the clinical development stage. After positive interim findings of the current clinical trial for the cancer drug MGN1703, the relevant authority has agreed to extend the study to an additional dosage group. The Company has since been able to commence a trial for the maximum dosage of 60mg per treatment. Initial results from this additional dosage group are anticipated toward the end of the third quarter of 2009.
In addition, preparations for a phase I/II clinical trial of the MGN1601 cell-based genetic treatment for renal cancer were advanced in the first half of 2009.
MOLOGEN has also made progress in developing a DNA vaccine against human leishmaniasis. As a member of an international project consortium, the Company is receiving financial support for this project from 2009 to 2011.
Outlook for 2009
MOLOGEN’s Executive Board expects to reach further milestones during 2009. These include completing and evaluating the phase I clinical trials of the cancer drug MGN1703, after extending the study to a maximum dosage of 60mg, and preparing for further clinical trials. A phase II clinical trial to test the effectiveness of MGN1703 in treating metastasized colorectal cancer is scheduled for this year.
About MOLOGEN
MOLOGEN AG, a biopharmaceutical com-pany based in
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
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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