Mologen Presents Financial Statements and Annual Report for 2001
Berlin, 9 April 2002
Mologen Holding AG presented its financial statements for 2001 at todays press conference. The Groups figures for the year 2001 reflect the intensive efforts being invested in projects that have now reached an advanced stage. Already this year, the company is planning to sign licensing contracts with pharmaceutical companies for at least one veterinary medicine vaccine and one human medicine therapeutic agent. Naturally, the internal and external investment is considerably increased during these phases. The investment in research and development rose by 50% to EUR 3 million. The number of employees in the Group has increased by 120% to 66.
On 31 December 2001 for the first time the Spanish Mologen subsidiary Mologen Molecular Medicine (in which Mologen Holding AG has a 100% stake) and bcd GmbH (in which Mologen Holding AG has a 51% stake) have been included in the Group financial statements drawn up in accordance with the German Commercial Code (HGB).
The balance sheet total for the Mologen Group has declined by EUR 3.1 million, or 19%, to EUR 13.6 million compared with the previous year. This planned development is due to the fact that free assets have been invested in valuable product and enterprise development. The liquid assets in the financial statements for 2001 are EUR 7.9 million (EUR 12.3 million previous year). This corresponds to a 58% share of the balance sheet total (73% previous year).
The financial result of EUR 4.3 million shows a reduction in equity to EUR 10.7 million (15.0 million previous year). The Groups equity quota is a comfortable 79% (90% previous year).
Sales, set at approximately EUR 1.7 million, are on a par with those of the previous year. For the current year Mologen is expecting important changes in the amount and structure of revenue from sales. Revenue from sales is expected to rise to approximately EUR 2.9 million. This growth is to be derived primarily from what is known as upfront and milestone payments within the framework of licensing contracts with pharmaceutical companies. Candidates developed by Mologen for such a form of cooperation include feline vaccines. Recently a vaccine developed on the basis of old technology with another company against the feline disease FIV has been granted a license in the USA. Since then, Mologen has noted growing interest by the pharmaceutical industry in the developments based on Mologen technology, which in all probability will be more effective, safer and more attractively priced.
Accordingly, expenditure for research and development, which has again been increased and set at EUR 3.2 million, will be the major cost item for 2002. The results for 2002 with an EBIT of EUR 4.4 million will be slightly up on the results of the previous year. Already in 2003 Mologen expects to enter the profit zone.
Mologen was listed in 1998 as one of the first German companies on the stock exchange. Mologen develops and utilizes new gene-based technologies for preventing and curing diseases. The main focus of development is on the MIDGE® technology, which has been patented by Mologen. This is the ideal tool for deploying genetic information safely and efficiently as a medicine.
Download the Mologen Holding AG Annual Reports as Adobe Acrobat (PDF) files.
contact: Mr. M. Reichel, phone: +49-30-857 576 0, e-mail: [email protected]