Press Release - Berlin, 2003-04-09
Mologen Presents its Annual Financial Statements and Annual Report for 2002
|Liquid funds:||4,9 (7,9)|
|Equity ratio:||86% (79%)|
|Employees (number):||47 (66)|
We have provided new evidence that Mologen is the company with the safest and most efficient technology for DNA-based drugs for humans and animals. We were able to deploy these arguments effectively in assuming negotiations with the pharmaceutical industry. We consolidated our world-wide co-operations with the pharmaceutical industry and important research institutes and advanced others. Despite savings, in the last financial year our development team began to develop our MIDGE gene packages for new areas of use.
In terms of lucrative contacts, the 2002 financial year did not bring the breakthrough. The general environment for convincing potential partners of moving into a new technology in the development of a new drug generation was not ideal in 2002. This led us to take the necessary action in the middle of 2002 and to introduce a cost reduction program in the entire Mologen Group which has now been completely implemented. As a result, we reduced outflows from operating activities for the 2002 financial year under the level of 2001. A further reduction of the cash outflows has been secured for 2003.
In the current annual financial statements as of December 31, 2002, bcd GmbH is no longer consolidated as a group company at Mologen, as our participation was reduced from 51% to 28% in the reporting period. For this reason there is only limited comparability with the figures of the previous year.
In comparison to the previous year, the consolidated balance sheet total declined by € 5.0 million or 37% to € 8.6 million. This scheduled development resulted from the fact that free liquidity was invested in valuable product and company development and that trade receivables moved down by € 1.5 million. In the 2002 annual financial statements cash funds totalled € 4.9 million (previous year: € 7.9 million). This represents 57% of the balance sheet total (previous year: 58%).
The decline of shareholders' equity to € 7.4 million (previous year: € 10.7 million) is largely due to the net loss of the year of € 4.7 million. The consolidated equity ratio remains at a sound level of 86% (previous year: 79%).
At approx. € 0.8 million sales are under the level of the previous year. For the current year Mologen expects important changes in the level and structure of sales. This growth should result primarily from so-called upfront and milestone payments in the context of licensing agreements with pharmaceutical companies. Negotiations on these matters are continuing. However, we can impact their progress only to a limited extent. The negative EBIT contribution should be significantly reduced.
Mologen develops and uses new gene-based technologies and products for the prevention and healing of illnesses. The focus of development work is the MIDGE technology which has been patented by Mologen. With this technology, genetic information can be deployed as a drug safely and efficiently.
The complete 2002 annual report with the annual financial statement can be accessed under www.mologen.com.
Contact: Dr. Guido Sandler
e-mail: [email protected], Phone: +49-(30)-857 576-0, Fax: +49-(30)-857 576-50