Press Release - Berlin, 2003-05-16
Press release for Mologen Holding AG for the 5th annual general meeting on May 15, 2003
The annual general meeting for Mologen Holding AG took place yesterday in the Ludwig-Erhard-Haus in Berlin. About 120 stockholders, journalists and guests were in attendance.
Professor Wittig, chairman of the management board, emphasized in his report the scientific and medical successes of Mologen in the development of DNA vaccines and cell-based tumor therapies. He explained how Mologen has extended its significant advantage over the competition through parallel improvements in the technology used in these processes.
Dr. Sandler, the vice-chairman of the management board, went into the development of the business, which was slow during 2002 and the first quarter of 2003 despite the progress made. As was anticipated for 2002, appropriate commercial results are needed now in 2003 to secure the future of the company. The dependence of Mologen’s business model on the difficult to influence decisions of large pharmaceutical companies makes it impossible to forecast of sales and earnings trends.
After extensive cost-reduction measures, which led to significantly reduced losses in the first quarter of 2003, the company structure is to be streamlined through merger in order to realize additional savings potential. The update to the commercial registry reflecting this should be completed shortly. In preparation for the merger, a change of the company name from Mologen Holding AG to Mologen AG was decided, as well as other adaptations.
The general meeting also saw an expansion of scope for the stock option program for management, employees and board members of the Mologen group. In addition, all other proposals of the management were accepted with 99% of the represented votes approving. Approximately 65% of shares were represented at the annual general meeting.
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.
Contact: Matthias Reichel