Press Release
MOLOGEN: Deal with Arabian Partners Delayed
Berlin, 2004-07-01
MOLOGEN is still in the process of negotiating with its Arabian business partners, concerning orders to establish three centers for cell- and gene therapy in Arabian countries. MOLOGEN had announced at their annual shareholder meeting that the corresponding contracts were due to be signed by mid of June, according to a preliminary contract. The signature of these contracts is now delayed. Reasons for the delay are due to the complex and innovative structure of the project. The business partners, who will be operating the centers asked for additional time, in order to assure a more efficient financing and locally supported implementation of the project. If advance registration of certain procedures with public authorities in the respective countries is necessary, signature of contracts may be delayed by up to three month and the contractual timelines and regulatory requirements have to be adjusted accordingly.
CEO Prof Wittig said: "The MOLOGEN management views this project as a major milestone for the success of the company. The centers for cell- and gene therapy could establish the first commercially and biomedically viable strategy to bring cell-based therapeutic vaccines against cancer to the market and to patients. The strategy is optimally adapted to the needs of small, technology driven countries with high income. Resident tumor physicians will be trained at the centers, to compose their respective most innovative cell-based anti-cancer treatments, and to apply it to their patients. All parties involved clearly have underestimated the complexity of this innovative project in terms of business and legal requirements. Given the utmost importance of this project, we have accepted the request of our partners, to delay the timetable already agreed on in the preliminary contract."
General information about MOLOGEN
MOLOGEN focuses on its proprietary DNA technologies to create and develop treatments for high-unmet-need illnesses. The main focus are the unique and patented MIDGE and dSLIM technologies. Based on these platforms, MOLOGEN is developing DNA-based vaccines and therapeutics to prevent or cure a wide range of diseases.
For its cell-based cancer therapies, MOLOGEN applies gene-modified and immunomodulated tumor cells having their origin in tumors from patients. Tumor cells were subsequently cultivated and established as cell lines. MIDGE DNA constructs and the also DNA-based molecules are then used to modify these cell lines in culture (ex-vivo). Thereby, therapeutic vaccines are produced for the treatment of metastatic states of various cancers.
Going public in 1998, MOLOGEN was one of the first German biotechnology companies to be floated on the stock exchange. The MOLOGEN shares are traded on the Geregelter Markt in Frankfurt.
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