MOLOGEN AG Interim Financial Report: Clinical cancer studies are progressing according to plan

Phase II/III of colorectal cancer study with MGN1703 have also begun in Russia

17-Aug-2011 - Germany

In the first half of 2011, Mologen AG concentrated above all on its ongoing clinical studies with the cancer medications MGN1703 and MGN1601. Both studies have progressed as planned. Meanwhile the implementation of the phase II/III colorectal cancer study with MGN1703 could also be started in Russia. The first evaluation of the interim results is scheduled to begin in the second half of 2011. They will be the basis for concluding licensing agreements with a partner from the pharmaceutical industry. The interim evaluation of the phase I/II renal cancer study with the cell-based gene therapy MGN1601 – a further promising medication from the product pipeline in addition to MGN1703 – is due to start soon.

Following major progress with the cancer medication MGN1703 for the treatment of metastatic colorectal cancer in the clinical phase II/III study, MOLOGEN has decided to also clinically test the efficacy of MGN1703 for the treatment of lung cancer. For this purpose, the medication will also be investigated in a clinical study of Phase II/III for the treatment of metastatic non-small cell lung cancer. The application for the new study will be submitted shortly. "With this decision we are expanding the product pipeline of MOLOGEN to include an additional, very promising blockbuster candidate in the clinical development stage. The universal mechanism of action of MGN1703 enables us to use the medication candidate for entirely different cancer indications. This is a decisive competitive advantage for MOLOGEN", explains Dr. Matthias Schroff, Chief Executive Officer of MOLOGEN AG. "We are confidently looking forward to the interim evaluation of our clinical studies and the further developments over the course of the year."

Numbers for the first half of 2011 in plan

The expenditures for research and development developed in the first half of 2011 further as planned and in accordance with the progress of the studies: They reached 2.6 million Euro and were clearly higher than last year's expenditures of 2.1 million Euro particularly due to the ongoing clinical studies. While MOLOGEN's sales revenues at around 0.1 million Euro remained at the expected low level, the other operational returns clearly increased with 0.4 million Euro as opposed to the previous year, since more subsidies were received in the reporting period. The losses in the reporting period increased to 3.2 million Euro, after around 3 million Euro in the previous year. This can be attributed to increased expenditures for material and personnel as well as other increased operational expenses. Cash and cash equivalents reached 11.4 million Euro on the reporting date. The revenues of around 10 million Euro from the capital increase implemented in February will financially secure the business activities of the company until well into 2012.

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