- Shift of employees and financial resources into clinical development
- Positive long-term effect on cash burn rate
Martinsried/Munich, September 28, 2009. The biotech company MediGene AG (Frankfurt, Prime Standard, TecDAX) announces that, as a result of the firm-wide review undertaken by CEO Dr Frank Matthias, the company is to further sharpen its focus and will achieve this through a restructuring. "Within the scope of these measures, MediGene's research department "Early Stage Development" will be closed, and the employees and financial resources therein will be shifted to strengthen the company's advanced drug development projects. Furthermore, the clinical development and manufacturing departments will be reinforced in this process, so these measures will involve few redundancies. The heads of the EndoTAG(TM)-1 and RhuDex(TM) development projects will directly report to Dr. Axel Mescheder, MediGene's Chief Scientific Officer & Chief Development Officer. MediGene intends to continue with the EndoTAG(TM) platform technology as a future source of novel drug candidates.
Dr. Frank Mathias, Chief Executive Officer of MediGene AG, commented: "MediGene's core competences are in clinical research and development and in the regulatory processes in the fields of oncology and immunology. Our prime near-term focus is on the liposome technology and the drug candidate EndoTAG(TM)-1 derived from it. By concentrating on our advanced drug candidates we will increase our operational efficiency and utilize our know-how and cash in a more targeted way."
Our Head of Affiliated Companies, Dr. Uwe Michaelis, previously MediGene's Vice President Early Stage Development, will apply his many years of expertise to manage the planned spin-off of the AAV and HSV technologies, and to represent MediGene's interests against the already effected spin-off of Immunocore Ltd.
This press release contains forward-looking statements representing the opinion of MediGene as of the date of this release. The actual results achieved by MediGene may differ significantly from the statements made herein. MediGene is not bound to update any of these forward-looking statements. MediGene®, EndoTAG(TM) and EndoTAG(TM)-1 are registered trademarks of MediGene AG. RhuDex(TM) is a registered trademark of MediGene Ltd. These trademarks may be owned or licensed in select locations only.
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MediGene AG is a publicly listed (Frankfurt, Prime Standard: MDG, TecDAX) biotechnology company located in Martinsried/Munich, Germany, with subsidiaries in Oxford, UK and San Diego, USA. MediGene is the first German biotech company to have drugs on the market, which are being distributed by partner companies. MediGene has several drug candidates in clinical development, including EndoTAG(TM)-1, which could offer substantial sales returns. In addition, the company has numerous projects in research and pre-clinical development and possesses innovative platform technologies. MediGene focuses on the research and development of novel drugs for the treatment of cancer and autoimmune diseases.
Contact MediGene AG
Fax:+49 - 89 - 85 65 - 2920
Julia Hofmann / Dr. Nadja Wolf, Public Relations, Tel.: +49 - 89 - 85 65 - 3324
Dr. Georg Dönges, Investor Relations, Tel.: +49 - 89 - 85 65 - 2946