Medigene significantly improves financial results for the first nine months of 2014 and achieves operational progress

Press Release



Press and analyst conference call with webcast today,
November 21, 2014, at 3:00 pm (CET)

  • Total revenue increased by 64%
  • EBITDA loss reduced by 46%
  • Improved cash position through successful capital measure

Martinsried/Munich, November 21, 2014. Medigene AG (MDG1, Frankfurt, Prime Standard) published its 9-months report 2014 today. In the reporting period, Medigene significantly increased revenue and reduced its losses.

Medigene's total revenue rose by 64% to EUR 8.4 m (9M 2013: EUR 5.1 m). Revenue from the marketed drug Veregen® increased by 29% to EUR 3.7 m (9M 2013: EUR 2.8 m).

Compared to the preceding year's reporting period, operating expenses increased by 3% to EUR 11.0 m (9M 2013: EUR 10.7 m). The increase is a consequence of the acquisition of Trianta Immunotherapies GmbH (now Medigene Immunotherapies GmbH) at the beginning of 2014.

Medigene's EBITDA loss was reduced by 46% to EUR -3.3 m (9M 2013: EUR -6.1 m) due to the increase in revenue and all in all stable operating expenses. The net loss was reduced by 27% to EUR -5.6 m (9M 2013: EUR -7.7 m).

At the reporting date 30 September 2014, cash and cash equivalents totaled EUR 16.7 m (31 December 2013: EUR 10.2 m). This rise in cash and cash equivalents mainly results from a capital increase concluded in July 2014 which generated gross proceeds of EUR 15.9 m. Cash flow from operating activities decreased by 35% to EUR 7.1 m in the first months of 2014 (9M 2013: EUR 10.8 m).

Year-to-date highlights

  • Immunotherapies: Acquisition and integration of Trianta Immunotherapies GmbH, renamed "Medigene Immunotherapies GmbH"; new patents for DC vaccine and TCR platform granted; investigator-initiated clinical trials of DC vaccines ongoing; preparation of additional, company-sponsored clinical trial of DC vaccine; further development of TCR and TABs platforms; further grants for TCR- and TABs platforms; preclinical and initial clinical data for DC vaccines presented
  • Marketed drug: Revenue from Veregen® increased by 29% in the first nine months of 2014; market launch in 9 additional countries; new marketing partnership for the important UK/Ireland market; marketing authorization applications submitted in 8 further European countries and Russia
  • Partnered drug candidates: Licensing agreement signed with Falk Pharma for RhuDex® in hepatology and gastroenterology; further clinical development financed

Peter Llewellyn-Davies, CFO of Medigene AG, comments: "Medigene's repositioning and focus on immunotherapies has been accompanied by a positive financial development. Over the past few months we successfully strengthened our pipeline, broadened our expertise, and gained new investors in a capital increase. At the same time we significantly improved our key financial figures. We look forward to driving forward the development of our immunotherapies and feel encouraged by preliminary data obtained from the current programs."

Financial forecast for 2014
Medigene confirms its financial guidance for 2014. The Company expects a further double-digit percentage increase in total revenue in 2014 (2013: EUR 7.6 m). Based on the forecasts provided by Medigene's sales partners, revenue achieved with Veregen® is likely to amount to between EUR 5 m and EUR 6 m (2013: EUR 4.2 m). In addition, Medigene is set to generate revenue consisting mainly of reimbursements of development costs for EndoTAG®-1 from partner SynCore as well as non-cash payments from a transaction with Medigene's former drug Eligard® and pro rata upfront or milestone payments from partnerships. The EBITDA loss in 2014 is likely to be significantly reduced to EUR 4 m - EUR 6 m (2013: EUR 8.3 m).  According to the current business assumptions, Medigene's management expects the company to be financed until the end of 2016.

Consolidated income statement (abbreviated)

In Thousand EUR Q3-2014


Change 9M-2014


Revenue Veregen® 1.118 959 17 % 3.672 2.837 29 %
thereof Veregen® royalties 729 646 13 % 1.747 1.889 -8 %
thereof Veregen® revenue from supply chain 364 181 101 % 1.200 735 63 %
thereof Veregen® milestone payments 25 132 -81 % 725 213 >200 %
Other operating income 1.166 954 22 % 4.704 2.284 106 %
Total revenue 2.284 1.913 19 % 8.376 5.121 64 %
Cost of sales -414 -228 82 % -1.212 -1.055 15 %
Gross profit 1.870 1.685 11 % 7.164 4.066 76 %
Selling, general, and administrative expenses  -1.742 -2.011 -13 % -5.648 -5.616 1 %
Research and development expenses -1.975 -1.673 18 % -5.383 -5.119 5 %
Operating result -1.847 -1.999 -8 % -3.867 -6.669 -42 %
Net result for the period -2.804 -2.072 35 % -5.644 -7.728 -27 %
EBITDA -1.640 -1.815 -10 % -3.269 -6.106 -46 %

The detailed 9-months report 2014 is available at

Press and analysts' conference call: A press and analysts conference call (in English) will be held today at 3:00 p.m. CET and will be webcast live. Please access the synchronized presentation slides and a recording via Medigene's website,

Medigene AG is a publicly listed (Frankfurt: MDG1, prime standard) biotechnology company headquartered in Martinsried near Munich, Germany. Medigene concentrates on the development of personalised T cell immunotherapies with focus on haematological malignancies. Medigene is the first German biotech company to have revenues from a marketed product, which is distributed by commercial partners. Medigene has advanced drug candidates which are licensed to partners and additional candidates in clinical development. The company is developing highly innovative treatment platforms concentrating on cancer and autoimmune diseases. For more information, please visit

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 forward-looking statements made herein. Medigene is not bound to update any of these forward-looking statements. Medigene®, EndoTAG®, RhuDex® and Veregen® are registered trademarks of Medigene AG. Medigene ImmunotherapiesTM, TriantaTM and Trianta ImmunotherapiesTM are trademarks of Medigene Immunotherapies GmbH. Polyphenon E® is a trademark of Mitsui Norin Co., Ltd. These trademarks may be owned or licensed in select locations only.

Julia Hofmann, Anja Clausnitzer
Tel.: +49 - 89 - 20 00 33 - 33 01

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