Medigene reports results of first quarter 2017

Planegg - Medigene AG (FSE: MDG1, Frankfurt, Prime Standard, TecDAX), a clinical stage immuno-oncology company focusing on the development of T-cell immunotherapies for the treatment of cancer, today released its financial results for the first quarter 2017.

Major events since the beginning of 2017:
- Target antigen (PRAME) and details on Medigene's first clinical trial with T-cell receptor-modified T cells (TCRs), MDG1011, announced
- Preclinical data on Medigene's first clinical TCR candidate presented at AACR Annual Meeting, USA
- Eur20.7 m raised through placement of new shares with institutional investors in May 2017
- Dr. Thomas Taapken joined as CFO in January 2017

Key figures in the first quarter of 2017:
- Total revenue of Eur 2,609 k (3M 2016: Eur 3,909 k); decrease due to one-time gain in previous year (sale of EndoTAG®)
- Revenue from bluebird partnership amounting to Eur 1,118 k (3M 2016: Eur 0)
- Research & development expenses increased to Eur 3,612 k (3M 2016: Eur 2,395 k) due to progress in proprietary immunotherapy programs
- Selling & general administrative expenses decreased to Eur 1,854 k (3M 2016: Eur 2,312 k)
- EBITDA loss increased as planned to Eur 3,020 k (3M 2016: Eur 939 k)
- Cash and cash equivalents of Eur 48,045 k on 3/31/2017 (12/31/2016: Eur 52,630 k), excluding proceeds from private placement in May 2017
- Financial guidance for 2017 confirmed

Prof. Dolores Schendel, CEO/CSO at Medigene AG, commented: "In the first quarter of 2017 we highlighted the path for the clinical development of our TCR-based immunotherapy MDG1011 by disclosing further details on the TCR candidate as well as information on our planned trial design. The proceeds from the successfully completed financing in May will accelerate our plans to open further clinical development options and allow us to generate comprehensive clinical data for this innovative approach as fast as possible."

Dr. Thomas Taapken, CFO of Medigene AG, adds: "The financial results of the first quarter of 2017 are in line with our expectations. Moreover, our successful financing further demonstrates the progress and promising prospects for our company and provides us with added financial resources to intensify the Company's research & development activities. I am pleased that we were able to attract new institutional investors specialized in healthcare, especially in the important US-market."

Key figures:

IN Eur K Q1 2017 Q1 2016 Change
Results of operations
Total revenue 2,609 3,909 -33%
Revenue from the cooperation with bluebird 1,118 0 -
Revenue Veregen® 833 624 33%
Other operating income 658 3,285 -80%
thereof gain on sale of intangible assets, net (EndoTAG®) 0 2,365 -
Gross profit 2,189 3,594 -39%
Selling and general administrative expenses -1,854 -2,312 -20%
Research and development expenses -3,612 -2,395 51%
thereof Immunotherapies -3,499 -1,907 83%
Operating result -3,277 -1,113 194%
Net profit/loss for the period -3,678 -1,387 165%
EBITDA -3,02 -939 >200%
Earnings per share (Eur) -0.18 -0.07 157%
Personnel expenses -2,408 -2,452 -2%
Cash flows
Net cash used in operating activities -4,865 -5,533 -12%
Net cash provided by investing activities 272 5,094 -95%
Net cash provided by/ used in financing activities 8 -11 -173%
Balance sheet data as at March 31, 2017 and December 31, 2016
Cash and cash equivalents and time deposits 48,045 52,63 -9%
Total assets 105,837 111,715 -5%
Current liabilities 11,177 11,966 -7%
Non-current liabilities 19,686 21,157 -7%
Shareholders' equity 74,974 78,592 -5%
Equity ratio (%) 71 70 1%
Employees as at March 31 92 81 14%
FTE as at March 31 86 75 15%
Medigene share as at March 31
Total number of shares outstanding 20,148,059 19,688,202 2%
Share price (XETRA closing price) (Eur) 11.35 7.19 58%

Financial guidance 2017
Medigene confirms its financial guidance for 2017 as published in the 2016 annual report. The forecast reflects Medigene's continued focus on the core business of immunotherapies.

- Revenue: Planned total revenue in 2017 between Eur 8 - Eur 10 m. This projection does not include potential future milestone payments from the current strategic partnership with bluebird or revenue or from any potential future transactions.
- R&D expenses: Due to the progress of Medigene's clinical programs in the field of immunotherapies and due to further expansion of the R&D team, the company expects rising research and development expenses amounting to Eur 16 - 18 m.
- Projected EBITDA loss expected to be in the range of Eur 16 - Eur 18 m.
- For 2017 Medigene anticipates cash utilization of between Eur 23 - 27 m, partly due to non-recurring effects such as investments in laboratory infrastructure. Likewise, this estimate does not include potential cash inflows arising from potential milestone payments under the existing strategic partnership with bluebird or cash inflows from any potential future collaborations.
- Based on its current planning, the Company has sufficient financial resources to fund business operations well beyond the forecast horizon of two years and to the time points that data from DC trial and TCR trials become available.

The full version of the 3 Months Quarterly Statement 2017 can be downloaded here:

Conference call and webcast:A telephone conference (webcast) in English will be held today at 3:00 pm CEST (Munich/Frankfurt) / 9:00 am EDT (New York) and transmitted live in the internet. Access and transmission of the synchronized presentation slides and a recording of the presentation is available on the homepage of Medigene at

Medigene AG (FSE: MDG1, ISIN DE000A1X3W00, Prime Standard, TecDAX) is a publicly listed biotechnology company headquartered in Martinsried near Munich, Germany. The company is developing highly innovative immunotherapies to target various forms and stages of cancer. Medigene concentrates on the development of personalized T cell-based therapies, with associated projects currently in pre-clinical and clinical development.

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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® and Veregen® are registered trademarks of Medigene AG. These trademarks may be owned or licensed in select locations only.