Medigene AG Reports Second Quarter and Six Months 2023 Financial Results and Provides Corporate Update
In This Article:
-
Pipeline expansion into neoantigens with multiple KRAS mutations as the first targets
-
Acquired exclusive, worldwide rights to a CD40L-CD28 costimulatory switch protein
-
Data from MDG1015 and multiple TCRs combined with PD1-41BB costimulatory switch receptor, presented at American Academy of Cancer Research and the Immuno-Oncology Summit Europe, respectively
-
Announced IP expansion for its PD1-41BB costimulatory switch receptor in Japan, and TCR targeting PRAME in Europe and China
Planegg/Martinsried, August 17, 2023. Medigene AG (Medigene or the “Company”, FSE: MDG1, Prime Standard), an immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, today reported financial and operational results for the six months ended June 30, 2023. The half-year 2023 earnings report can be found here.
“In the first half of 2023, we have accomplished many significant milestones, and made substantial progress towards our strategic objectives”, said Selwyn Ho, Chief Executive Officer at Medigene. “We advanced our IND / CTA enabling work on MDG1015 and expanded our pipeline into neoantigens targeting multiple KRAS mutations and HLAs in solid tumors. We also acquired a worldwide, exclusive license of a CD40L-CD28 costimulatory switch protein to further optimize the efficacy and safety profile of T cell receptor engineered T cell (TCR-T) therapies. With our expanding TCR-T therapy pipeline enhanced with two costimulatory switch proteins, bolstered by a robust IP portfolio, we are confident that we remain well on track to achieve our aim to develop best-in-class TCR-T therapies for patients suffering from difficult-to-treat solid tumors.”
Financial and Corporate Highlights
-
The financial performance in the first half of 2023 was in line with the Executive Management Board’s expectations. Revenues amounted to EUR 3.1 million, primarily from the partnership with BioNTech. Reflecting the strong commitment towards advancing and expanding the pipeline, R&D expenses amounted to EUR 5.2 million.
-
The Executive Management Board, therefore, maintains its guidance for the fiscal year 2023 published in the annual report 2022 on March 29, 2023, in its entirety. Accordingly, the Executive Management Board expects revenue in 2023 to be between EUR 5 and 7 million. The Company expects R&D costs ranging from EUR 13 to 16 million. As of June 30, 2023, cash and cash equivalents and time deposits amounted to EUR 24.6 million (December 31, 2022: EUR 33.2 million). Based on current planning, the Company is financed until the fourth quarter of 2024.
-
In June, Medigene hosted an R&D Event to discuss the pipeline expansion and the evolution of its end-to-end platform. The replay as well as the accompanying slide deck can be found here.
-
In May, the Company has been issued a patent by the Japan Patent Office protecting its PD1-41BB switch receptor. In addition, the Company reported that it had been granted the patent protection of its T cell receptor targeting PRAME (PReferentially expressed Antigen of MElanoma) in Europe and China.
-
In April, the Company entered into a Cooperative Research and Development Agreement (CRADA) with the National Cancer Institute to evaluate the use of Medigene’s proprietary T cell receptors in novel cell constructs.
-
In January, the Company announced the receipt of a USD 3 million milestone payment from its partner 2seventy bio, Inc.
-
During the reporting period, the Company has strengthened and complemented its executive leadership team with the addition of Pamela Keck as Head of Investor Relations & Corporate Communications and Kirsty Crame, MD as Head of Clinical Research & Development.