Medigene AG plans to reduce share capital and amends financial guidance for 2024

Planegg/Martinsried (pta/13.05.2024/20:40 UTC+2)

Medigene AG (Medigene, FSE: MDG1, Prime Standard), an immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, will publish the invitation to the Company’s Annual General Meeting to be held on 24 June 2024 in the Federal Gazette on Friday, 17 May 2024. The agenda contains, among other things, a resolution proposal by the Executive Board and the Supervisory Board for an ordinary reduction of the share capital of Medigene AG in accordance with Sections 222 et seq. AktG by EUR 14,737,594.00 to then EUR 14,737,594.00 by consolidating the issued no-par value shares at a ratio of 2:1 from 29,475,188 to then 14,737,594 shares.

The value of the company will not be changed by this measure. As an accounting measure, the reduction will result in a reclassification on the liabilities side of Medigene AG’s commercial balance sheet from “subscribed capital” to “capital reserves”. This is intended to raise the market value of the share significantly above the notional par value of one euro again and to increase Medigene AG’s transaction capability with regard to the minimum issue amount pursuant to Section 9 (1) AktG as a precautionary measure, without any specific measures currently being planned.

The Company also announced today that it has amended its financial guidance for fiscal year 2024.

On May 8, 2024, the Company reported that it had successfully completed a capital raise with gross proceeds of approximately EUR 5.9 million in its oversubscribed capital raise with subscription rights resolved on April 22, 2024.

Thus, the Company now expects to extend its cash runway into July 2025 from previously April 2025.

The Company maintains its guidance on expected revenues to be between EUR 9 and 11 million (unchanged) in 2024.

Research and development costs will increase from prior estimates of EUR 11-13 million to EUR 11.5-13.5 million. This is a result of additional costs associated with further progress in advancing MDG1015 towards the clinic.

These projections include potential future milestone payments from existing partnerships that are highly likely to materialize in the amount of USD 1 million and EUR 2 million, respectively. They do not include potential milestone payments from or future/new partnerships or transactions as the occurrence of such payments or their timing and size largely depend on third parties and cannot be controlled or influenced by Medigene.

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emitter: Medigene AG
address: Lochhamer Straße 11, 82152 Planegg/Martinsried
country: Germany
contact person: Medigene PR/IR
phone: +49 89 2000 3333 01
e-mail: investor@medigene.com
website: medigene.com

ISIN(s): DE000A1X3W00 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf, free market in Hannover; open market in Berlin, Tradegate

source:https://www.pressetext.com/news/20240513037