Medigene extends cash reach into the first quarter of 2023

Planegg/Martinsried – Medigene AG (Medigene, FSE: MDG1, Prime Standard), a clinical stage immuno-oncology company focusing on the development of T cell immunotherapies, sold all of its remaining shares in Immunocore Holdings Ltd. (Immunocore), consisting of 162,035 ordinary shares, net of transaction costs for approx. US-USD4.7 million. Based on current planning, the cash raised through the sale of the Immunocore holding will extend Medigene’s cash runway into the first quarter of 2023.

Axel Malkomes, Chief Financial Officer and Chief Business Development Officer at Medigene: “Over the past months we have focused strategically and have streamlined sustainable operations. In addition to increasing efficiencies and reducing expenses, the monetization of our stake in Immunocore will enable us to successfully further develop our T-cell-based therapies for the treatment of solid tumors. Based on years of intensive research, we believe that these therapies represent the most promising opportunity for Medigene, scientifically, clinically and commercially.”

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About Medigene
Medigene AG (FSE: MDG1, ISIN DE000A1X3W00, Prime Standard) is a publicly listed biotechnology company headquartered in Planegg/Martinsried near Munich, Germany. With its scientific expertise, Medigene is working on the development of innovative immunotherapies to enhance T cell activity against solid cancers in fields of high unmet medical need. Medigene’s pipeline includes preclinical as well as clinical programs in development.

Medigene’s strategy is to develop its own therapies towards clinical proof-of-concept. In addition, the Company offers selected partners the opportunity to discover and develop therapies on the basis of its proprietary technology platforms. In return for such partnerships, Medigene expects to receive upfront and milestone payments as well as research and development funding and royalties on future product sales.

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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® is a registered trademark of Medigene AG. This trademark may be owned or licensed in select locations only.

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