Planegg/Martinsried – Medigene AG (Medigene, FSE: MDG1, Prime Standard), a clinical stage immuno-oncology company focusing on the development of T cell immunotherapies, received a milestone payment of USD2 m within its partnership with Cytovant Sciences HK Limited, a biopharmaceutical company founded by Roivant Sciences (Roivant/Cytovant), due to an achieved preclinical development goal. Medigene entered into several licensing and collaboration agreements with Roivant/Cytovant since 2019, covering, amongst others, various T cell receptor projects for Asia including China, Hong Kong, Macau, Taiwan, South Korea and Japan.
The received milestone payment as well as reduced research and development expenses, which are now better estimated towards the year end, reflect cost-saving measures achieved as part of the strategic focus on solid tumors in 2020, and enable Medigene to improve its financial guidance for the fiscal year 2021, as first published with the Annual Report 2020.
The forecast for total revenues will be increased from previously EUR 7-9 m to a range of EUR 10-11 m and the forecast for research and development costs is reduced from previously EUR 14-20 m to a range of EUR 11-12 m. As a result, the forecast for the expected EBITDA loss improves to EUR 7-9 m (previously EUR 10-17 m). Based on the current planning, the Company remains financed into the first quarter of 2023.
emitter: Medigene AG
address: Lochhamer Straße 11, 82152 Planegg/Martinsried
contact person: Medigene PR/IR
phone: +49 89 2000 3333 01
ISIN(s): DE000A1X3W00 (share)
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