Medigene ends 3Q in line with financial expectations

Medigene ends 3Q in line with financial expectations

October 26, 2023 Off By Dino Mustafić

Medigene  has reported its financial performance in the third quarter of 2023 was in line with the Executive Management Board’s expectations, as the revenues in the third quarter 2023 amounted to EUR 1.6 million compared to EUR 1.4 million in the previous year period (9-month period 2023: EUR 4.6 million), primarily from the partnership with BioNTech.

Reflecting our commitment towards advancing and expanding the pipeline, R&D expenses for the quarter were EUR 3.2 million compared to EUR 3.3 million in the prior year period (9-month period 2023: EUR 8.4 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 September 30, 2023, cash and cash equivalents and time deposits amounted to EUR 21.2 million (December 31, 2022: EUR 33.2 million). Based on current planning, the Company is financed until the fourth quarter of 2024.

Selwyn Ho, Chief Executive Officer at Medigene, said: “In the past quarter, we continued to successfully execute our corporate strategy and deliver on our commitments. We have further progressed our lead candidate, MDG1015 with our IND / CTA enabling work and also expanded our pipeline into neoantigens with the annoucement of the lead for MDG2011, which targets KRAS G12V A*11, and the first pre-clinical data presentation at the European Society for Medical Oncology (ESMO) Congress in October. Here, MDG2011 showed significantly enhanced anti-tumor activity and tumor killing of our optimal affinity T cell receptor (TCR) when combined with the PD1-41BB costimulatory switch protein.”

“On our End-to-End Platform, we expanded the license for our PD1-41BB and CD40L-CD28 costimulatory switch proteins to include uses in additional cell types and in Chimeric Antigen Receptor T cell (CAR-T) therapies. Backed by a growing T cell receptor engineered T cell (TCR-T) therapy pipeline, additional armoring, enhancement and optimization technologies, as well as a solid IP-portfolio, we are advancing towards our ambition of developing first-in-class / best-in-class TCR-T therapies for patients suffering from solid tumors. We are confident that by fully leveraging the capabilities of our End-to-End Platform, we will deliver significant value to patients and shareholders.”