Medigene AG Extends Cash Runway into July 2025 After Successful Oversubscribed Capital Raise
May 14 2024 - 7:30AM
- Cash runway extended into July 2025 from previously April
2025
- Capital raise strengthens Medigene’s financial position
- Lead program, MDG1015, on track for IND filing in 3Q 2024 and
CTA filing in 4Q 2024
- Use of proceeds from recent capital raise further advances
plans for first patient enrollment in MDG1015 Phase 1 dose
escalation trial by end of 2024, subject to additional
financing
Planegg/Martinsried, May 14,
2024. 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, reported that per its ad hoc announcement on May 13, 2024,
the Company has extended its cash runway into July 2025 and thus
amended its 2024 financial guidance.
“We are very pleased to announce that the
recently completed capital raise has meaningfully strengthened our
financial position and enables us to extend our cash runway from
April 2025 into July 2025,” said Selwyn Ho, CEO of Medigene AG.
“Importantly, this new capital will be used to support additional
activities required for our lead program, MDG1015, to progress
towards the clinic in the second half of 2024. Further, these
proceeds will support the execution of our corporate strategy,
continue to validate our End-to-End TCR platform capabilities in
autologous and allogeneic cell therapies and allow us to expand the
application of our potential best-in-class 3S TCRs into other
off-the-shelf modalities such as T cell engagers.”
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.
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
in 2024 to support additional activities enabling first patient
enrollment for MDG1015 Phase 1 clinical trial by end of 2024,
subject to further financing.
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.
--- end of press release ---
About Medigene AG
Medigene AG (FSE: MDG1) is an immuno-oncology
platform company dedicated to developing differentiated T cell
therapies for treatment of solid tumors. Its End-to-End Platform is
built on multiple proprietary and exclusive technologies that
enable the Company to generate optimal T cell receptors against
both cancer testis antigens and neoantigens, armor and enhance
these T cell receptor engineered (TCR) -T cells to create
best-in-class, differentiated TCR-T therapies, and optimize the
drug product composition for safety, efficacy and durability. The
End-to-End Platform provides product candidates for both its own
therapeutics pipeline and partnering. Medigene’s lead TCR-T program
MDG1015 is on track for IND filing in 3Q 2024 and CTA filing in 4Q
2024. For more information, please visit https://medigene.com/
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.
Medigene AG
Pamela Keck Phone: +49 89 2000 3333 01 E-mail:
investor@medigene.com
In case you no longer wish to receive any
information about Medigene, please inform us by e-mail
(investor@medigene.com). We will then delete your address from our
distribution list.