MediGene increases revenues in the first nine months significantly
In the first nine months of 2001 the biopharmaceutical company MediGene (Neuer Markt: MDG) has successful driven forward its corporate development. Currently, MediGene has seven drug candidates in different stages of clinical development. These drug candidates were developed using different technologies. The broad portfolio of leading technologies continues to feed MediGene’s pipeline with novel drug candidates in the field of cardiac and tumor diseases.
In the first nine months 2001 MediGene has increased its revenues (i.e.: other operating income) by 75% to TEUR 5,883 compared to the same period of the previous year. The significant increase in revenues is due to the excellent progress made in the joint drug development projects with its partners Aventis and Schering. Recently, Schering and MediGene modified their existing license and cooperation contract. The amendment removes MediGene’s reimbursement obligations to Schering. As a result, an amount of TEUR 2,300 has been realized as revenue which had previously been included in deferred revenues.
The increase of investments into the clinical development of MediGene’s drug candidates fortunately accompanied the considerable progress in the individual clinical development programs. These value added investments led to a planned increase in the loss of the period of the first nine months of 2001 in comparison to the first nine months of 2000. EBIT in the first nine months 2001 amounted to TEUR -19,170 compared to TEUR –8,617 in the same period of the year 2000.
[ in TEUR*] 9 Months2001 9 Months2000 Q III2001 Q III2000 Other operating income 5,883 3,352 3,037 1,039 R & D - expenses 19,047 9,972 5,756 4,612 EBIT -19,170 -8,617 -5,066 -4,450 Result before income taxes -15,154 -8,747 -4,221 -3,071
*TEUR = THOUSANDS OF EURO
Cash, cash equivalents and securities were TEUR 94,845 as of September 30th 2001, which corresponds to 81% of total assets. In the first nine months the average net cash burn rate per month amounted to TEUR 2,265. The number of employees has increased from 134 as of June 30, 2001 to 146 as of September 30, 2001. 37 persons are employed at MediGene, Inc., San Diego. In the most important area of MediGene’s business, i.e. the development of innovative drugs for the treatment of cardiac and cancer diseases, the company reached several important milestones in the first nine months: The clinical development of Leuprogel™ was successfully completed. MediGene will file for Marketing Authorization in Europe by the end of this year. In addition, MediGene obtained very convincing results from a first phase 3 clinical study with Polyphenon ™E concerning efficacy and safety. Polyphenon™E is developed for the treatment of benign tumors of the genital tract, so-called genital warts.
„With the successful completion of the first phase 3 clinical trial with Polyphenon™E to treat genital warts, MediGene proved to be able to develop efficacious treatments to the benefit of patients”, states Dr. Johanna Holldack, COO, Research and Development.
„It is our primary goal to increase MediGene’s value by creating sustained growth through the establishment of all steps in drug development. The success in the development of our most advanced drugs Leuprogel™ and Polyphenon™E will point the way for our future. We expect our first product Leuprogel™, a drug for the treatment of prostate cancer, to be launched as early as 2003. Currently, we are working at full stretch to establish a sales and marketing team for both products“, explains Dr. Peter Heinrich, Chief Executive Officer at MediGene, and adds: „MediGene will be in a position to exploit the full commercial potential of biopharmaceutical product development, from the molecular analysis of a disease including the discovery and development
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