Medigene AG Extends Cash Runway into July 2025 After Successful Oversubscribed Capital Raise
- 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.
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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
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