Medigene AG
Ad hoc-Service: MediGene AG english
Ad hoc announcement processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Preview on first quarter of 2001: technology and product portfolio substantially
enlarged
Financials mirror successful development of own drugs.
May 21st, 2001. The internationally operating biopharmaceutical company MediGene
(Neuer Markt: MDG) announced a preview on operating income and result of the
first quarter of 2001. The financials are available earlier than expected in
spite of the consolidation of MediGene, Inc. carried out for the first time. The
detailed financial statements for Q1/2001 will be published on May 30th, 2001
in the quarterly report.
“Other operating income” in the first three months of 2001 amounted to TEUR
1,191. It was mainly generated by research and development payments as well as
legal fee funding received from cooperation partners Aventis and Schering.
Income in the first three months of 2001 dropped by 7 % compared to the first
three months of 2000, when it amounted to TEUR 1,276. This decline is mainly due
to the fact that MediGene had less development expenses in the projects
developed with pharma partners, therefore the refunding for project specific
research and development expenditure from the strategic partners dropped
accordingly. Furthermore, in the previous year MediGene still received payments
from public grants. As the respective projects are by now out of the stage of
research and have successfully entered the pre-clinical and clinical
development, these payments have stopped as expected.
The progress of product development, i.e. the start of three additional clinical
trials, and the expansion of activities, especially in business development,
have led to an operating loss of TEUR – 3,419 for the first three months of 2001
as against TEUR – 1,699 in the first three months of 2000. This increase by 101
% is within the planned budget. The net loss for the period, including the
cash-less extraordinary expense for the acquisition of NeuroVir Therapeutics,
Inc., amounts to TEUR – 89,961 in the first quarter of 2001. NeuroVir was
acquired in a stock-for-stock transaction.
Total cash and cash equivalents including securities was TEUR 111,950 at the end
of the first quarter 2001. Thus amounting to 87 % of the total assets. The
equity ratio at the same data was 92%. The position “cash and cash equivalents
including securities” was TEUR 115.226 at the end of 2000.
This release contains forward-looking statements that involve risks and
uncertainties. The forward-looking statements contained herein represent the
judgement of MediGene group as of the date of this release. These forward
looking statements are no guarantees for future performance, and the forward-
looking events discussed in this release may not occur. MediGene group disclaims
any intent or obligation to update any of these forward-looking statements.
end of ad hoc announcement (c) DGAP 21.05.2001
Issuer’s information/explanatory remarks concerning this ad hoc announcement:
Additional information
MediGene invests its available funds in research and development of its
proprietary technologies and drug candidates with the target to start already in
2003 with sales of the drugs. At present, the main sources of income are
research and development funding, milestone payments, license fees and legal fee
funding from our strategic partners Aventis and Schering. These payments are
not periodic, but result from certain development activities or the achievement
of certain development milestones. This explains the periodic fluctuations of
the corresponding figures in our balance sheets. A comparison between two
financial years is possible only if respective activities and achievements in
the reporting period are taken into account.
“In the successful first quarter of 2001, MediGene was able to reach a number of
important milestones in product development. In addition, by closing the
acquisition of NeuroVir Therapeutics, Inc. we substantially enlarged our
technology and product portfolio. The development of existing projects was
successfully driven forward”, commented Peter Heinrich, Ph.D., MediGene’s CEO
and added: “Our product portfolio now comprises seven product candidates in
different phases of clinical development. To our knowledge, MediGene is the
first German biotech company listed on Neuer Markt which develops drugs in phase
3 – the last phase of clinical development. In addition, MediGene’s patent and
license portfolio was further expanded. Moreover, due to the recently signed
collaboration agreement with Evotec OAI we are now in a position to identify
novel drug candidated for the treatment of heart diseases.”
For further information please contact:
MediGene AG email: investor@medigene.de
fax: ++49 89 – 89 56 32-20
Christine Bohner, Public Relations phone: ++49 89 – 89 56 32-16
Michael Nettersheim, Investor Relations phone: ++49 89 – 89 56 32-46
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WKN: 502090; Index: NEMAX- 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
210851 Mai 01
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