Medigene AG Releases H1 2024 Financials and Corporate Update
Medigene AG, an oncology platform company specializing in T cell receptor (TCR)-guided therapies for cancer treatment, has reported its financial results for the first half of 2024 and provided a corporate update.
Key Financial Results for the First Half of 2024:
1. Revenues rose to EUR 4.5 million, marking a 46% increase from EUR 3.1 million in the first half of 2023, largely due to the reversal of a EUR 1.5 million liability after ending a partnership with Hongsheng Sciences HK Limited.
2. General and administrative expenses fell by 5% to EUR 4.1 million, attributed mainly to reduced personnel costs.
3. Research and development expenses climbed by 21% to EUR 6.3 million, driven by advancements in TCR-T therapies, including MDG1015, MDG2011, and MDG2021.
4. The net loss improved slightly to EUR 6.7 million from EUR 7.0 million in the first half of 2023.
5. Cash and cash equivalents totaled EUR 14.0 million as of June 30, 2024, down from EUR 16.7 million at the end of 2023.
Corporate Achievements:
1. The company advanced its End-to-End Platform, incorporating new technologies like the Interferon-gamma (IFNγ) Biosensor and the UniTope & TraCR antigen-antibody combination technology.
2. Progress was made in the development of MDG1015 toward a first-in-human clinical trial, expected to commence by the end of 2024 pending additional financing.
3. Medigene completed an oversubscribed capital raise, generating gross proceeds of about EUR 5.9 million, extending its cash runway into July 2025.
4. A new strategic partnership with WuXi Biologics was established to leverage Medigene’s TCR generation capabilities, expanding the application of TCRs into new therapeutic modalities.
Research and Development Highlights:
- MDG1015: This TCR-T therapy targets NY-ESO-1/LAGE-1a and is enhanced by the PD1-41BB costimulatory switch protein, showing potential for improved outcomes in solid tumors. Regulatory filings are scheduled for the third and fourth quarters of 2024.
- MDG2011: Another TCR-T therapy targeting KRAS G12V, also augmented with the PD1-41BB switch protein, showed promising pre-clinical results presented at major scientific conferences in 2024.
- MDG2021: This candidate targets KRAS G12D, with the lead selection announced in June 2024.
- MDG2012: The third KRAS-targeted program, focusing on KRAS G12V, is set for lead selection in 2025.
Patent and Technology Developments:
Medigene expanded its patent portfolio by extending existing patents into new jurisdictions and filing new patents for their innovative technologies. As of June 30, 2024, the company held 97 issued patents and 124 pending applications.
Medigene AG continues to focus on advancing its TCR-guided therapies and leveraging its platform technologies to create effective cancer treatments. The financial results and corporate developments in the first half of 2024 reflect its commitment to innovation and strategic growth.
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