Medigene Announces AGM Results

Medigene AG, an immuno-oncology company focused on T-cell immunotherapies for solid tumors, announced the results of its Annual General Meeting (AGM) held on June 24, 2024. The key outcomes of the AGM included the re-election of Dr. Gerd Zettlmeissl as the Chairman of the Supervisory Board and Ronald Scott as a Supervisory Board member.

Shareholders approved a reduction in the company's share capital through a reverse share split at a 2:1 ratio, which aims to bolster Medigene's transactional capabilities. The approved resolution involves consolidating the issued no-par value shares from 29,475,188 to 14,737,594 shares. This measure is intended to elevate the market value of the shares significantly above the notional par value of EUR 1.00, thereby increasing the company’s transaction capability regarding the minimum issue price of EUR 1.00.

Additionally, Medigene's shareholders agreed to cancel Authorized Capital 2020/I and establish new Authorized Capital 2024/I, which allows for the issuance of up to 4,421,279 shares. The cancellation of Authorized Capital 2023/I was also approved, alongside the creation of new Authorized Capital 2024/II, permitting the issuance of up to 2,947,518 shares. These steps are designed to provide Medigene with greater operational and strategic flexibility.

The AGM also saw the discharge of the Executive Management Board and Supervisory Board for the fiscal year 2023. Selwyn Ho, CEO of Medigene, expressed gratitude for the shareholders' support and highlighted that the approved resolutions would enhance Medigene's capital market activities and support its corporate strategy. This strategy includes advancing the development of T-cell receptor-modified T-cell (TCR-T) therapies, with a focus on the lead program MDG1015, and exploring new partnerships to expand the company’s End-to-End Platform. This platform aims to incorporate additional TCR-guided therapies, such as TCR T cell engagers and TCR natural killer cell therapies.

As outlined in the AGM invitation dated May 17, 2024, the share capital reduction will revise Medigene AG's commercial balance sheet by reclassifying amounts from "subscribed capital" to "capital reserves" without affecting the company's value. This accounting measure aims to facilitate the issuance of shares at a price above the notional par value of EUR 1.00, although no specific capital measures are currently planned.

Medigene AG is dedicated to developing T cell therapies to combat cancer, leveraging its proprietary End-to-End Platform. This platform generates optimal T cell receptors and enhances T cells to overcome the tumor microenvironment, ensuring the therapies maximize safety, efficacy, and durability. The company’s lead TCR-T program, MDG1015, is on track for Investigational New Drug (IND) filing in the third quarter of 2024 and Clinical Trial Application (CTA) filing in the fourth quarter of 2024.