Medigene Amends 2022 Financial Guidance
MARTINSRIED, Germany and MUNICH, Germany, March 10, 2023 (GLOBE NEWSWIRE) -- The Executive Management Board of Medigene AG (Medigene, FSE: MDG1, Prime Standard), an early-stage immuno-oncology platform company focusing on the discovery and development of T cell immunotherapies for solid tumors, today adjusted financial guidance for fiscal year 2022.
The company maintains its guidance on expected revenues to be approximately €30-32 million in 2022.
Research and development costs will increase from prior estimates of €12-14 million to €28-29 million. This is a result of a further write-down of €15.5 million on the drug candidate RhuDex® licensed to Dr. Falk Pharma GmbH, due to the expected termination of the phase 2 clinical study in patients with primary biliary cirrhosis (PBC) by Dr. Falk Pharma.
Estimates for earnings before interest, taxes, depreciation, and amortization (EBITDA) remain unchanged and are expected at € 12-14 million.
The company estimates that it is financed into the fourth quarter of 2024 based on current planning (unchanged).
Medigene AG (FSE: MDG1) is a leading immuno-oncology company dedicated to developing T-cell therapies to effectively eliminate cancer. Its end-to-end technology platform, built on multiple proprietary and exclusive product enhancement and product development technologies, allows Medigene to create best-in-class differentiated, T Cell Receptor engineered T cell (TCR-T) therapies for multiple solid tumor indications that are optimized for both safety and efficacy. This platform provides product candidates for both its in-house therapeutics pipeline and partnering.
For more information, please visit www.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.
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