Medigene AG reports Financial Results and Business Update for Q1 2024

Planegg/Martinsried, April 26, 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, today reported financial results for the first quarter of 2024. The full Quarterly Statement Q1 2024 can be downloaded here: https://medigene.com/investors-media/reports-presentations/.

"During the first quarter of 2024, our focus remained on executing our strategic plan and advancing the development of our unique TCR-T therapies for solid tumors, such as our lead program MDG1015," said Selwyn Ho, CEO at Medigene. "While our core expertise lies in generating optimal TCRs, we are also exploring ways to broaden their application beyond TCR-T cell therapies."

"The recently announced capital increase will bolster our financial position," Selwyn Ho continued. "This will enable us to continue to advance our TCR-T therapies as well as pursue new partnerships and expand our End-to-End Platform into TCR-based therapies like T cell engagers (TCE) and TCR-Natural Killer (TCR-NK) therapies. By expanding our platform, we aim to create added value for both patients with solid tumors and our shareholders."

Financial and corporate development

The financial performance in Q1 2024 was in line with the Executive Management Board’s expectations. Revenues amounted to EUR 3.0 million during the first quarter of 2024, derived from partnerships. R&D expenses for the quarter amounted to EUR 3.2 million, demonstrating the Company’s continued dedication to advancing its pipeline. As of March 31, 2024, the Company holds cash and cash equivalents in the amount of EUR 4.4 million and time deposits of EUR 8.0 million.

The Management Board therefore maintains its guidance for fiscal year 2024 published in the annual report 2023 on March 28, 2024, in its entirety, and confirms its cash runway into April 2025.  

From a partnering perspective, the Company’s ongoing global strategic collaboration with BioNTech continues to make good progress and Medigene is working on a number of undisclosed targets. In January 2024, Regeneron Pharmaceuticals Inc. (Regeneron; formerly: 2seventy bio, Inc.) commenced patient enrollment in an investigator-initiated trial (IIT) in Greater China for the program utilizing Medigene's TCR targeting MAGE-A4. Upon reaching the contractually agreed milestone for the IIT, Medigene anticipates receiving an additional milestone payment. As previously announced, Medigene and Hongsheng Sciences have mutually agreed to terminate the remaining framework agreement of the partnership. Those assets previously under this agreement have been returned to Medigene for potential expansion of its pipeline.