March 26, 2020 / 6:46 AM / in 7 days

BRIEF-Medigene FY Results Of Operations At EUR 9.8 Mln

March 26 (Reuters) - MEDIGENE AG:

* BY END OF 2020, EXPECTS TO COMPLETE DOSING OF FIRST THREE DOSE COHORTS IN DOSE-ESCALATION PART OF PHASE I/II TRIAL OF MDG1011 IN ACUTE MYELOID LEUKEMIA (AML), MYELODYSPLASTIC SYNDROME (MDS) AND MULTIPLE MYELOMA (MM).

* PLANS TO INITIATE PHASE I STUDY OF MDG1021 IN PATIENTS WITH RELAPSED OR PERSISTENT HEMATOLOGIC MALIGNANCIES AFTER ALLO-HSCT IN FIRST HALF OF 2020.

* IN PREPARATION OF FINANCIAL FORECAST 2020 COMPANY HAS ASSUMED THAT THERE WILL BE NO SIGNIFICANT EVENTS WHICH COULD HAVE A MATERIAL INFLUENCE OR LASTING EFFECT ON OPERATIONS OF GROUP SUCH AS FORCE MAJEURE

* EXPECTS NO MATERIAL INFLUENCE OF RECENT OUTBREAK OF CORONAVIRUS ON TOTAL REVENUE, RESEARCH AND DEVELOPMENT EXPENSES AND LOSS AT EBITDA LEVEL

* OUTLOOK 2020: ASSUMES THAT THERE WILL BE NO SIGNIFICANT EVENTS WHICH COULD HAVE A MATERIAL INFLUENCE OR LASTING EFFECT ON OPERATIONS OF GROUP

* OUTLOOK 2020: EXPECTS REVENUE OF BETWEEN EUR7.0 - 9.0 MILLION IN 2020

* OUTLOOK 2020: EXPECTS A SIGNIFICANT INCREASE OF RESEARCH AND DEVELOPMENT COSTS TO EUR29 - 34 MLN (2019: EUR22.6 MLN)

* OUTLOOK 2020: EXPECTS A LOSS AT EBITDA LEVEL OF EUR24 - 32 MLN (2019: EUR17.8 MLN)

* HAS SUFFICIENT FINANCIAL RESOURCES TO FUND BUSINESS OPERATIONS INTO SECOND HALF OF 2021

* FY EBITDA LOSS GENERATED BY THE COMPANY HAS BEEN REDUCED BY 15% TO €17.8 MILLION (2018 ADJUSTED: €20.9 MILLION)

* FY RESULTS OF OPERATIONS AT EUR 9.8 MILLION

* WILL NOT DISTRIBUTE A DIVIDEND Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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