Again MediGene AG Significantly Improves Quarterly Result
04 May 2005 - 11:00PM
PR Newswire (US)
Again MediGene AG Significantly Improves Quarterly Result * Net
loss -0.9 million EUR (Q1-2004: -1.5 million EUR) * Total revenues
3.8 million EUR (Q1-2004: 3.9 million EUR) * Cash position 44.7
million EUR (Q1-2004: 38.0 million EUR) * Transition from US GAAP
to IFRS without any noteworthy effect MARTINSRIED/MUNICH, Germany
and SAN DIEGO, May 4 /PRNewswire-FirstCall/ -- The German-American
biotech company MediGene AG (Frankfurt, Prime Standard: MDG) has
again significantly improved its results in the first quarter 2005.
In the first three months 2005, MediGene's net loss decreased by 37
% to -0.9 million EUR (Q1-2004: -1.5 million EUR). This improvement
mainly results from the successful completion of the clinical phase
III trial of the Polyphenon(R) E Ointment end of 2004 which
declined the R&D expenses by 13 % to 3.3 million EUR in the
first quarter 2005 (Q1-2004: 3.8 million EUR). Earnings before
interest and tax (EBIT) was -1.3 million EUR (Q1-2004: -1.3 million
EUR). The loss per share was reduced by 50 % to -0.05 EUR (number
of shares approx. 18.5 million), compared with -0.10 EUR in the
first quarter 2004 (number of shares approx. 12.3 million). Total
revenues amounted to 3.8 million EUR in the first three month of
2005 (Q1-2004: 3.9 million EUR), comprising milestone payments as
well as proceeds from product sales and royalties for the company's
first drug on the market, i.e. Eligard(R). The cancer drug
Eligard(R) has been available on the German market since May 2004
and is sold by MediGene's marketing partner, Astellas Pharma Europe
Ltd. (previously Yamanouchi Ltd.). The sales revenues in last
year's reporting period were generated mainly by an upfront payment
upon conclusion of the partnership with Astellas Pharma (Yamanouchi
at that time). MediGene's average monthly net cash burn rate during
the first three months 2005 was 1.3 million EUR. MediGene's cash
position as at March 31, 2005 was 44.7 million EUR (Q1-2004: 38.0
million EUR). The quarterly financial statement of MediGene was
compiled in accordance with the International Financial Reporting
Standards (IFRS) instead of US GAAP for the first time. However,
this did not have any major effect on the results for the period.
Alexander Dexne, MediGene's Chief Financial Officer, comments: "The
excellent quarterly results are clear evidence that MediGene
succeeds in continuously improving its operating results. In our
opinion, this is an important intermediate result in our strategy
of implementing our ambitious goals regarding growth and result for
the ongoing financial year successfully." Outlook: MediGene
confirms the company's forecast for the year 2005. The company
expects total revenues of approx. 20 million EUR and a reduction of
its net loss to less than 10 million EUR. As major milestones for
2005, the company anticipates the completion of the clinical phase
II trial of the Polyphenon(R) E Ointment in the indication actinic
keratosis (precursor of skin cancer), the submission of the
marketing authorization application for Polyphenon(R) E Ointment to
the American regulatory authority FDA, the conclusion of a
marketing partnership for Polyphenon(R) E Ointment, the initiation
of a phase II clinical trial for the drug candidate EndoTAG-1, as
well as the market launch of Eligard(R) in additional European
countries. Consolidated Income Statement (Abbreviated) Q1-2005
Q1-2004 Change (in thousands of euros) Total revenues 3,824 3,910
-2 % Cost of sales 372 28 >200 % Gross profit 3,452 3,882 -11 %
General, administrative and selling expenses 1,414 1,398 1 %
Research and development expenses 3,298 3,795 13 % EBIT -1,260
-1,311 4 % Net loss from continued operations -947 -1,222 23 %
Result from discontinued operations -1 -281 100 % Net loss -948
-1,503 37 % The complete 3-Months Report 2005 is available at
http://www.medigene.de/englisch/quartalsberichte.php This press
release contains forward-looking statements that involve risks and
uncertainties. The forward-looking statements contained herein
represent the judgement of MediGene as of the date of this release.
These forward- looking statements are no guarantees for future
performance, and the forward- looking events discussed in this
press release may not occur. MediGene disclaims any intent or
obligation to update any of these forward-looking statements.
MediGene(TM) is a trademark of MediGene AG. Eligard(R) is a
trademark of QLT USA, Inc. Polyphenon(R) E is a trademark of Mitsui
Norin. About MediGene: MediGene AG is a publicly quoted (Frankfurt:
TecDAX), German-American biotechnology company located in
Martinsried, Germany and San Diego, USA. MediGene is the first
German biotech company with a drug on the market. The company has
the most mature drug development pipeline in the German biotech
industry with oncological drug candidates undergoing clinical phase
I - III trials (phase III completed). In addition, MediGene
possesses innovative platform technologies with its HSV technology
and the newly acquired EndoTAG technology. MediGene's core
competence lies in research and development of novel approaches for
the treatment of various tumor diseases. DATASOURCE: MediGene AG
CONTACT: MediGene AG, , Fax: +49-89-85-65-2920; Julia Hofmann,
Public Relations, Tel: +49-89-85-65-3324, or Dr. Michael
Nettersheim, Investor Relations, Tel: +49-89-85-65-2946, both of
MediGene AG Web site:
http://www.medigene.de/englisch/quartalsberichte.php
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